Sustainable Land Development Today - July/August 2008 - (Page 25) The 100-acre project was divided into seven phases, with a separate development agreement for each, which requires both parties to agree before moving forward. “It’s a great system of checks-andbalances that prevents either party from sticking their neck out too far,” Frye said. There was considerable concern initially that there would be difficulty attracting buyers to a densely-designed New Urbanist neighborhood in an area that was formerly a slum. Thus far, those concerns have proved baseless.. “Homes are averaging $852,000. Bayfront property notwithstanding, we have plenty of properties that are selling for well over $1 million that are hundreds of feet from the bay,” Bell said. Another key provision is the sales price of the land. The City did not want to sell the land for too little, which would draw the ire of the taxpayers whose dollars backed the GO bonds that purchased the property. The developer was similarly concerned about over-paying for the land. Rather than setting a price, the City set a minimum figure that it had to get back to break even, which would be paid at full build out. “At each closing, we deliver 20-percent of the gross proceeds of the lot back to the City,” adds Frye. “If we sell land for more than it was originally estimated, then the Housing Authority gains from that, which makes them very much our partner in our financial success. We estimate they will be paid over 40 percent more for the land than the minimum price under this arrangement.” it here?’” Bell said. “People tell them they absolutely love it.” It’s a very social neighborhood where cocktail parties and impromptu barbeques pop up frequently. It’s an effect, according to Bell, that is directly related to the design and layout of the place, the placement of the houses around the parks, the size of the blocks that increase pedestrian connectivity—“all these little things that we’ve put done have gone to- gether to make a place that has a real sense of community.” “After being in the development industry for all these years, I’ve never seen a place where people are so uniformly happy to be where they are,” said Frye. “To me, it’s the ultimate litmus test of whether we have been successful or not.” SLDT About the author: Rob Kundert is senior editor of Sustainable Land Development Today. Stormwater Management Systems Our Product Line Includes: ° Detention Protect downstream channels from erosion. • Recharge Preserve existing ground water table elevation. • Infiltration Temporarily store WQv allowing infiltration into soil. The bottom line People like it in East Beach. “You can do all the lifestyle advertising you want, but there is no better sales tool than to have a perspective buyer go through, stop and talk to somebody on the street and ask, ‘What do you think of • Filtration Remove 80% TSS, nutrients, hydrocarbons and trace metals. • Separation Remove suspended solids, free floating oil and debris. www.rotondo-es.com Circle 195 • or www.SLDTonline.com/webcard www.SLDTonline.com 25 http://www.rotondo-es.com http://www.rotondo-es.com http://www.SLDTonline.com/webcard http://www.SLDTonline.com
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.