Developer proposes 160-unit apartment complex next to Kelleher’s Pond in Beverly, MA

Omni Properties of Concord has proposed a 160-unit apartment complex to be built on 7½ acres of wooded land near Kelleher’s Pond in Beverly.  The proposed Village Green Beverly would cost more than $20 million to construct, but would be within walking distance of the Montserrat train station, qualifying it for smart growth district status under Massachusetts General Law Chapter 40R.  According to the Commonwealth’s website, the Chapter 40R law ” … encourages cities and towns to establish new overlay zoning districts to promote housing production and, more generally, smart growth development,” and “provides financial incentives to communities to adopt these new zoning districts.”  The city would be eligible for a $200,000 payment from the state, and $3,000 per unit after exceeding the allowable number of units in the area under the current zoning law.  According to David Hale, a partner at Omni, the complex would not include low-income affordable housing, but 20 percent of its units would be reserved for people earning 80 percent of the Boston area median income (moderately affordable housing) in accordance with requirements of Chapter 40R.

Boston.com

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s