The developer, Kevin Sweeney, just submitted the proposal to the city. "We just got the plan," Hubbard says. He says that the project does not have an affordable housing component and the units will be market rate, from about $200,000 to $250,000, on 40,000-sf lots. Sweeney has already acquired the 150-acre parcel, which is described as "wooded" by Hubbard.
The site is currently zoned as rural residential--as opposed to the other residential designations here, such as single family or general--but Hubbard says that the developer will not have to apply to have the area re-zoned. The proposal has to be approved by the city's planning board, which is scheduled to meet in the near future.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
Already have an account? Sign In Now
*May exclude premium content© 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.