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Local Zoning Board Caps Developer's Profits

BOLTON, MA-The town's zoning board of appeals approves a developer's proposal for a 24-unit residential complex with an affordable-housing component but adds the caveat that the developer has to cap his profit from the project at 12.4%.

By Naomi Grossman | Updated on April 30, 2002

BOLTON, MA-In a move that could have far-reaching implications for developers in the state, the town’s zoning board of appeals approved a developer’s proposal for a 24-unit residential complex but put a cap on the developer’s potential profit from the project.

Brian Lafferty, the developer, has proposed a 24 unit complex, Sunset Ridge, on a 15-acre site. According to Janet Collier, a representative of the town, the developer applied for a comprehensive permit. The permit allows a developer to bypass local zoning laws if the town has less than 10% affordable housing and the proposed development has at least 25% affordable housing. Collier tells GlobeSt.com that one of the conditions of approval from the zoning board of appeals is that the profits from the development would be capped at 12.4%.

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