Following some additional exchanges regarding the potential use of the 46 Sandwich Road building and parcel, Rick Vayo, the developer offering to sell the property to the Town, provided the a history of the transaction and his company's findings in performing due diligence on the site. While there is no doubt Mr. Vayo is an interested party, I offer his statement as merely additional information for consideration by those who will be making the decision - our Town Meeting Members:
Holtec contacted my group several months ago asking if we would be interested in purchasing the property. At that time they did NOT disclose that the Town had been in negotiations over the past 18 months to purchase the property. We quickly made the decision to pursue the property, negotiated a price and entered into a P&S.
After spending much time and money developing plans for a new complex, we learned the Town had been negotiating with Holtec and still had an interest in the property. As much as I wanted to develop the property in a respectful and meaningful manor, I felt the Town’s future needs were more important. At that point we sat down with Town Management and members of the Select Board.
After much back and forth a price and timeline was agreed on. The price we were willing to settle on was based on costs incurred to date and opportunity costs that we were forfeiting. Some have recently questioned that number, but I can’t stress enough that it represents a fraction of the potential value. We put much time into identifying new projects and then plan for that revenue stream to fund our operational expenses as any other business would do. Once a project like this is abandoned it leaves a large void that we then have to search to find a replacement while still paying all our employees, overhead, etc. That void is very costly, not something we plan and has to be accounted for in the decision to walk away from a project.
This property represents countless opportunities for the Town both short and long-term. While likely uses are police, fire, public safety and training, potential uses are unlimited. I feel the real take away is the Town is securing its future. As much as I would like to keep the property, I applaud the forward thinking and strategic planning by the Select board, Town Management and Town Departments. Keep in mind, the town is in a no loose situation. If they do develop the property it is very likely other Town properties will be sold off and cover much of the purchase price. If the Town somewhere down the line doesn’t need the land it could easily be sold as the appraised value is far greater than the purchase price.
Currently the Town is pursuing all options with this property including; renovations and additions, new construction and explore all potential uses. While no plans are in place all indications are the property is easily developed and can serve many needs today and within the next few years. Other minor discussion points: - Roof and infrastructure is in good shape and cane easily be updated - Overall lot as more than enough room for all of the contemplated uses - Ultimately Town Meeting Members will decide on a final use or any improvements once plans are developed
- Approx. 25 acres
- Approx. 25,000 sq ft building
- Appraised value: 4.35M
- Clean 21e environmental report
Rick Vayo | President MEGRYCO, Inc.
The conceptual plan the Town has prepared as an initial possibility for the site is attached.
The Select Board has unanimously voted to advance the proposed purchase to Town Meeting, with its recommendation in favor of proceeding with the purchase of 46 Sandwich Road for $3.75 million.
The site is almost 25 acres. It is located in an R-40 residential zone, which allows for single family home construction as a matter of right. The developer can build approximately 20 single family homes on the site, but has expressed interest in building a 55+ community on the site. That would require Planning Board and Zoning Board approval of a Special Permit. If that were denied, the developer could proceed with single family homes or decide to try for State approval of a 40B development.
At its public meeting on May 17, the Select Board provided new details as to the reasons they believed this was in the best interest of the Town:
1. The property has been appraised at a value of $4.35 million. This means that if after further study a public safety or other municipal facility is not the best use for the property, the Town can sell it for a profit.
2. The Town would control the use of the parcel, meaning if it were to be sold, the Town could decide if a proposed third-party use was in the Town’s best interest.
3. An independent fire station location study performed just last year (and without consideration of any particular property) identified the area around 46 Sandwich Road as the optimal location for a new headquarters building.
4. The fire chief has confirmed that there have been discussions with the State about providing direct access to the Pilgrim’s Highway (the M road), and that the emergency cutout at Route 3 does allow for responding vehicles to go both north and south.
The Select Board has promised to get all Town Meeting members get all of the information possible in order to be able to make an informed decision. They have agreed to provide all of the documentation and to make the property available on a few select dates for Town Meeting Members to view it for themselves.
Below are the Property Appraisal and Fire Station Location Study.
Fair Market Value Determined to be $4.35 Million
This is the third-party property appraisal of 46 Sandwich Road performed on behalf of the Town. The value is based upon the most advantageous existing legal use of the property (which is R-40 zoned residential development), meaning this is what the property would likely be sold for to a third-party purchaser on the open market.
Entergy Site Optimal Location for New Fire Station
Utilizing data relating to response times for the most frequent emergency service needs, this report indicates that the ideal location for a new Fire Station Headquarters is East Russell Mills Rod, which is 200 yards away from 46 Sandwich Road. It should be noted this report was prepared before the purchase of 46 Sandwich Road was under consideration by the Town.
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