To help the project go forward, Andy Burnham's JPI Apartment Development firm is being offered a 49-year lease on city-owned land that will make up some of the construction site.
The city also will be contributing $2.5 million toward the $6.5 million construction of the parking facility at 1938 Hudson St. A portion of its spaces will be reserved for apartment tenants, with the balance open to the public.
The apartments, housed in seven-story and five-story buildings, have a development cost of $17.5 million, or an average $75,431 per unit.
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