- Written by Administrator
- Published: 07 March 2014
The Zoning Board of Appeals approved a revised payment plan for Duxbury Estates, securing a timely payment for the town and easing residents’ concerns over potential affordable housing construction.
The approval is conditioned on the receipt of a letter from Rockland Trust, agreeing to an amendment on the loan arrangement that would set aside $25,000 from the sale of each unit at the development to be paid to the town. A total of $1.3 million is owed to the town from Duxbury Estates, LLC, because Giacchetto and his brother decided not to include affordable housing in their development. According to the bylaws, a developer must either make 10 percent of the units in a development affordable units or pay a fee to the town.
Tom Giacchetto, owner of Duxbury Estates, LLC, the development company for Duxbury Estates, said he was pleased to have the approval from ZBA and the ability to move forward with the project. On Friday, Giacchetto closed on the 20th unit at the development and currently has two units under agreement. He plans to start building those units when the ground thaws. Over the last year, Giacchetto said he has sold eight units and has paid over $1 million on the site loan.
With the approval by the ZBA, Giacchetto said the development will remain an over-55 development, a point of concern for many residents who feared that any financial trouble would result in a change in the development.
Looking back, Giacchetto said if he had the option to do the project over again, he would have included affordable units in the development instead of paying a fee to the town.
“Many people saw we were having financial issues, but what we needed was a little relief from the next payment,” he said. “At the end of the day, it has all worked out for the best.”
As soon as the letter from Rockland Trust arrives, Giacchetto will move ahead with two more units. He said he hopes the housing market will be in his favor and would like to sell eight to 10 units this year. A good estimate, he said, would be to see the development finished in two-and-a-half to three years. After the ZBA meeting, Giacchetto said he felt Duxbury Estates residents were pleased with the outcome.
“All indications are that the residents are very supportive,” he said. “I generally have a good relationship with the residents and it is in everyone’s best interest that the development stay over-55.”