The Salem News reports that there are 5 major development projects in the works in the North Shore aimed at boosting the local economy:
There was an interesting letter to the editor in the Salem News recently about age restricted zoning in Hamilton. According to the author, the Hamilton Planning Board is trying to change the zoning bylaws of Hamilton to allow age-restricted, dense development by offering a "Senior Housing Bylaw" at the next town meeting on May 5, 2008.
Click here to read the Salem News letter to the editor.
According to the Beverly Citizen, two developers have proposed converting the vacant McKay School in Beverly into residential units – beginning as apartments which may be later be sold as condominiums.
Redevelopment of the McKay School is one of several components of Mayor Bill Scanlon’s plan to pay for the $68 million Beverly High School construction and renovation project that is scheduled to break ground later this year. Any redevelopment plan would need a special permit from the City Council under a recently revised zoning ordinance that governs residential reuse of municipal buildings.
The Beverly Citizen article had a nice breakdown of the plans:
Windover Development LLC
Proposed residential units in former McKay School: 23
Units in newly constructed buildings: 6
New residents: 60 to 65 people
Proposed purchase price: $600,000
Project cost: $7.4 million
Tax revenue after six years: $101,700
Parking spaces: 58
Below market (affordable) units: four
Dakota Partners Inc.
Proposed residential units in former McKay School: 30
Units in newly constructed building: 6
New residents: 58 to 87 people
Proposed purchase price: $1 million
Project cost: $8.37 million
Tax revenue after six years: $136,768
Parking spaces: 72
Below market (affordable) units: four
Chapter 40B recently withstood a potentially significant challenge to its status as one of the Commonwealth’s most important housing law since its creation in 1968. According to the Massachusetts Secretary of State’s Office, a signature drive to repeal the law fell more than 35,000 signatures short of the 66,593 needed to place a question on the November 2008 statewide ballot. Consequently, the soonest any similar petition to repeal Chapter 40B could be on the ballot would be 2010.
Chapter 40B has been responsible for producing over 48,000 units of mixed-income housing, including housing for the elderly, single-family subdivisions that include affordable units for town residents, multifamily rental housing developments, and mixed-income condominium or townhouse developments. Its goal is to encourage the production of affordable housing in all cities and towns throughout the Commonwealth by reducing unnecessary barriers created by local approval processes, local zoning, and other restrictions. The standard is for communities to provide a minimum of 10% of their housing inventory as affordable. A total of 51 cities and towns have now met that standard.
The Citizens’ Housing And Planning Association have an excellent website with Chapter 40B information. Click here to view the website.
Posted by NorthShoreRealtors.com at 11:59 AM
Labels: Chapter 40B, State issues