ATLANTIC TAMBONE TO ACQUIRE LAKEVIEW PROPERTY IN WENHAM, BUILD 55+ COMMUNITY
Selectmen Vote Not to Purchase the Property in Favor of Age Restricted Plan That Will Increase Tax Revenues, Maintain Town’s Character
Wenham, MA, March 1, 2016: Atlantic Tambone, LLC, a full service real estate development and management firm based in Lynnfield, Massachusetts, has been greenlighted to acquire the 34.4-acre Lakeview Golf Club property in Wenham and create a 55+ community of homes after town Selectmen exercised their right of first refusal under the state’s Chapter 61B statue and voted not to buy the property. The age restricted plan, in keeping with a pre-negotiated Host Community Agreement, could increase the town’s annual tax revenues by approximately $350,000 while maintaining the town’s rural character, according to the developer.
“In pursuing our vision for the property, we’ve listened carefully to town officials and residents,” said Anthony Tambone, executive vice president of Atlantic Tambone. “We understand how new homes can impact schools and the costs involved in educating students, and we also appreciate that the Lakeview property serves as a highly visible gateway to Wenham. We’re confident that this development, which grows the tax base without adding to the school rolls, will strengthen Wenham’s financial future and blend seamlessly with the existing landscape.”
Conforming to Wenham’s Flexible Development By-Law, the age restricted community will feature a condominium-style of ownership and consist of 23 to 28 duplex townhomes. To maintain an aesthetically pleasing entryway into the town, the homes will be set back a minimum of 500 feet from Route 1A (about the length of two football fields) and clustered near the back of the property, preserving more than 40 percent of the land as open space. The townhomes will be served by town water and an on-site central septic system. Home prices will begin at over $1 million.
Owned by the Flynn family since 1972, the site is located on Route 1A, directly across from Wenham Lake, and has been 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.
Lakeview Golf Club currently generates approximately $17,000 annually in tax revenues for Wenham.
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.