Have you got an odd piece of property or two and you don’t know what to do with them? Like those left-over auctioned properties that you bought at the court house [tag-ice property ]steps[/tag-ice]?
Have you been paying the $25 tax bill for years just because? No specific reason not to, the property is just there. You can’t sell it so you just keep it in a back corner of your property portfolio.
Maybe a very good return on your money can be made after all. Here’s the solution from a group of University of Tennessee architecture students.
The Challenge: take the worst left over parcels and turn them into profitable residential or commercial properties. The students purposely searched for triangle or wedge-shaped properties, as well as vacant neglected lots near railroad tracks.
The Solution: Then they went to work designing new homes, some retail shops, and apartments transforming neglected areas into affordable housing.
The “[tag-tec]Infill Development[/tag-tec]” concept has caught fire. A non-profit group supplying housing to the homeless and former convicts is interested. Small businesses can spring up where no one thought they could squeeze in before. And of course, regular [tag-cat]housing[/tag-cat] that’s both attractive and economic can now be built for people who want to live in the city.
In order to make all this excitement possible, the students had to come up with ways to get rid of noise problems near interstates and railroad tracks. Thicker walls and unusually shaped windows are just a few of the ingenious and practical ways they developed to create a new profit center on formally useless lots.
“The infrastructure is already in place. You already have sewer, water, sidewalks,” says Lisa Milligan, a staff planner for Hendersonville, Tennessee. “If you have available land that’s already served by infrastructure, then it, of course, makes sense economically to develop that land.”
As we think outside of the box, these concepts can be used almost anywhere.
Why not take a drive through your town or city and turn your imagination on? Who knows what a tiny insignificant piece of write-off [tag-cat]property[/tag-cat] could do for you in 2007?
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