[RP TownTalk] Patriot Group Condominiums

[Roland Walker]

[bruce wernek writes]
> I noticed in the last series of emails that the units in this building are
> referred to as condos.  The developer has openly admitted that they will
> rent the units if they can't be sold.

Sorry, no.  A condo is a condo.  The town can set conditions that keep
the development from becoming apartments.  We can force the developer
to meet these requirements as a condition of a variance.

Those conditions can come in the form of

   1 direct agreements with the builder that prevent the builder from
      renting prior to sale

   2 condo association rules that limit renting to some percentage of
      the building (or something like that)

The developer has been made aware of the town's desire to set such conditions.

This issue is an easy one to solve.  The height is the tough one.

R

On 6/11/06, Bruce Wernek <bruce.wernek at mindspring.com> wrote:
> I noticed in the last series of emails that the units in this building are
> referred to as condos.  The developer has openly admitted that they will
> rent the units if they can't be sold.  Condos are being sold in the
> $200-300k range adjacent to the PG Plaza.  Why would anyone pay ~$150K more
> to live in our Town Center given it's state and the proximity to the
> railroad tracks.  As the interest rates increase, less and less people can
> afford to buy a home so they have to rent.  The Patriot Group is well aware
> of this and originally presented the building as apartments.  I don't think
> their business model has changed, just the wording.  Please keep this in
> mind when making any decisions on this project.
>
> Bruce