The parcel is currently assessed at $3,200
Even with the wholehearted support of the Planning Board, Select Board, Finance Committee and Housing & Sheltering Committee the rezoning of 5.79 acres on University Drive from office park to limited business just barely attained Town Meeting required two-thirds mark, 117 yes to 57 no.
Now the developer, UMass New Build LLC, can move forward with a badly needed (mostly) student housing development consisting of 29 townhouse units with three of them set aside as affordable units.
Concept plan for 29 townhouses, 58 parking spaces on 5.79 acres (2.3 acres of it non buildable wetlands)
Since the property is in Chapter 61A it currently pays the town under $100 in property taxes, and obviously the high end housing development will pay in the six figures annually.
The town will have the "right of first refusal" once the deal is signed but since a disgruntled abutter leaked the potential selling price as $1.5 million, safe bet the town will not want to cough up anywhere near that to keep the 3 acre portion of the site in agricultural production.