When real estate developers hope to purchase land and buildings and make changes to these sites, they are sometimes met by opposition. This has been the case for a Miami developer who has purchased or hopes to purchase different properties in St. Petersburg and Allendale. Reportedly, the man bought the historic downtown YMCA building, with plans to convert it into an event venue with hotel accommodations, a restaurant and a private club. However, a previous hopeful buyer disputed the purchase. The judge ruled in favor of the latter developer, but the building remains stuck in real estate limbo.
Meanwhile, the developer bought his dream home to live in Allendale and hoped to purchase another home in the area. His plan was to adjust the land’s parcel to give him the option of building more homes on the large space in the future. The neighbors disputed this proposition, as well as requested his home be given historic local landmark status. Saying that the old home was built with rare rock, the community hopes to prevent the developer or a future owner from altering the structure or tearing it down.
The disappointed man says that his hope was to invest in and improve the community. He believes third parties should not have the right to make decisions on a property he owns, and he has had to seek legal counsel. This case may illustrate the type of tension that can arise between developers and a community that is resistant to too much change.
Source: Tampa Bay Times, “St. Petersburg real estate investor feels frustrated by hurdles,” Katherine Snow Smith, Nov. 20, 2015