The City Council has unanimously approved the ‘Stalled Buildings Bill’. Earlier this week, we covered the basics behind the bill. The hundreds of stalled sites throughout the City can now enter the program and ensure, for the time being, that they can retain their permits (potentially vesting them under the old building code, the current zoning, and preventing possible landmarking issues).
On Wednesday, the Council’s Committee on Housing and Buildings unanimously approved the bill, sending it to the full Council. Before voting on it, however, they made some amendments to the bill. While it will not be easy or cheap to participate (and remain in good standing) in the stalled sites program, the benefits to developers, property owners, and their lenders is huge. The City Council’s move to create this program will go a long way towards addressing community concerns surrounding the safety of stalled construction sites while also providing a major benefit to developers during the down market.
The updated bill – 1015A – now has a detailed list of what needs to be included in the maintenance and safety plan. (more…)