Live/Work/Walk Community Study: Glenwood Park
Alix Rice, VP of development for Atlanta-based Green Street Properties/Jamestown, has dealt with the repercussions of FHA-created impediments directly. Green Street's Glenwood Park - a traditional community development made up of single-family homes, townhouses, condominiums, and commercial retail across 28 acres about two miles from downtown Atlanta - was nearing completion of their successful residential-commercial development when the final plans for incorporating eight condominium buildings and an additional one-story retail building were stopped. Although the proposed retail building would serve the entire community and not just the eight condo buildings in which it was bundled together with on the underwriting application, FHA rejected financing completion of the project as the one-story retail building pushed the retail component of their development towards 35%, deeming the successful project ineligible under current regulations. As Rice said, "we are suffering for the way we structured our condo association, and now, willing buyers are eager to move, but cannot get financing because we are non-FHA approved."
More information on Glenwood Park can be found by clicking here. Check back for further updates.