Developer Downscales 'Lucky Penny' Site, Cuts 26 Units

As reported last week by SocketSite, the development team behind the project slated for the site of the former Lucky Penny diner, which closed two years ago, has scaled back its plans for the location's future.

According to the latest designs, the proposed building would be eight stories (80 feet) high, with 95 residential units in a mix of studios, and two- and three-bedroom apartments, along with 1,760 square feet of ground floor retail. 

As we reported earlier this summer, plans for the development have changed substantially in the two years since Lucky Penny closed.

Before the revisions, the developer had sought to take advantage of a two story density bonus for a total of 110 units, 36 of which would have been below market rate.

Instead, under the current plan, 23 percent of the building would be reserved for below-market-rate units. As before, the current renderings are only tentative and face a series of permit applications and reviews.

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Developer downscales lucky penny site cuts 26 units