- suggest that City tie Development and Building permit together for rental projects, as they do for small projects, add a large refundable deposit that is relinquished if the project does not break ground within 1 year from approval and continues without interruption.
- the rental rates that are supposed to be 10% below market are actually market or above if the take rents per sf in older buildings.
- ask what buildings are surveyed for market rents? One would get vastly different data from different locations, and different ages and conditions. Was the survey taken from only new projects?
Few points;
- suggest that City tie Development and Building permit together for rental projects, as they do for small projects, add a large refundable deposit that is relinquished if the project does not break ground within 1 year from approval and continues without interruption.
- the rental rates that are supposed to be 10% below market are actually market or above if the take rents per sf in older buildings.
- ask what buildings are surveyed for market rents? One would get vastly different data from different locations, and different ages and conditions. Was the survey taken from only new projects?