Cardinal Glen...
Cardinal Glen, a Veridian Development on the southwest side was not too hard to find, even without a map, as the classic Veridian green signs let us know where it was and that a model was open for our viewing pleasure. We did not have the addresses or lot numbers of the IZ homes in this particular development, so we decided to stop into the office and ask. The realtor told us only two of the units were currently available but neither has been built yet. She pointed out thelocation of the two future homes and said one would be done in August and the other in September. 
One of the IZ homes will occupy the lot directly across the street from the office. Currently, the lot (pictured on the left, complete with its one bathroom) contains only a Port-A-Potty. At least potential buyers can rest assured that the unit has a bathroom. The other future IZ home will sit on a lot that is now completely vacant. Despite the fact that other homes in the development have been completed or are in various stages of development, there were no IZ homes to be found in Cardinal Glen.
According to the information provided to the city by Veridian, six 4-bedroom units in Cardinal Glen are currently being marketed for $178,368 to $201,988 for families making 70% to 80% of the area median income. However, we could not find a single one of these houses unless Veridian is now selling a 4 bedroom and 1 bath Port-A-Potty at these prices.
In exchange for building the IZ homes, Veridian received a waiver of $49,680 in park fees. That's a substantial amount of savings to the developer and lost revenue for the city. Veridian claims to have begun marketing the still non-existent IZ homes on February 24, 2006. The marketing period ends on October 22, 2006, and if the units are not sold before then, the city will have kept up its end of the bargain but will not reap the benefits of the promised affordable housing.
The realtor told us that two of the IZ homes would be complete in August and September. Will the other 4 units even be built by October? Or will the homes bump out of the IZ program without ever having truly come available? And is less than 2 months after completion of the first two IZ homes a reasonable time period to market and sell the units before bumping their prices up to market rate?
Cardinal Glen, a Veridian Development on the southwest side was not too hard to find, even without a map, as the classic Veridian green signs let us know where it was and that a model was open for our viewing pleasure. We did not have the addresses or lot numbers of the IZ homes in this particular development, so we decided to stop into the office and ask. The realtor told us only two of the units were currently available but neither has been built yet. She pointed out thelocation of the two future homes and said one would be done in August and the other in September. 
One of the IZ homes will occupy the lot directly across the street from the office. Currently, the lot (pictured on the left, complete with its one bathroom) contains only a Port-A-Potty. At least potential buyers can rest assured that the unit has a bathroom. The other future IZ home will sit on a lot that is now completely vacant. Despite the fact that other homes in the development have been completed or are in various stages of development, there were no IZ homes to be found in Cardinal Glen.
According to the information provided to the city by Veridian, six 4-bedroom units in Cardinal Glen are currently being marketed for $178,368 to $201,988 for families making 70% to 80% of the area median income. However, we could not find a single one of these houses unless Veridian is now selling a 4 bedroom and 1 bath Port-A-Potty at these prices.
In exchange for building the IZ homes, Veridian received a waiver of $49,680 in park fees. That's a substantial amount of savings to the developer and lost revenue for the city. Veridian claims to have begun marketing the still non-existent IZ homes on February 24, 2006. The marketing period ends on October 22, 2006, and if the units are not sold before then, the city will have kept up its end of the bargain but will not reap the benefits of the promised affordable housing.
The realtor told us that two of the IZ homes would be complete in August and September. Will the other 4 units even be built by October? Or will the homes bump out of the IZ program without ever having truly come available? And is less than 2 months after completion of the first two IZ homes a reasonable time period to market and sell the units before bumping their prices up to market rate?
posted by pm at 8:00 PM
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