All of the land in a planned residential development shall be owned initially by an individual, corporation or some other legal entity. Individual properties may be sold after a final plat has been approved by the City of Griffin Development Review Committee and recorded in the Office of the Superior Court Clerk of Spalding County. Such developments are also subject to approval of restrictive homeowner's covenants providing for the maintenance of common open space, required stormwater management infrastructure, establishment and management of a homeowner's association.