SalemNews.com, Salem, MA

Business

January 1, 2014

'It's right for the neighborhood'

14-home development to revitalize property, fill housing need

SWAMPSCOTT — The recent demolition of the former Temple Israel on Humphrey Street signaled the beginning of a new housing development that developers and town officials say will fill a need in town.

”It’s going to revitalize a property that has been shuttered for eight years,” said selectmen Chairman Jill Sullivan, who has long been involved in the redevelopment of the former Temple Israel site.

Officials, representatives for the developer and real estate agents held a groundbreaking Dec. 19 for Atlantic Crossing, the new $11 million development of 14 new houses along a semicircular drive.

Designed by architect Wendy Welton and built by Fred Schultz of Versacon LLC, the craftsman-style homes will feature front porches and have three to four bedrooms, said Project Manager Danielle Singleton of Charing Cross Realty, the developer.

”It will bring additional tax revenue to the community, also,” said Town Administrator Thomas Younger, “not just the tax revenue, but all the permitting fees, all the building fees for the project goes into the town funds ... We are also redeveloping and revitalizing ... a long-term vacant property that will work with the neighborhood.”

The homes range in price from $539,000 to $725,000, with 2,450 to 2,900 square feet of living space. So far, seven of the homes are under agreement, according to marketing materials from Sagan Realtors of Swampscott and the developer. The plan is to finish the homes in one year.

Younger said the homes are a perfect location for families that are downsizing but are looking to remain in Swampscott.

“A lot of the people who have come to us have said that they’ve wanted to buy a house in Swampscott; there is just no open land,” Singleton said. “Unless you want to spend $1 million to buy a house and knock it down, there are really no options.”

”It’s a great opportunity for people to get new construction,” said Shari Sagan McGuirk, a real estate agent with Sagan Realtors of Swampscott. “You can’t always find that in this price range. ... It’s going to be high-quality finishes and hardwood and fireplaces. So, we think it’s going to be wonderful for the neighborhood and bring a few more people to Swampscott.”

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