NWMN - now WRKC
CONSTRUCTION ZONE
Developers tapping city’s land bank for inexpensive home sites
Monday, October 31, 2005
Mike Pramik
THE COLUMBUS DISPATCH
Columbus has 284 residential and commercial parcels in its land bank, a source of real estate that nonprofit groups such as Habitat for Humanity have tapped for years for new-home sites.
But individual developers are getting involved in greater numbers in creating homes where none exist.
"Each year we get more and more folks interested, and we’re getting better properties," said Donna Hunter, with the city’s Office of Land Redevelopment.
The land bank was created in 1994. It’s made up of foreclosed properties acquired through tax delinquency, donations or surplus from other city departments. Most of the property survives two sheriff’s sales.
The land bank currently has 39 properties for sale. Developers can acquire residential vacant lots for $500, said Hunter, who expects 32 singlefamily homes to be built this year. Within the past two years the land bank has worked with 35 developers.
One example is Tony Reynolds, whose RPM Ventures has an agreement to build homes on 11 abandoned lots. Ten of them are in the Hilltop area, and another is on the East Side.
Reynolds said his goal is to provide affordable housing. He said the houses will sell for $110,000 or less, which defines affordable housing in this market.
"A lot of private builders don’t want to build in Columbus because of the red tape," Reynolds said.
But Reynolds said he has a financing arrangement in place with a Houston company (wINDOW ROCK CAPITAL) to build as many as 100 homes. Reynolds makes money when the houses sell.
Reynolds said his properties will be 1,100-square-foot ranch homes and 1,300-square-foot two-story houses. RPM Ventures has started one, at Palmetto Street in the Hilltop. Its primary contractor is TK Constructors, based in Indiana.
Reynolds said that with the financing in place he expects to exercise his option to purchase the remaining 10 lots.
"We’re just at the beginning, but we’re moving with unbelievable speed," Reynolds said.
AI
