Downtown development still on track - FH Times
Bart Shea of Shea Connelly Development, LLC, Jay (Corky) Northrop, chief operations officer, N-Shea Group, and Brad Ahrens, chief investment officer, updated the Chamber’s public policy committee at a May 28 meeting. Although a couple of items -- rezoning and development permits -- await approval by the Planning and Zoning Commission and Town Council later this month, financing is completed, said Shea. We are good to go,” said Shea, a 30-year area resident. “No one has come close to this before,” said Shea, referring to previous proposals that could not secure financing to develop the 13-acre downtown plot. “It will be perfect for the lot,” said Shea, because of the low impact on schools, fire and police. Once the zoning entitlements are completed, Shea said he hopes to begin construction this summer. Anticipated pricing ranges from $4,200 a month for a studio apartment to $6,800 for memory care, said Ahrens. Construction of 400 residential apartments and 50,000 square feet of retail space could attract occupants earning medium-wages, said Shea. Attracting apartment tenants would sustain the retail component of the project, said Shea. Source: www.fhtimes.com
