History of Site Sale and Potential Use
Town and Developer Provide Additional Information
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.
