According to Scott Dale, vice president of development at Avalon Bay, the proposal involves 311 units here and 84 units in Danvers built on 25 of the 63 acres. An office and warehouse building will remain on the site, which Avalon Bay is under contract to acquire from Chicago-based Morton International. The one-, two- and three-bedroom units will range in price from $1,400 to $2,000 per month.

The comprehensive permit enables Avalon Bay to bypass local zoning laws as long as 20% of the project is designated as affordable housing, which Dale confirms is part of the plan. The site is currently zoned for commercial space but Dale tells GlobeSt.com that beyond the zoning issue, the decision to apply for a comprehensive permit was also because it's a good site "for a mixed income community." Dale notes that Avalon Bay worked with town officials in developing the project.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.