Zoning laws are an important aspect of any real estate transaction and can come up in residential or commercial real estate situations. A zoning change was recently approved for a real estate project in a nearby Florida community. The zoning change allows the developer of the project to tear down homes that are decades old and remove 80 trees to build a four-story apartment building with 66 units. The zoning change is being appealed by local homeowners and the homeowners' association.
The real estate project is being built across from a 2 million square foot residential and retail project costing $380 million. Locals are concerned about traffic related to the other project that recently received the zoning change. Though none of the homes that are being torn down are designated as historical, some date back to the 1920s. The developer of the real estate project also noted they would be keeping the oldest trees and would not be cutting those down.
In exchange for the zoning change from single-family residential to low-density multifamily residential, the developer agreed to create a 300-foot long public river walk. He also agreed to additional improvements in the area and to work with residents. The developer purchased the properties in 2014 for a combined $4 million. Zoning laws have a significant impact on the viability and potential success of any real estate project. As a result, it is important to be familiar with how to request a zoning variance and in what circumstances one may be granted.
Zoning laws and regulations have a critical impact on what is allowed on a particular property and in a particular area. Developers should always be aware of the zoning laws impacting a particular property or proposed development and be generally familiar with how zoning laws work.
Source: The Real Deal, "Proposed apartment complex gets OK from Miami River Commission," Erik Bojnansky, Oct. 3, 2017