Douglas Jemal’s plans for an apartment building west of the Seneca One complex are moving forward. Next week the Common Council will be reviewing an amended sales agreement with Douglas Development for the City-owned site. The $42 million, nine-story building will include five levels or parking for 300 cars topped by four residential floors with 148 apartments.
Douglas Development is expected to pay $1.5 million for the property that is bound by Exchange Street, Seneca Street, Pearl Street and Franklin Street.
As part of the sales agreement, Douglas Development will set aside fifteen of the project’s 148 units as affordable including three studio units, four junior one-bedroom units, six one-bedroom units, and a two-bedroom and three-bedroom unit. Monthly rates for the affordable units will be 25 percent less than the market rates in the building.