55+ COMMUNITY PROPOSED FOR WENHAM’S LAKEVIEW PROPERTY
Age Restricted Plan Will Increase Tax Revenues Without Adding to School Rolls
Wenham, MA, February 1, 2015: Atlantic Tambone, LLC, a full service real estate development and management firm based in Lynnfield, Massachusetts, announced today a revised proposal for the acquisition and development of the Lakeview Golf Club property in Wenham to create a 55+ community of homes, should the town opt not to buy the property. The new age restricted plan could increase the town’s annual tax revenues by approximately $350,000 without adding the burden of more students to the school rolls, according to the developer. Lakeview currently generates approximately $17,000 annually in tax revenues for Wenham.
“Since the Board of Selectmen’s meeting on January 19, we’ve listened carefully to the town and residents regarding their concerns, especially as they relate to school children,” said Anthony Tambone, executive vice president of Atlantic Tambone. “We understand how new homes can impact schools and the costs involved in educating students, therefore after careful consideration we revised the plan to address town concerns. We’re confident that this development will be an asset to the town.”
The 55+ community would feature a condominium-style of ownership and consist of 23 to 28 duplex townhomes served by town water and an on-site central septic system. Market rate home prices would begin at over $1 million. A preliminary traffic study by Bayside Engineering found that the project would generate significantly less traffic than the existing golf course.
Owned by the Flynn family since 1972, the 34.4-acre site is located on Route 1A, directly across from Wenham Lake, and is designated as a Chapter 61B property due to its use for recreational purposes. The town was given first right of refusal to purchase the property under the provisions associated with Chapter 61B land when an owner files notice to convert for an unqualified use. The family decided to sell the property due to decreased demand in the golf industry, making it difficult for smaller, nine-hole courses like Lakeview to remain profitable, according to the Flynn family.
Atlantic Tambone has worked with the town selectmen to create a Host Community Agreement that sets forth conditions for development if the town decides not to purchase the property, initially appraised at $2.75 million dollars by Wenham’s contracted appraisal firm. Under the process in place, two more appraisals may be performed to establish a final fair market value, which may be higher.
Conforming to Wenham’s Flexible Development By-Law, the proposed age restricted condominium project would preserve at least 40 percent of the site as permanent open space. The new townhomes would be set back a minimum of 500 feet from Route 1A (about the length of two football fields), and would be clustered toward the rear of the site. At least 10 percent of the homes would be affordable in accordance with the By-Law.
ABOUT ATLANTIC TAMBONE
Atlantic Tambone has successfully developed over 5 million square feet of residential, office, industrial, commercial and retail space. The firm also provides third party property management services to commercial, industrial and multi-family owners in addition to managing its own properties. Atlantic Tambone is located at Six Kimball Lane, Lynnfield, Massachusetts. For more information, visit atlantictambone.com or call (781) 245-1515.