Aug
25

Condo Development Might Be Ready In March

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August 25, 2008

By David Slade – The Post and Courier

A long-delayed city development of 42 condominiums for first-time home buyers is well under way near Wagener Terrace, a neighborhood where pricey single-family homes have replaced a low-income apartment complex.

The condos are part of a deal the city struck after The Beach Co. decided to demolish Shoreview, a privately-owned low-income apartment complex, and build a new community called Longborough.

Amid public concern about the loss of affordable housing in the community, The Beach Co. in 2001 agreed to sell to the city up to 50,000 square feet of new housing for $125 per square foot, on a site adjacent to the Longborough development.

The agreement said permits for construction would be issued by the end of 2004. In 2005, city officials said the homes likely would be completed in 2006. In 2006, they said 2007. In 2007, they said 2008.

Now, the city expects The Cottages at Longborough to receive occupancy certificates in March 2009.

Prices for the condos will range from $112,500 to $150,000, which is far below market rates on the peninsula. There has been a waiting list for years to get one of the condos.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.charleston.net/news/2008/aug/25/condo_development_might_be_ready_march51911/

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