Status Update April 9, 2015

Obviously we are disappointed in the results of last night’s meeting. We worked closely with our neighbors on Nantucket and Town officials to design a development that is appropriate for the area and would start to address the crisis that the Island unquestionably faces with respect to housing needs, particularly for year round residents and families. The vast majority of our neighbors worked in collaboration with us to try to create a new neighborhood that would make this vision a reality, and we are thankful to them and the majority of all Town Meeting voters and the different Town Boards, particularly the Planning Board and the Finance Committee, who voted in favor of the plan.

We heard two major arguments last night: first, that our target prices were not ‘affordable enough;’ and second that our proposal was too dense. In reality, the economics of real estate development on Nantucket often make these two arguments contradictory, if not mutually exclusive.

We remain committed to finding solutions to the housing shortage on the Island, and will take a fresh look at the best way to create housing options that are more affordable. However, given the magnitude of our investment, we are looking into all options that may be available or the future development of this area, including an increased affordable housing development.

Richmond Planning Apartments to Meet Housing Demand

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.

Click here to read the full article

Pastan Plans 60 Homes on 15 Acres Near Airport

“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.

Click here to read the full article.

Pastan’s development plans promise change on Old South Road

Pastan has on several occasions this year talked about his 10-year development plan for the former Glowacki property, with the construction of the 45,000-square-foot commercial building likely coming toward the end of the process, and the construction of new commercial spaces for existing island businesses looking to expand, or new businesses.

Click here to read the full article.