If you’ve been keeping up with the proposed Main Street Overlay District Ordinance that originated with the borough-appointed Main Street Overlay Street Task Force and was recently recommend for adoption by the borough’s planning commission, property owners along Fayette Street are likely wondering how it will impact their property value.
The issue is timely as Conshohocken’s borough council is set to vote to advertise the ordinance (a legal step that must be taken prior to consideration of an ordinance) on November 15th.
The proposed ordinance aims to attract more and different types of businesses to the town and enhance the walkability of Fayette Street from downtown to the upper avenues. The language in the proposed ordinance divides Fayette Street into three zones. Depending on the zone (from Zone 1 to Zone 3, encompassing from East Elm Street up to 12th Avenue), property owners under the proposed ordinance will have the flexibility to explore different development opportunities.
Key points include the option for existing two-story buildings to add a third story within the height limits the zone their property falls within. For instance, in Zone 2, property owners meeting the criteria can build up to 45 feet in height. The proposal also allows for diverse uses in the first-floor commercial spaces of mixed-use buildings, whether they are new constructions or retrofitted existing structures.
How might this impact property values?
Consider the concept of “highest and best use.” By allowing more uses along Fayette Street, which has limited available properties, the proposal ordinance is expected to generate increased demand. Typically, higher demand leads to higher property values. Owners can still use their properties solely for residential purposes, but the flexibility provided by the proposed ordinance may attract more potential buyers, potentially increasing property values.
It’s crucial to understand that sole residential use is not discouraged. If you own a residential property, you can continue to use it as such. However, if you decide to sell, the expanded usage options may attract a broader range of potential buyers.
As the borough considers this change, considering all potential effects, as a real estate expert, we anticipate the overall outcome to be positive—more business owners, visually appealing buildings, and increased property values for those who own property in town.
Feel free to reach out if you’re a property or business owner looking to discuss how these changes might impact your property.
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