Mt. Shasta Project Possibilites
The Alma Street Development in Mt. Shasta presents considerable regulatory, environmental and esthetic challenges.
There is good reason for this prime location to remain vacant. Considerable efforts were made toward development, including partially completed excavation and fill operations. A well intentioned site plan for 2-three story duplex buildings was approved, but not built. Time passes. Today, the site is an island of building pad adjacent to a tangle of water soaked brush and trees, including a mound of willow infested fill next to an abandoned fill operation. Agencies having jurisdiction include City, County, State Water Resource Board, Fish and Game, EPA and Bureau of Engineers. Wetland rules apply.
Enter Jeff and Kathy Morrow. For reasons beyond comprehension, they are acting on their vision for development of the parcel. The Big Small, in Mt. Shasta, on Alma Street by the redwood trees near downtown.
Can Alma Street be developed into a quality in-fill project that is reasonable from a ROI perspective, while adhering to soon-adopted building and regulatory codes?
What about financing? Commercial financing for smaller properties (non-owner occupied multi-family) feature high interest rates and sizeable down payments. More interesting financing complies with Freddie/Fannie guidelines as “conforming” owner-occupied financing for 1-4 unit housing with thresholds under ‘jumbo loan’ limits.
Lot split. Reconfigure the entire corner according to current regulations. Follow current use and financing rules to secure optimum construction and end financing.
And so, the Mt. Shasta development saga begins. Follow on the BIG SMALL blog.