The developers want to convert the third and fourth floors of the building to rentals from condominiums. It will be brought before the council at it's Tuesday meeting. I don't think the condominiums have been selling as fast as they had thought, and the rentals should fill up with college students.
It doesn't suprise me that the developers are trying to do this. I am suprised that the condominium by-laws don't stop this from happening. I know that if I had already bought one of these condos, I'd be angry that they decided to just start renting some of the units out.
Rent-to-own is a completely different story than just renting. And as much as I might not like renting outright if I were an owner, it's still better to know that the developer isn't losing money and could cause major problems with the development. The only thing to consider is the lacking of association dues if there aren't enough tenets...that can cause difficulties with upkeep/maintenance.
This also makes me worry about Capitol Club, MarketPlace and BallPark North. As much as I want to see these go up, I can't blame the developers if they don't seem them as viable right now. I guess my hope is that they will only be delayed a year rather than cancelled completely.
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This also makes me worry about Capitol Club, MarketPlace and BallPark North. As much as I want to see these go up, I can't blame the developers if they don't seem them as viable right now. I guess my hope is that they will only be delayed a year rather than cancelled completely.