Citic sells stake in cape preston project
On Nov. 7, Cape Cod Borough Council voted 8-0 to approve a zoning change allowing Citic to build a condominium development in its Presston district. The appr바카라oval comes after two years of negotiations with the company. In 2007, Mayor David L. Bourgeois told the council, Citic would need to invest $60 million in the project, including $5 million in cash. Councilors voted 8-0 in favor of the deal, and Mayor Mike Koval gave his approval of the development on Oct. 5. Councilors will vote on the zoning change this Friday. The project will create 1,150 housing units on 30 acres.
What is a condominium development?
A condominium development creates about 10 units in each unit at once. The units could be two-story townhouses, three-story townhomes, four-story townhomes, and five-story townhomes.
According to Citic, the project will contain 7.7 units and accommodate more than 6,000 households. With 1,151 units under construction so far, the project will be capable of providing housing with “low prices, stable rents, attractive amenities, and access to transit and water transportation facilities.”
According to Citic, the development will provide an annual cjarvees.comost savings of $10 million.
Why is this project important?
Citic’s project will be able to take advantage of the Presston’s growing housing market. The neighborhood around Presston, which is in the center of Cape Cod Harbor, has seen a 40 percent increase in units over the past five years, Citic president Mike Lutz said in a statement. Since 1990, the number of units has increased by 60 percent. The market has developed in the area, allowing the area to provide much needed income to some of the families who live in the city of Cape Cod, according to Citic.
A year after its developers signed a contract to build the project in 2007, the residents of Presston formed a coalition of residents with the goal of protecting the integrity of the neighborhood. The community formed the Cape Cod Neighborhood Association and a coalition of community advocates to campaign to make sure that any proposed development didn’t threaten the historic neighborhood’s historic character and character of the neighborhood. In March 2007, the town council approved an agreement between the commu바카라nity members and developer which stipulated that if Citic was unable to secure a zoning change, it would develop at all costs.
Citic has not yet started constructio