Quote:
Originally Posted by Jayhawk
Why should ANY business be "forced" to adjust its business model to allow businesses to lease at below-market (therefore less profitable for the developer) rates? This seems like a big overreach for something that is not anyone's beeswax, especially for those who haven't put a dime into the investment to begin with.
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How about ...
Because his existing Permit doesn't allow 1st floor space to be used for residential use and he's asking the County to change the conditions under which his development was permitted?
& there's no "
forced to adjust his business model," he's welcome to keep it exactly as permitted ... 1st floor space has to be commercial.
The Developer is the one who has opted to change his business model, switching from Commercial to Residential. If he doesn't switch his model, his space just might remain vacant. That surely doesn't benefit him, nor anyone else.
When you build and own space, you assume the risks that go with it, not just when it works as you anticipated, but also when it doesn't. Your position is similar to the guy who bets $1000 on the Jacksonville Jaguars, but when the Quarterback gets hurt in the first quarter ... he wants his money back. Or the guy who built a huge mall before covid and now can't rent it ... who pays the price for a failed investment? The investor or should the community bail them out?
& it's EVERYONE's business, which is why all residents have input into the decision that's going to be made by their elected officials.