PSA Constructors Inc. has told elected officials it plans tobuild 37 "affordable homes" on the site with some of the residencesbeing priced in the $500,000 range. About nine of the homes will besold at below-market rates of about $162,000 as actual "affordablehousing," the developer has told the city. The project's temporaryname is Federal-Otey Place. The site is bounded by Parramore andLee avenues, and Livingston and Federal streets.

Locally based Tienta Holdings LLC, offered $50,000 or $14,286per acre (33 cents per sf). Tienta planned to construct 42 homes onthe site. Another bidder offered $1 and demanded the city provide a$2.5-million economic incentives package. The city still has totake a second and third public vote on the PSA Constructors offerbefore the deal is sealed, according to city staffers.

Prime Downtown land, rapidly disappearing, has been selling for$1 million to almost $5 million per acre over the past three years,as GlobeSt.com previously reported on various individualtransactions.