A redevelopment of the deteriorating Martin Luther King Apartments near downtown has won key public funding but construction isn’t likely to get started until next summer, more than a year later than first anticipated. The cost to demolish and rebuild the low- and moderate-income rentals in the Sheldon/Charter Oak neighborhood and blend them with market-rate units in a larger, redesigned complex also has now climbed to $63 million. Higher interest rates and increased cost of construction materials that have arisen in the pandemic pushed up the project’s cost nearly 9% from an estimated $58 million earlier this year. The new price tag forced changes in the balance of market-rate and “affordable” rentals tied to income restrictions. There will now be more affordable than market-rate units, allowing the developers to tap into other sources of funding.
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