Affordable housing deal on the table for former Lamar Elementary School site
Ten dollars may go a long way toward a new look at the former Lamar Elementary School site – and, possibly, be among the launching points in efforts to revitalize the surrounding Westside neighborhood.
That’s the potential closing sales price for city-owned land being considered for an affordable housing development.
Under the proposal, the development would be constructed on approximately 3.5 acres – the two-acre school property site, combined with eight nearby lots, according to city of Corpus Christi records.
It represents a portion of the total five-acre property that was gifted at no cost to the city earlier this year by nonprofit Ed Rachal Foundation, documents show.
The school was demolished two years ago.
The now-vacant Lamar Elementary School site had at one point been planned as a new location for Good Samaritan Rescue Mission, which operates largely as a homeless shelter. That idea was quashed following significant outcry by neighbors.
In an initial agreement – which includes specific stipulations and requires approval by the City Council – the former school property and eight of the surrounding lots would be developed into affordable housing by San Antonio-based Prospera, according to a memo.
The nonprofit has at least a dozen existing multifamily properties in Corpus Christi, its website shows.
Separately, there are discussions underway that would facilitate four single-family housing developers to build units on 47 nearby lots, according to city documents.
The aim, in part, is to provide more affordable housing – options officials have said are sorely lacking in Corpus Christi.
An October housing report by the Corpus Christi Association of Realtors shows the median cost of a single-family home at about $268,500 – a drop from a May report showing the median housing price in Corpus Christi at about $275,000 – but still a nearly 3% increase compared to October 2022.
The data is based on the Texas Realtor Data Relevance Project.
Proponents have also identified anticipated redevelopment of the vacant school property and adjacent neighborhood as an opportunity to revitalize an area of the city’s Westside.
The most recent Census data is listed in the city's official request for potential developers, posted earlier this year.
It shows the Census tract in which the former elementary school site is located as comprising 1,200 housing units. About 20 percent of those are vacant, according to the data presented.
Prospera’s proposal would “deliver the largest number of units at varying affordability, as well as the longest period of affordability,” the city’s memo states.
Valuation of the property in consideration weighs in at about $510,000, according to an appraisal report.
Should the council give the go-ahead authorizing an option for sale contract Tuesday, there would still be work ahead for the project to reach fruition, including rezoning a portion of the overall property, documents show.
For example, the sale to Prospera would be contingent on the nonprofit being awarded tax credits, city records state, and would be obligated to maintain the property in the interim
The group has been the beneficiary of tax credits in the past.
More: Plans for the former Lamar Elementary School site may be changing. Here's why.
This article originally appeared on Corpus Christi Caller Times: Affordable housing deal considered for Corpus Christi school site
