Tenants in the properties may end up staying through 2004, as the city indicates it is willing to sign new leases at market rates. The city expects to hold the properties for up to five years, when a redevelopment project is expected to begin.
The city's long-range plan is to encourage redevelopment of the homes into properties with first-floor retail space or offices and multifamily use above. A developer also could assemble all three parcels for a larger project, city officials suggest.
City officials went on to say that they expect a better rate of return by buying the single-family homes, renting them out and selling to developers rather than through other alternative investments.
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