A plan to convert 23 senior apartments into condominiums at The Oaks senior apartment complex on Broad Street in San Luis Obispo was given a green light by the City Council on Tuesday.
Hamish Marshall of WestPac Development Corp., owner of The Villages — a retirement housing complex that includes independent living, assisted living and Alzheimer’s care facilities — said the change was being made to offer seniors more financing options for retirement living and the financial advantage of owning their home.
Marshall said current residents would be given the option to either rent or buy, and no one would be forced to move from their apartment.
Marshall said he ultimately plans to convert all 50 apartments to condominiums.
However, the city limits the number of such conversions to half of the number of multi-family rental units added to the city’s housing stock in the prior year minus the number of such units demolished.
There were 46 multi-family rental apartments added to San Luis Obispo in 2010, allowing for a total of 23 condominium conversions in 2011.
The project’s tract map must still be reviewed by the city’s Planning Commission and approved by the City Council before it can move forward.