Last week, the proposal prepared by Gray Development Group involving its Blue Sky apartment complex obtained unanimous positive recommendation from the Development Review Board. This is just the first step especially if you consider the standards that the board imposes on investors developing residences or even buying commercial property.
Three months ago, the proposal was presented by the group but the council decided to postpone the voting and asked the developer to reconsider the many changes they plan to make on the complex. For the board, it does not really matter if the property in question is one of the many foreclosures in Tucson, brand new or existing. The important thing is that the final product will meet city regulations and standards.
In the case of Gray, their original plan involved the building of 1,196 apartments with the building having 133 feet-height, with an additional 15-foot rooftop. After heeding the council’s advice, the final proposal involved 749 apartment units and three buildings instead of the original five. Maximum building height is now pegged at 128 feet and includes the rooftop.
Aside from approving the new proposal, the board also requires Gray to be flexible in terms of their site plan in case problems or issues arising from traffic and other building setbacks.
The development of the Blue Sky apartment complex is considered to be a good idea and will surely benefit the city and general public. Families who are unable to buy foreclosures for sale in Arizona or investors who are thinking about buying commercial property can stay in one of the units.
Meanwhile, ST Residential, soon-to-be-neighbor of Blue Sky, has decided to proceed with their protest and filed a case against Gray’s proposal. For them, the changes that Gray has made are not enough. Residents are worried that the approval of the proposal will have an adverse effect on their community.
In any case, it is obvious how serious the board is about its responsibility to uphold the interest of the communities. For this reason, investors buying foreclosed homes or buying commercial property and plan to develop it will have to make sure their plans will meet the board’s standards.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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