|
The outreach for the affordable unit lottery has begun for the
long-anticipated Foundry Square development in Newburyport, MA.
The lottery is being conducted by JTE Realty Associates and will
take place on May 25, 2006 at the Newburyport City Hall
Auditorium. There will be information sessions, on April 11 and on
April 24 at 7:00PM at the Newburyport City Hall Auditorium where
interested parties can learn more about the development, the
lottery process and eligibility requirements. Applications are now
available at Newburyport City Hall or the Newburyport Public
Library or by writing to JTE Realty Associates, P. O. Box 955,
North Andover, Ma. 01845.
Designed by Newburyport architecture firm, Woodman Associates,
and constructed by Metric Construction Corporation, the
development calls for the complete demolition of the former Albert
Russell & Sons Foundry building and the construction of four new
buildings. The development will consist of 20 units of for sale
housing, 13 of which will be affordable to first time homebuyers
earning below 80% of AMI. The base price for a one-bedroom unit
will be $167,500, $192,500 for a two-bedroom unit, and $210,000
for a three-bedroom unit. The remaining seven units will be market
rate units, five of which are already under Purchase and Sale
agreements.
“Foundry Square is an exciting development for Newburyport,” said
Abby Goldenfarb, Project Manager for Trinity Financial, the
developer. “The units are well designed, the landscaping will be
beautiful and the proximity to historical downtown Newburyport
makes this development extremely appealing.”
The Foundry Square development was made possible when the City of
Newburyport issued an RFP for the site in 2002. Trinity Financial
was designated developer by the City of Newburyport because of its
impressive team and its past experience in creating affordable
housing units. The total project cost is approximately $7.2
million and funding sources include: the Commonwealth of
Massachusetts Department of Housing and Community Development,
MassHousing, the North Shore Home Consortium, the City of
Newburyport, the Newburyport Community Preservation Committee,
Bank of America, and revenue from the sale of the housing units.
The market-rate units are being offered by Jerry Lischke and Lela
Lischke Wright of Stone Ridge Properties.
|
