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May 10, 1983
SUBDIVISIONS
Item No. 5 - (Z-4006)Short Form - File No. 396
NAME:
LOCATION:
DEVELOPER/APPLICANT:
The Quarters "PRD"
12th & Louisiana
Fausett & Co., Inc. Olin D. Wilson
#1 Financial Centre
P.O. Box 5730
Little Rock, AR 72215
AREA: .547 acres NO. OF LOTS: 12 FT. OF NEW _ST.: 0
ZONING: "PRD"
PROPOSED USE: Single Family
REQUEST:
To reclassify an area zoned "HDR" to that of "PRD."
�! 1. History of the Site:
Cl In 1979, 12 condominiums were developed on the property
by a partnership called Midtown Properties. Several
problems occurred upon completion of the units, which
the applicant seemed to think prohibited the successful
marketing of the project. Foremost, was the disruption
of all access to the location by the ongoing
construction of I-630, which made showing the units to
perspective owners difficult. As a result, and even
with an 8.5 percent interest rate, only two units were
sold after a considerable amount of time. Even these
were sold under the bond interest rate. The money has
now expired, and the property is subject to existing
rates of 16-17 percent interest. Only four more units
have been sold. Thus, six are now owned and are
functioning as rental units and six are currently
vacant.
II. Development Proposal:
As a remedy to the problems described, the applicant is
proposing to convert the existing condominiums into
single family residences and lots through the Planned
Unit Development process. The units will be legally
separated with their own individual legal descriptions.
Each unit already has a separate and private rear
May 10, 1983
SUBDIVISIONS
Item No. 5 - Continued
patio, and separate water and electric meters. Common
areas to be designated, include 18 parking spaces and a
grass plot of 30 feet in front of nine units. The Bill
of Assurance will be structured to provide for the
maintenance of these common areas. The applicant feels
that approval of this approach will allow submission of
the property to HUD (FHA) for financing at the existing
lower interest rate. As a result, the remaining units
could be sold, and they would be owner occupied, and
not rented.
III. Project Statistics:
A. Parcel Size .5475 acres
B. Existing Zoning ......... High Density Residential
C. Land Use:
(1) Building #1 4,521.6 sq. ft.
(2) Building #2 .......... 1,502 sq. ft.
~ (3) Common Area (Lot 13-R) .... 11,598 sq. ft.
D. Parking 18 Spaces
IV. Engineering Considerations:
None.
V. Staff Analysis:
The applicant has worked very closely with the staff
before submitting this proposal.` Staff recognizes this
as a unique attempt to remedy an existing situation
which has resulted from forces beyond his control. it
represents a departure from the condominium concept,
but must retain some components of this concept because
of the common spaces proposed. The applicant has based
this request on the presumption that individuals prefer
to own some land rather than to participate in a
horizontal property regime, which provides for
individual ownership of the unit, but common ownership
of the land. His solution, agreed to by the FHA, is to
provide individual ownership of the unit and land
attached to the unit, and common ownership of the
remainder of open space. Since there are no physical
A
May 10, 1983
SUBDIVISIONS
Item No. 5 - Continued
or structural revisions proposed, -our only concern
would be the structuring of the Bill of Assurance so
that it reflects the appropriate provisions fOr
maintenance of these areas.
VI. Staff Recommendation:
Approval, subject to comments made.
SUBDIVISION COMMITTEE REVIEW:
The Committee reviewed the item: No problems were found.
It was decided to pass this to the Commission without
recommendation.
PLANNING COMMISSION ACTION:
Mr. Burton Speights of the Faucett Company was present in
support of the application. There were no objectors. A
motion for approval was made and passed by a vote: 1G ayes,
0 noes and 1 absent.
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