T
he City Council has shown reluctance to relinquish control over land use decisions by amending the City of Yes for Housing Opportunity text. The changes expand the Landmark Transferable Development Rights program, allowing historic districts and low-density residential areas to sell unused air rights to nearby properties. These rights can now be transferred not only to adjacent sites but also to those on the same block or across the street.
The Council also reinstated special permit requirements for certain bulk modifications and developments involving railroad right-of-way on large lots. This move is aimed at encouraging more deals, as the program has seen limited success with only a handful of completed transactions. The revenue generated can help landmarked buildings with necessary repairs.
Council member Kevin Riley argued that removing special permit requirements would "weaken community input" on projects that could significantly alter the neighborhood's skyline. By maintaining these requirements, local City Council members will still have final say over such projects.
The geographical expansion and added flexibility in transferring air rights should help increase participation in the program, despite the lengthy land use review process.
realestate
City Council Maintains Control Over Landmarked Air Rights
City Council retains control over land use decisions despite proposed housing opportunity text amendment.
Read More - realestate
realestate
Brown & Riding Names New Real Estate Practice Head
Veteran leader with industry expertise and regional insight
Read More - realestate
realestate
LA's affluent neighborhoods face gentrification threat from investors
Fires may exacerbate LA's affordability crisis, pricing out low-income residents and making the area exclusive to the wealthy.
Read More
realestate
Hyannis Retail Complex Sells for $44.1 Million, Formerly Home to Whole Foods Market
Southwind Plaza, a 258,110 sq ft shopping center on Route 132, features major retailers including Home Depot, Kohl's, and Ethan Allen.