|Purchase of Nearby Property to Expand Community||<– Date –> <– Thread –>|
|From: Meg Lessard (m.k.lessardgmail.com)|
|Date: Tue, 30 Mar 2021 08:45:53 -0700 (PDT)|
A sub-group of residents at Richmond Cohousing (Richmond, VA) is looking to purchase a nearby property to expand our community. The property of interest currently has a small multifamily building. The process would involve purchasing the parcel, renovating the existing units, and selling units to owners. The sale of the units would repay the residents that made the initial investment (who don't want to lose money, but are not looking for a significant return). The new land/units would be incorporated into the existing LLC that our cohousing community legally operaturates under. Our hope is that this expansion would allow our community to grow, expand the diversity of residents able to purchase, and to increase our green space. While the property isn't on the market, we wanted to be prepared to act should it, or another, be ready to sell. And, that this exercise would give us better insight on affordable housing which has always been a desire to include in our community. We are actively reaching out to local contacts, including lawyers, to guide through this process. But hoped there might be some in the cohousing world that might share similar experiences, lessons learned, or insights. Have any other communities expanded in a similar way? Thanks (as always) for your words of wisdom! Meg Richmond Cohousing Member (Richmond, VA) info [at] richmondcohousing.com www.richmondcohousing.com
Purchase of Nearby Property to Expand Community Meg Lessard, March 30 2021
- Re: Purchase of Nearby Property to Expand Community Sharon Villines, March 30 2021
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