Frequently Asked Questions
Location of properties being developed: 608 and 610 Trent Drive, Durham NC 27705
Size: 2 lots that together total .491 of an acre.
Total of Number of Units Proposed: 23
Type of building: Multi-story condominium
Existing Ownership Structure: Limited Liability Company (LLC)
How will the project get developed?
We are a self-developing community using the LLC as the legal structure under which this will happen. We have hired Christine Westfall, an experienced project manager who helped develop the Durham Central Park Cohousing Community in Durham, to server as our project manager to handle day-to-day development activities.
Why is being a self-developing community advantageous?
Under this structure we are able to avoid hiring a private developer, and therefore we save on development fees that would add substantially to the cost of the development. There is also no incentive to sell the units for more than their actual cost as there is when working with private developers. Therefore we anticipate offering units for sale at prices substantially below what is being asked in the downtown Durham market.
What will make self-developing this community possible?
Assembling at least ten households committed to purchasing units and joining and investing in the LLC and the Bull City Commons Cohousing Community will make this possible. Currently, 19 of 23 units are accounted for! Nineteen committed households have invested in the LLC!
What is the required initial investment?
The initial investment is 40% of the estimated sales price of your unit. Because of the stage of development we are in, we are requesting this be paid at entry to the LLC. If the timing of paying the full investment up front is not possible for you, please contact us and we can discuss other potential arrangements.
What happens if the project does not get constructed?
Ultimately we would sell the land, which we purchased for significantly below market. We have also secured entitlement rights from the city working with an architect and engineer to build the project. These rights add further value to the land if we were to sell it. Our intention would be to refund each household their investment, however, this will depend on costs incurred at the time of such sale and subject to the terms of the LLC agreement. Fundamentally we are acting conservatively, spending as little as possible, until we are sure we have enough interested buyers to get under construction. Given the market in central Durham and the fact that we will be selling the units at below market prices, we anticipate there will be adequate interest.
Can I rent out my unit?
We are an owner/member community encouraging relationships and participation. We do restrict rentals. Please see our full policy.
Will Bull City Commons be a smoke-free facility?
Yes! Smoking of tobacco products will not be allowed anywhere in the building or on the grounds. Vaping is similarly restricted. Please see our full policy.
What about my pets?
Pets will be allowed, with some restrictions. Please see our full policy.
What about my guns?
Firearms will not be allowed on premises. Please see our full policy.