To give itself some breathing room, elected officials have placed a 90-day moratorium on all new high-density residential ventures. City staffers confirm to GlobeSt.com that elected officials want to make certain the area's 17,000 permanent residents and an undetermined number of new residents will have a balanced mix of multifamily, townhomes and single-family residences.
One of the areas officials are studying include the high number of quarter-acre lots that have been approved and are selling in the $160,000 range. The moratorium isn't affecting planned commercial projects in the immediate area, local brokers tell GlobeSt.com.
Among the projects on the drawing board are Newnan Crossing Partnership's 1,000-acre, mixed-use development which is expected to have an estimated build-out value of at least $100 million, as GlobeSt.com previously reported.
CED Holdings of Orlando Inc. previously closed on a 17.3-acre multifamily-zoned land tract for $1.8 million. Riverwood Properties of Atlanta paid $1.1 million for a 1.5-acre parcel. Both tracts are within the planned Newnan Crossing development on the east side of Interstate 85.
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