The City of Sedona is selling a property at 401 Jordan St. to the Sedona Fire District and buying 1.8 acres at 2411 State Route 89A that could be used for an affordable housing development of 36-40 units.
The City’s housing reserves of $18M are committed to other projects, but funds could be transferred from a balance of funds allocated for a roundabout project. The estimated purchase price would be $1.99M plus $25K in closing costs.
Housing Manager Jeanne Blum told the Sedona City Council the property has a high likelihood of securing a 9% Low-Income Housing Tax Credit if used for affordable housing development.
In the meeting last month, Blum said the City had already issued a Request for Proposal for affordable housing developers interested in building on the property.
Commercial uses are possible on the ground floor of a potential development, but they would have to be financed separately.
Community Development Director Steve Mertes said the local development code would permit two stories on one side and the potential for a third on the other. The City would have the discretion to allow building heights of up to 30 feet for an affordable housing development.
Mayor Scott Jablow said the location was better suited to housing than another City-owned parcel that had been discussed for development at 401 Jordan St.
Council voted earlier this month to approve the purchase of the new site and sell 401 Jordan to SFD. (Source)
