Condos near Seven Stones progressing
Landscape crews work at the site of the Seven Stones condo project in Sussex Friday, Nov. 18, 2011.
Village of Sussex - Units have already been sold for a 56-unit condo development near Seven Stone and Williams Drive off Highway 164 said Sussex Village Administrator Jeremy Smith.
"They are building for people," Smith said Tuesday. He said the final lift of asphalt was put down recently. Site grading, installation of water mains, sanitary sewer, and storm sewer, as well as curbs and gutters for streets were also completed recently.
Village officials provided more than a million dollars for public improvements in order to help spur sales next spring in a private condominium project whose developers have entered into a unique agreement with the village. The land owners, Peter and Herbert Gross, along with John Whalen of Corner Stone Development, have agreed to repay the village for the improvements through special real estate tax assessments. Construction contractors D.F. Tomasini of Sussex submitted the lowest competitive bid for the project at $1,043, 237.
Smith said Tuesday the next phase of construction is a clubhouse and the first unit before the end of the year and coming out of spring the goal is to be working on the next couple of buildings.
"There's no sense in slowing down," Smith said. "It helps numbers all around and helps developers pay back the village's investment."
Smith said the village wanted to complete the public works projects as soon as possible so enough construction work could be completed to begin marketing some of the 56 condos, priced between the mid-$200,000 and $300,000 range, in the spring.
Smith said the agreement with the village regarding the public improvement contract enables the developers to "jump start" the project.
Smith described it as a "win-win" for both the village and the developer. He explained the developer is able to finance and build the project more quickly because of the village's willingness to help quickly build the public improvements and allow the developer to reimburse the village later.
The new condo units would help expand the village's real estate tax base in the midst of an economic recession that has resulted in lower real estate values across Lake Country.
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3 Comments
kilroywashere - Nov 29, 2011 6:18 PM
the development goes bust? Are the "land owners" actually liable - personally - to
the village or is it the obligation of an LLC, Corporation or other entity that limits
their liability?
opinion8d - Nov 30, 2011 3:09 PM
In this Market, if it isn't viable for investors to do it, it's probably because it's not worth it. Plus, people tend to require more sevices (cost more). They were better off trying to bring in a business or two with that money. Foolish -and like always the taxpayers will on the hook.
Retread - Dec 03, 2011 2:01 PM