Looks like the rumors I’ve been hearing for the last few months are true, the much touted Greenbridge project is in deep financial trouble. The high-density development (which has saved Downtown according to the local Chamber of Commerce director Aaron Nelson) hasn’t been able to sell units and pay its construction bills according to today’s N&O.
Most of the “successful” sales have been the moderately priced affordable units. Those are the same units Mayor Pro Tem Jim Ward wanted a report from staff on to verify that they were serving the broader community instead of housing well connected community members or graduate students. Most of the current sitting Council enthusiastically endorsed Greenbridge, creating a new Downtown zoning district and then granting variances on density and height above and beyond the new zones limits, because they bought into this new model of development.
With the Town’s similar joint project with RAM Development (West140) just underway, now would be a good time to reflect on the lessons that can be learned from Greenbridge’s difficulties.