Plans have been initiated which deal with the redevelopment of Houston’s Fifth Ward. All the rebuilt homes will be single family units with the primary target being the area that suffered from the 2008 hurricane season and the criminal period of the 1970s and the 1980s.
A reputed Houston based real estate firm, has decided to implement the plan on a property that takes up an area of nearly 36 acres. This has not been confirmed as yet but chances are that it will likely be the chosen region. Other sites, all located in the Fifth Ward, are also being considered.
The director of the company stated that their team is exploring a number of concepts including affordable housing. The director went on to add that they might opt for a scattered development plan in which all the units are spaced at a distance from each other. Such a plan is often a preferable option because it has increased sustainability.
When asked about the price, the director claimed that all the rates in the newly built homes will be economical and in accordance with the average value observed in the market.
It was in 2006 that this real estate construction firm gained the rights to properties located in the Fifth Ward area. This was possible only after a number of complicated negotiations, which eventually favored the real estate firm in the end. The contract was priced at $1.2 million, and the firm agreed to pay an additional $6.7 million so that remediation work can be carried out. This was the first time that the country saw a developer agreeing to pay for cleaning costs on a site that will be monitored by the EPA.
In the rest of the country, there is a lot of buzz surrounding multifamily housing. As of right now, the builders have no plans regarding this for Fifth Ward and did not comment any more on the subject. They only have plans for single family units and so critics are wondering if this development in the Fifth Ward region is that great an idea or not.
As of right now, Fifth Ward is an area where home prices are low and unemployment rates are high. With regards to this, an industry expert claimed these factors may lead gentrification in the time to come.
Source: www.bizjournals.com
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