Sunday, May 19, 2002
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Sunday, May 19, 2002 |
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New zoning district gets OK from P&Z
Change would encourage renovation of downtown sitesBy MONROE
ROARK
Fayetteville officials are considering a possible way to renovate dilapidated properties in the downtown area that could be a win-win for developers and the city. The proposed redevelopment district, and the first rezoning request to go with it, received the go-ahead from the city's Planning and Zoning Commission this week at a special called meeting and will now go to the City Council next month. If approved, it would allow property owners to receive special considerations provided the property in question is in enough disrepair to qualify and a substantial financial commitment is made for renovations, based on a percentage of the market value of the property according to the Tax Assessors office. If the figures laid out by city planning director Jahnee Prince at the commission meeting are any indication, the proposed renovation of the Jeff Davis Apartments could be a perfect example of how this district would benefit everyone. The applicant for rezoning of that site wants to give the existing buildings a major overhaul and add some units, all of which would be converted into condominiums, while adding other improvements throughout the property such as landscaping, wider sidewalks and a clubhouse. The project would be broken down into two phases, the first of which is the renovation of the existing buildings, followed by the construction of the new ones. The apartments were built about 1970, and after a recent visit to the property, Prince said that they definitely could use some work. "There could even be some safety issues," she said, noting that they were constructed before a number of current fire safety standards were put into place. The market value of the property right now is $1.4 million, she said, and the developer plans about $2.3 million in improvements. But that would increase the value of the property for tax purposes to more than $9.8 million, she added, showing a substantial increase in the city's tax rolls while greatly improving the condition of the property. The condos would start at about $129,000. One concern of commissioners regarding the development was the possibility that the majority of the new units could be bought strictly to use as rental property. That was remedied by a motion that made approval of the project contingent upon City Council approval of the covenants, which would limit rental units to 20 percent of the total units on the property. If the project is approved by the City Council, tenants currently residing in the apartments would be allowed to stay until their existing leases expire.
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