Contact: Gary Marsh
Palm Terrace Condominium Conversion Approved Nov. 7, 2006 -- Concord, Calif. - The Concord Planning Commission voted 5-0 in favor of changing the use permit and variance to convert the former Village Green Apartments to a condominium community that is now called Palm Terrace, announced Merle Hall, manager of a partnership that owns Palm Terrace. The Planning Commission approved the conversion during a regular meeting October 18. The Planning Commission approval is the first step for the 190 apartment homes on approximately 8 acres of land at 2925 Monument Boulevard to be sold as individual condominium homes beginning summer 2007. Prices are expected to range from high $200,000s and up, with some of the buyers coming from the apartment community itself. Until the apartment homes are offered for sale as condominiums, rental apartments are available on a limited basis and interested parties should contact the sales office. Prior to the Planning Commission meeting, 70 individuals and families that live in Palm Terrace apartments, or about 40 percent of community residents, signed a petition of interest to buy their homes once the conversion process was complete. It was one of the elements that compelled the commission to approve the conversion. When the condominiums go up for sale, existing tenants will have the first opportunity to buy their homes and get a break in the price. The base discount starts at 5 percent off the listed price and they also get $50 off for every month they've been a tenant, according to Mr. Hall. Another reason the Planning Commission approved the conversion was the signed petition of 55 or so area residents that live in nearby single-family homes. The neighborhood support follows the long-held belief by many that homeowners make better neighbors than renters, are more law-abiding and take better care of their property. The owners of Palm Terrace have spent millions of dollars in recent years conducting a massive overhaul of the 21 buildings, community center, swimming pool and common grounds, in preparation for the conversion to condominium homes. The community was originally built in 1970. The balance of the process to change the property's usage from a rental to ownership community will take almost a year. A detailed survey is required to prepare the final subdivision map for recordation. Numerous details of the project will have to be provided to the Department of Real Estate and the owners must obtain a DRE Public Report (a comprehensive disclosure document) before sales can commence. Palm Terrace is within a short walk to a BART station and downtown Concord, with easy access to Highways 242 and 680. There are one, two, three and four-bedroom, two-story townhomes with one or two baths. As part of the major renovation, all of the homes were equipped with central forced-air (heating and cooling systems) and state-of-the-art Rinnai -- continuous-flow hot water heaters that are one-third more economical than conventional tank-type heaters. Every home has its own garden level front and rear entry. The spacious townhomes include storage rooms and easily accessed surface parking. There is a swimming pool and pool house/ community center with full kitchen, children's library, activity center and patio.
Other features of the community's major renovation include:
Interior Features List: (common to all residences) Interested parties should call 925-685-4246, or visit: www.palmterraceconcord.com. 
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