“On the Pease Avenue, Burns Avenue, Main Street and Sherwood Forest Drive properties, EROS Investments is purchasing existing vacant city lots and will build in-fill housing on the properties,” said Mike Lucking, West Carrollton’s economic development director “The 323 Central Avenue property is an existing home that the city owns that is in need of significant remodeling on both the interior and exterior.
In that instance, EROS has pledged to commit more than $120,000 in remodeling the property, Lucking said. In return, West Carrollton is selling EROS Investments the property for $25,000, he said.
“All of the properties are considered surplus and no longer needed for municipal use,” Lucking said. “All of the building lots were lots where homes existed at one time. The city’s intent is to infuse new energy into the neighborhoods and to establish new high comp values.”
West Carrollton has had the properties listed as available on its website for several years, he said. It now has 13 sites that are available.
“Given the housing crunch and lack of product in the marketplace, this is one of the way the builders and investors are filling the gap,” he said. “Again, these are scattered lots and it typically a bit more difficult to get someone interested in building on scattered as the logistics and efficiency in building multiple houses in one location is missing. We think it’s a good opportunity for West Carrollton and the neighborhoods where the houses are being built.”
Another benefit is that the city, which now mows and maintains the lots, will be able to divest itself of the lots and free up resources that can redirected to other duties, he said.
“The past decade, we have rehabbed many homes and now can look back to these specific neighborhoods and see that what we did with these homes made a substantial impact in these areas with regard to aesthetics, desirability and overall value,” Agora Realty owner Craig Kellogg told this news outlet. “When we started building, I wanted to do the same.”
He said Agora Realty’s niche is “in fill” building, so he wanted to choose a community, not just random lots.
“I chose West Carrollton because the city officials there are investing heavily into the community, understand this niche and are fantastic to work with,” he said. “We don’t want to just build, but rather help transform or revitalize a community.”
West Carrollton City Council is scheduled to hold a first reading of the ordinances aimed at selling the property during tonight’s regularly scheduled meeting. It would then vote on the measure at its next regularly scheduled meeting May 11.
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