Clipper Equities has submitted a new plan meant to save their $1.3 billion bid for Starrett City, which was blocked by HUD on March 2. HUD said Clipper’s bid did not realistically outline how they would retain Starrett’s stock of affordable housing. Clipper now says they will cut operating costs at the 5,881-unit Brooklyn complex by revamping heating and cooling systems and lowering management fees. Clipper also says they will build new housing for seniors and retail on the complex’s developable land. more [NYDN]
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New Starrett plan from Clipper
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