The total purchase price for the property is $6.4 million but part of it is being funded by the Community Preservation Act and the Water Enterprise Fund. The acquisition will increase property taxes here by $47 a year on a $371,000 home, the average price of a home here.
The property is one of the last pieces of developable land in the area and its location near Route 495 and the Massachusetts Turnpike increases its value. The site currently houses Pyne Sand and Stone Co. and New England Sand and Gravel, which own the site jointly.
Plans for the site include a school, municipal wells, a Department of Public Works building and possibly some multifamily housing.
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