Word: hpre
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...time, HPRE proposed to set aside 94 units for low-income tenants through 1998, to keep 60 units affordable for 20 years and to keep 10 units permanently affordable. HPRE proposed to convert units to affiliate housing as they were vacated...
Last month, after refusing for months to budge from its original proposal, Harvard Planning and Real Estate (HPRE) offered to sell 100 units--26 percent of its formerly rent-controlled property--to the city at below market price...
Given the above facts, HPRE's decision to cancel so many leases comes in extremely bad faith. Harvard is first and foremost a university, not a corporation, and should not use the community in such a manner. Levitan mentioned that the kiosk owners who are leaving are being given a six-month grace period and help in relocating, but this hardly seems to compensate for the loss of their initial investments and the disruption in their lives...
...truly troubling aspect of this, however, is that there is evidence that HPRE continued to deceive merchants as to the longevity of the project even after it knew that the kiosks and some stores would be forced...
According to Levitan, HPRE only began to seriously rethink the mission of the arcade this past November, and the final decision to "wind down the kiosk program" was announced at a meeting in late January. However, Reis and Contescu said they believe this is untrue...