[ back ]
Council to consider moratorium on condos
At its Oct. 19 Service Committee meeting, Reynoldsburg city council will consider issuing a moratorium on condominium construction.
Unable to sell condos during these difficult economic times, many builders have begun to rent their buildings as apartments, Councilman Mel Clemens said.
Residents purchased their condos expecting to be part of an association of homeowners and now find themselves surrounded by renters, Clemens said.
"We are trying to protect the homeowners," Clemens said. "We have enough apartments around town and we need to clean-up the ones we have."
Mike Murphy, president of Murphy Development Company of Groveport, requested that council reconsider the construction ban.
Murphy's company develops the Taylor Chase Condominiums on Taylor Road, which recently experienced an upturn in sales.
"We have had three condos in contract within the last 30 days," Murphy said. "We have had years in which we haven't sold a house. This is a sign that the market is starting to turn for us."
Of the 26 completed units, 10 have occupants, Murphy said.
Prospective home buyers choose from five floor plan options, but the most popular designs have all been sold. Murphy plans to build more of the popular designs, he said.
The moratorium should not punish "the condo builders who stuck it out during the hard times," Murphy said.
Unlike many condo builders who converted their homes to apartments without asking, Murphy requested permission from council and was told "no," he said.
"Now, I am told not to offer new homes," Murphy said. "It widdles down my investment."
[ back ]