Apartment Building Proposed at the Weirs Rotary

[Woodsy]

5 stories is a bit large and definitely out of character for the neighborhood. A 3 story building would be a nice addition. However, I suspect a bait and switch to condos!


Woodsy

[John Mercier]

Not really that much different.
In other cities throughout the world, you can buy your apartment. Pretty much making it what we call a condo.

And even some condos are LTR.

It is really more a difference on the financial side.
The developer can reacquire the capital expense more quickly, and the investor can either inhabit or lease out the condo - not having to own the whole project.

[Woodsy]

Originally Posted by John Mercier

Not really that much different.
In other cities throughout the world, you can buy your apartment. Pretty much making it what we call a condo.

And even some condos are LTR.

It is really more a difference on the financial side.
The developer can reacquire the capital expense more quickly, and the investor can either inhabit or lease out the condo - not having to own the whole project.

This is not "other cities of the world"... this is Laconia. There is a great need for apartment space. There isn't a huge need for yet even more expensive condominium space. There is also an obviously much lower financial burden to rent an apartment. Everything should not be about the developer! The City should have a balanced approach to development, that seem to have forgotten. If they approve this monstrosity for 5 floors, I hope they make the developer pay for a new ladder truck for the Weirs!

Woodsy

[lakewinnie]

Why go through all of the trouble and expense of constructing a new apartment complex?

Just permanently park The Dive there.

[John Mercier]

Originally Posted by Woodsy

This is not "other cities of the world"... this is Laconia. There is a great need for apartment space. There isn't a huge need for yet even more expensive condominium space. There is also an obviously much lower financial burden to rent an apartment. Everything should not be about the developer! The City should have a balanced approach to development, that seem to have forgotten. If they approve this monstrosity for 5 floors, I hope they make the developer pay for a new ladder truck for the Weirs!

Woodsy

You seem to miss the point. If all the units are sold as Condos, and the owner chooses instead to lease it as an apartment... the same result happens.
Lots of condos in the area are actually rentals.

The owner of the condo could not afford to purchase the entire building, and the developer may want to sell part of it to someone else... the condo option is the easiest method to do so.

The City of Laconia is not worried about middle class housing... if so Legacy would be in the initial construction stages as we speak.