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Old Posted May 10, 2018, 10:34 PM
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Join Date: Sep 2006
Location: The Big Onion
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Quote:
Originally Posted by AlpacaObsessor View Post
Would it be feasible for a developer to buy out a block of those condos/townhomes and develop the land, like is there a Dearborn Park HOA preventing that kind of action? Just looking at google maps it looks like the less dense blocks have about 30 units each, I'd imagine it wouldn't be too hard (financially) for a large developer to buy out a block.
There are HOAs that oversee each expansion of Dearborn Park. I would imagine any buyouts would need to be voted on and agreed to by the respective HOA, so the quick answer is no. Now, if they buy up enough property to effectively control the HOA or meet the minimum required to buyout the entire development is another matter entirely, but I'm not sure any developer would want to invest that much time and cash in such a plan, especially since there are still plenty of developable land in the area. In 30 years, the story may be quite different.
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