Richmond Planning Apartments to Meet Housing Demand

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In 2014, there were 428 residential homes sold on Nantucket.The average sales price was $2,035,000, while the median sales price was $1,275,000. Those homes are out of the reach of most year round island families.

We want to use our properties and our development experience to help solve this problem, and we are trying to find the right balance that will allow us to build economically accessible homes and provide as many housing options as possible to people who live and work here year round. To that end, we are hoping to build a new residential neighborhood located off of Old South Road that will include about 60 new homes that are priced far below the average sale price on Nantucket.

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Pastan Plans 60 Homes on 15 Acres Near Airport

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“Our vision for the project is to have two- and three-bedroom homes, most likely a one-story product, with all the necessities a new home would carry, on each lot,” Pastan said. “We’d make sure the development stays geared toward the working- class market.”

Pastan said secondary dwellings would not be built on the lots, and garages would likely be an option available to the homebuyer following purchase.

Richmond Great Point director of real-estate development Dave Armanetti said Monday the homes would likely be marketed in the $650,000 to $750,000 range.

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