Impact of Redevelopment Next Door
Hi All,
I have some questions related to a situation I am facing and I am hoping BP members might have some insight and experience they can share.
The background is this: I owner occupy a 1950's duplex in a suburb of MPLS. It's a pretty good rental rent on the occupied side = PITI at slightly below market rent. The street is about 10 duplexes on each side and then sfh. There has been a large investment by local agencies in the last three years to buy adjoining land for a park expansion and some significant commercial redevlopment planned within half a mile (including mass transit) within the next several years. The situation is that I recently received a notice that a developer has proposed to demolish all of the duplexes on my side of the street from the connecting road to my neighbor duplex (6 or 7 duplexes, leaving mine as the first on my side). The new building would be a mid-rise 51 unit apartment. There is a public comment meeting next week I am planning to attend to get more information.
My questions are these:
Does anyone have experience with owning property in an area that is being redevloped? What are some of the things that could make this a pro or a con for my property that I should be looking out for? There is quite a bit of activity lately with storefronts and restuarants being built very nearby in the opposite direction of the new park already.
What type of questions should I be asking at the hearing? I am obviously concerned about the impact the proposed construction might have given it would be right next to the home where I currently live.
Is there anything I should be doing proavtively to maximize my benefit from the situation? Or to mimize my risk?
My thoughts so far are to attend the meeting to get more information and then decide pretty quickly if this seems like a situation where I have more risk/downside (sell the place soon) or potential upside (keep the place and do anything prudent to be in a position to capitalize on the upside). I am thinking that the disruption of construciton is a given downside but am unclear whether this might be accretive to the value of my home or impact it negatively in the mid-long term.
Thanks in advance for any advice or insight that you can share.
Tylor