West Village developer allowed longer leases

The developer of the 63-acre West Village mixed-use neighborhood in south Cobb County will be able to lease condominiums for a longer period, until the market improves enough to sell them.

The County Commission has approved developer Branch Properties to lease the condos beyond the five years agreed upon when West Village was approved four years ago.

The development, on Atlanta Road near I-285 in Vinings, has a mix of retail space, townhomes, single-family homes and condos. Rent on the condos is about $1,500 a month.

John Moore, a Marietta attorney representing the developer, said the construction loan on the project was coming up for renewal next week. Moore said the bank would not refinance the loan without assurances that the units would be leased.

Moore said the developer has an incentive to convert the units to ownership. Selling the units provides profit to the developers, he said; leasing only covers the loan interest.

“The language we’re putting in there is real simple,” Commissioner Joe L. Thompson said in support of extending the lease period. “If they don’t sell, they can at least lease and pay the interest until the market gets better.”

Mary Rose Barnes, president of the Oakdale Community Association, opposed the extension.

To allow rentals until market conditions improve may mean allowing them indefinitely, she said.

To date, more than 100 units have been sold in the $200,000 to $285,000 range.