Newburyport to build new rental housing
Rental housing will be built at what was once a Kmart at Port Plaza off Low Street in Newburyport.
The project, to be known as Plaza Landing, will have 212 units, of which 25% will be affordable and will remain in this status in perpetuity. The remaining units, which are not classified as affordable, will be rentals for a minimum of 35 years.
Such sites often benefit from banner printing, which can inform residents of any upcoming projects and their advantages for a community.
The owner of the site is Richard Kaplan, who has agreed to what is considered a friendly plan under the Chapter 40B affordable housing law of the state. This means that Kaplan and the city have agreed on potential fees and guidelines in advance.
Kaplan will pay for a traffic study and build sidewalks, and will also pay for building permit fees and the water connection. It is expected that nearly $700,000 in property tax revenue will be generated by the Plaza Landing project each year.
A local initiative project application will be signed by Mayor Sean Reardon. Kaplan will forward this to the Department of Housing and Community Development (DHCD) to be reviewed. Once the review is completed, the DHCD will visit the site. Approval by the DHCD will enable the city to use the Zoning Board of Appeals review process to issue a comprehensive permit.
The project, to be known as Plaza Landing, will have 212 units, of which 25% will be affordable and will remain in this status in perpetuity. The remaining units, which are not classified as affordable, will be rentals for a minimum of 35 years.
Such sites often benefit from banner printing, which can inform residents of any upcoming projects and their advantages for a community.
The owner of the site is Richard Kaplan, who has agreed to what is considered a friendly plan under the Chapter 40B affordable housing law of the state. This means that Kaplan and the city have agreed on potential fees and guidelines in advance.
Kaplan will pay for a traffic study and build sidewalks, and will also pay for building permit fees and the water connection. It is expected that nearly $700,000 in property tax revenue will be generated by the Plaza Landing project each year.
A local initiative project application will be signed by Mayor Sean Reardon. Kaplan will forward this to the Department of Housing and Community Development (DHCD) to be reviewed. Once the review is completed, the DHCD will visit the site. Approval by the DHCD will enable the city to use the Zoning Board of Appeals review process to issue a comprehensive permit.