I have a long-term investment property (duplex) about three walkable blocks from an area that was recently upzoned to become mixed used (commercial and residential) with an FAR of anywhere between 2:1 or 4:1 and up to 70 feet in height. Tons of high-paying jobs nearby, low vacancy rate, expensive city. Most of the land use right now is for underused car dealerships, apartment buildings, and SFH.
1. Since my prop is rentals, would this upzone change benefit me?
2. Given a normal economy (with the expected fluctuations), how long would it take for developers to start buying up the land and starting their projects?
I'm excited for this upzoning and am anxious to see it happen sooner than later.