The local developer wants to build a mixed-use development with 145 apartments on the half-acre site, some of which could be designated as short-term rental units.
Residential Real Estate
The month was the first this year without a residential real estate deal at or above $2 million, and was led by a local couple’s $1.76 million transaction.
“We like the idea of doing condos there because there’s no supply and we keep anecdotally hearing about a lot of demand,” said a principal at the firm.
Site work is underway for the $34 million, 224-unit complex to be fitted between the Brook Road post office and adjacent Spectrum apartments.
The $7 million purchase of the former Oasis Sports Park just east of Cosby High School sets the stage for Main Street Homes to expand its development.
The developer had previously proposed 225 apartments but is now planning 81 townhomes at John Rolfe’s intersection with Pump and Church roads.
A former city administrator is representing the applicant in a rezoning request for 711 Dawn St., where two existing industrial buildings would be demolished.
The land-use roadmap will guide redevelopment of aging retail centers at the corner of Hull Street and Courthouse roads toward a mixed-use future.
The work had been outsourced and the county will now conform with the annual reassessment calendar used by most localities in the area.
The city wants to sell the properties to housing nonprofits and private developers, with goals of adding to the tax base and increasing the city’s supply of lower-income housing.