Developer Phil Gandy has invested half a million dollars in property outside of town and says the Davidson moratorium will cost him $30,000 a month. Gandy believes the action will have a serious economic impact on landowners.
Some developers believe the building bans interfere with property rights and only serve to encourage suburban sprawl. If projects are not possible in towns with building bans they will look for land outside the town's control.
This is the second six-month freeze imposed by Davidson. The first ran from December through June and covered more than 4,000 acres that the town intends to annex. Both moratoriums were for the same reason. The town wanted time to review its planning and zoning rules and develop a strategy for preserving open space.
Few other moratoriums are in place here, although Monroe, Mooresville and Huntersville have been known to halt development in certain areas. Earlier this year, the town of Waxhaw stopped residential development for five months. Other towns and cities often consider building bans only to have them fail at voting time.
Because Davison clings to its preservative values, building in and around town could be held up much longer than the six-month period. In some areas, the freeze could continue through the end of 2003. However, projects that have already been approved in Davidson can go forward.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
