The Decatur Daily
By Evan Belanger
Staff Writer
Planning Commission agenda shows uptick in development plans
Wall Street might be crumbling, but the nation’s much- publicized financial crisis was not evident in the Decatur Planning Commission’s agenda this month.
During its meeting Tuesday, the Planning Commission approved two preliminary plats and two final plats for local residential developments.
Combined, the plats represent proposals to build 126 single-family dwellings — 100 free-standing homes and 26 condos.
After months of slowdown in the local housing sector, the subdivision requests could be an indication that Decatur will avoid much of the recession predicted by some economists.
That position is backed by at least one local developer, who is prepared to invest millions on a Decatur housing project.
DeWayne Turner received unanimous approval from the Planning Commission for his proposal to build 26 condominiums in the Westmead Subdivision, north of Gaslight Place and west of Brownstone Avenue Southwest.
He said he hopes to begin construction on the 1,500-square-foot, two-story condos within 90 days, which would bring them to the currently shaky housing market next summer.
To fund the project, he will use borrowed funds and some of his own money.
While Turner said there has been a decline in the local housing market, he said he is not worried about how he will sell the condos once they are completed.
Instead, he predicts the housing market will experience an upswing once the economy stabilizes after November’s presidential election.
“Things usually get kind of shaky when there’s a presidential election going on,” he said. “But it tends to stabilize afterward.”
As for the financial crisis that has changed the face of Wall Street — all the largest investment banks have sold, filed bankruptcy or converted to bank holding companies — Turner predicted much of the downturn could be avoided locally if buyers show confidence in the market.
“Even though there were a lot of bad loans made in other parts of the country, there are many jobs here that still enable people to afford homes,” he said. “We just have to show confidence in the market.”
Turner also predicts sought-after bank loans, currently on the wane, will increase in availability in the near future.
According to the developer, as the stock market continues to show signs of instability, stockholders will move their investments to more bank CDs. He said the influx will provide banks with the capital needed to grant much-needed home loans.
“That’s going to be a huge influx in capital,” he said. “The banks are going to have to loan that money out.”
Whatever the case, Turner, who served previously as president of both the Decatur and Alabama homebuilders’ associations, said he is “very comfortable” with his investment.
“I feel so confident,” he said. “That’s why we’re doing this. We just need to show confidence in the market.”
Questioned about the increased subdivision requests, city planner Karen Smith said subdivision developments tend to be cyclical.
She attributed most of the current requests to expansions of existing subdivisions started over the previous five years.
In addition to Turner’s, the Planning Commission approved the following plats Tuesday: