"This is very unusual," Tony Fields, planning director for the town of Burlington, tells GlobeSt.com. "Given the complexity of this and its four-party involvement, I'm not aware of this ever being done anywhere."

The town here owns 14 acres of industrial property that was acquired when an extension to Route 3 was abandoned. The Gutierrez Company responded to an RFP to develop that land by offering the town its 19-acre residential parcel near Wall St. here in exchange for the industrial site. Gutierrez will also give the town two single-family properties and a reported $75,000.00 a year for 20 years for historic preservation, land acquisition or affordable housing.

Local developer Gary H. Ruping then offered the town his six-acre Grandview Farm site in the center of the town here in exchange for 12 of the residential acres on Wall Street. Ruping, who will make make an undisclosed payment to the town for 20 years, will build 144 luxury apartment units and 36 affordable housing units for seniors on that site. The remaining seven acres would be set aside for open space.