Our Condominium Association in North Carolina is the owner of ten acres on which three condominium buildings have been built. There are two vacant parcels the building rights for which are currently for sale by a broker on behalf of the bank who owns those rights due to the bankruptcy of the developer. The Board just got notice of a potential offer from a developer. The developer would like to buy out the Associations rights to the property because they want to build apartments (no change in architecture to be used from current buildings). Said and done it would be condos across a common parking lot from apartments sharing landscaping common areas, an HOA's nightmare. Of course condo property values would suffer. The Board is intending to engage a real estate development law firm to help say "no way." Can anyone advise on legal or financial exposures that the HOA may face beyond attorney fees? What other avenues of recourse do we have? Thank you. Ron
