Condo project may take on some renters in future

The Planning Commission voted 4-1 this week to allow Nexus Development Corporation to rent out some of its planned 151-unit Westside condos, changing the original agreement to have it owner-occupied.

When the developer entered into the agreement, it promised to sell the units in exchange for incentives from the city; but because of the housing slump, the builder didn’t think the company would be able to comply with the agreement, according to Assistant Development Services Director Kimberly Brandt.

Brandt is confident the developer will eventually try to sell the units because the builder plans to build them as condos, which cost more to construct than apartments.

“The cost over the long term doesn’t make sense as a rental property,” Brandt said.

The condo construction is slated to finish in about three years.

— Alan Blank