AvalonBay Communities wants to develop a 300-unit residential complex on the site. According to Michael Hale, assistant town manager, AvalonBay would build the project with a comprehensive permit, which, under the state's affordable hosing law, would enable them to bypass local zoning laws if the project has at least 25% affordable housing and the town does not have 10% affordable housing.
But Hale emphasizes that while town officials would like to see the town acquire the property, it does not want to keep affordable housing projects out. "AvalonBay can build an affordable housing project in another site," he tells GlobeSt.com. "We want to use the site for its intended use, which is commercial/industrial." Hale points out that the site is "one of the best commercial/industrial sites left in town." It is currently zoned for industrial use but if the town does purchase it, Hale says it intends to change the zoning to office/research use. "It's sandwiched between two highways," he notes. "It's best suited for that type of use."
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.