The revised offer from D.R. Horton for the purchase of 297 acres of county-owned property at OLF-8 is full of conditions, restrictions, and demands for guarantees from the county.
It protects the buyer's position completely if it is approved as it was submitted.
Which is to be expected from a buyer making an all cash $24+ Million dollar offer for a property.
Why are some modest changes from the DPZ master plan requested via this D.R. Horton Contract?
According to those familiar with master plans, this DPZ plan specifically, and the realities in the home building/development world (with associated issues complexified by a dysfunctional supply chain and labor shortages)--the master plan as written, if strictly adheared to, is not financially viable. In other words, nobody can make it pencil, economically, as written with no engineering and no flexibility.
According to one insider with whom I spoke, "Jeff, we can get to about 70% compliance with that master plan as written and make it profitable--but we would need concessions to get out from under the 30% that kills the viability."
So I'm not sure if the guarantees demanded for ordinance variations from the master plan and/or the requirement for the FLU change and the Zoning designations changes accomodates the necessary revisions to make this an economically feasible project. Perhaps it does.
Regardless, the below pictures from the D.R. Horton offer indicate, graphically, two of the requested adjustments D.R. Horton is seeking via their sales contract---in light of the board shrinking their site by 241 acres.
More to come on this later in the week, and I hope to be able to post the complete contract at some point later this afternoon--once I am green-lighted to do so by the Attorney and and advised it is a releasable public record.
No comments:
Post a Comment