To learn how you can get the most out of your real estate assets, call TRA at 617-482-2525 or email us at info@TRAdvisors.net.

Port Looks at New Homes, Retail Around Train Station

From The Daily News of Newburyport, by Katie Farrell Lovett;
March 15, 2010: After years on hold, the Little River Transit Village development project is once again back up for discussion.

For about five years, officials in Newburyport and Newbury had studied the idea of a development called the Little River Transit Village, which would be a mixed-use, retail and residential development to take advantage of the commuter rail location.

Newbury voters have since rejected the project and voted against making any zoning changes to aid in such a development.

But the MBTA has recently notified Newburyport of their intent to release four surplus parcels of their property around the commuter station, once again pushing the plans to the forefront, Planning and Zoning Administrator Emily Wentworth said last week.

As part of the invitation to bid process, she said, the bid documents could mention the creation of a Chapter 40R Smart Growth Overlay District, which would aid in any development plans.

The MBTA can't move forward on those plans until the city votes on whether to adopt a 40R District, Wentworth said. The MBTA owns five parcels of land, but will keep the parcel where the station itself and parking is located.

Wentworth asked the City Council to meet with the Little River Transit Village Committee to discuss the overlay district and plans for the development.
"Communities across the commonwealth are using Chapter 40R to encourage compact, mixed-use and mixed-income housing developments in appropriate locations," Wentworth wrote in a memo to the Council for their meeting today. "This statewide program may be a suitable means of achieving the well-established goal of revitalizing the under-utilized area adjacent to the train station."

The proposal has changed from the initial vision, Wentworth said, and focuses just on the area surrounding the MBTA station. Original plans had also called for preserving open space in the Common Pasture, which has already been done through other means in recent years.

Mayor Donna Holaday last week called the progress "exciting."
That area of the city is "long overdue" in terms of development, she said.

Holaday said city officials want to work with the neighbors of the train station and involve them in discussions. She said the plans could be "a win-win situation" for all, noting that the MBTA is looking at ways to generate revenue and that the neighborhood may prefer mixed-use residential zoning over the current zoning for the area.



Copyright © TR Advisors LLC. All rights reserved.