The Property Development Process Case Studies From Grainger Town
ARTICLE 32 2014 Annual Town Meeting Melone...
Transcript of ARTICLE 32 2014 Annual Town Meeting Melone...
ARTICLE 33
2014 Annual Town Meeting
Melone Property
Melone Property
FY14 Board of Selectmen Goal
Voted on November 5, 2013
Goal #15:
Submit a CPC Project Form for FY15 funding for $250,000 to investigate maximization of development of rental housing on the Melone property to make meaningful progress towards the Town’s 10% obligation for affordable housing.
• Town can control location
• Town can control style
• Town can control size
• Town can control occupancy
What is the Proposal:
• Rental development
• Predominantly age restricted (over age 55)
• Continuing Care Retirement Community possible
• Other mix of residential with low number of children possible
Build out (Sudbury Portion Only) Potential Land Value Marketing Time
1. Multifamily Rental 250 units $7.5M - $8.75M 1-1.5 years
2. Garden Condo 250 units $11.25M – $13.75M 3-5 years
3. Townhouse Condo 83 units $6.5M – $8.0M 2-4 years
4. Single Family 15 units $3.75M - $4.0M 1-2 years
5. Office 260,000 s.f. $2.6M - $3.9M 10+ years
6. Assisted Living 90 units ? ? years
Koff Study Summary – Land Valuations for Potential Uses of Melone Property
September 2012
Process
2014
• Form Advisory Committee• Hire Consultant with experience in private development• Conduct Public Process to determine use• Identify development constraints
• Wetlands• Contamination• Topography• Zoning
PROCESS
2015• Review 3 development scenarios
Uses Impacts – water, wastewater, traffic, fiscal Wastewater Treatment options Traffic Mitigation Zoning Relief, if necessary Market Analysis
2016/2017• Property Disposition – Town Meeting Vote needed• Permitting• Construction
Year 10% GoalWith Johnson Farm Without Johnson Farm
Now 592 408 (184) 352 (240)
250 Units 592 658 66 602 10at Melone
2020 642 ?? ??
Notes:1) Johnson Farm assumed at the lowest number previously approved
by ZBA (56)2) 2020 projection of Sudbury housing units according to Metropolitan Area
Planning Council times 10%
Key Parameters
• Privately Built, Owned and Operated
• Meets the 40B Goal
• Minimal Impact on Schools
• Positive on-going budget impact
Melone Property
Summary Response Action Outcome (RAO) Class C-1, RTN 3-0435Environmental Resources Management to DEP, March 13, 2013