www.massdevelopment.com/press/07222003-04.aspx -
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Published on: 7/22/2003
Last Visited: 3/6/2007
David Carver of Scarafoni went before the Selectmen in April, and was approved to renovate the building into 16 for-sale condominiums for people over the age of 55.
Carver said those working on the study, which is done internally, are on-site once or twice a week gathering input.
"Pretty much the only issue we're dealing with right now is the cost of the project," Carver said."We're comparing the potential cost of the project against the market value of the units when they are completed."
Early on, Scarafoni estimated the average cost of the units to be around $165,000, with a range between 1,200 and 2,400 square feet for one- and two-bedroom units.Although there is no finalized total for the renovations, Carver previously offered an estimate of $100 per square foot as a general cost for quality construction, not including fees for asbestos removal.
Carver said the building could easily fit up to 20 or 22 units, but Scarafoni agreed to keep the project low-density.
Although the feasibility study is not estimated to be complete for another month, Scarafoni has submitted paperwork to go before the Planning and Zoning boards in August for the proper permits.
"We'd need a zoning permit for multi-family housing to make it residential.That's mainly what the Zoning Board is for - the administrative questions," said Carver."The Planning Board will be looking at things like driveways, lighting, the placement of the car ports, basically the site plan, to see if it fits in with the rest of the neighborhood.
"Even though we haven't finished our studies yet, we're confident we'll be able to move forward with this," he said.
In terms of funding, Carver said the company is not looking specifically for state or private loans, since "you have to pay back both either way."
"The state may take on a more risky loan than, say, a local bank," he said."Private banks may say it's too risky.It'll be based on availability, rather than interest rates and things like that, because there's almost nothing available in loans that we can see that would make the feasibility happen for the project, in terms of multi-family units."
Carver said the proposed plans for renovation will have a minimum impact on the site itself, with only a small number of car ports to be added and slight alterations to single aspects on the exterior of the building.
Although the market study is not ready to be released, Carver said there have been about a dozen interested people, mostly from Adams, asking questions about the project.
"We think there is a need for this kind of housing.And if we keep the price range where it is, I'm sure there will be plenty of residents available," he said.