BY ETHAN FORMAN
---- — DANVERS — The Rose Landing condominiums going up on Route 114, at the former site of Natalie’s Restaurant and the Rio Grande Cafe, will have 18 affordable units that will be sold in a lottery.
If you want a chance to buy one, however, you must apply by May 31.
The developer, Boston-based Pizzuti Development, is building 72 garden-style condominiums at the property, which it bought in the fall of 2011.
Of the 18 affordable units, there will be three three-bedroom units priced at $208,000; 14 two-bedroom condos for $189,750; and a single one-bedroom unit going for $168,500.
Buyers must meet the income-eligibility requirement of an income that is at or below 80 percent of the area median income. For a family of four, the maximum income is $67,350. There is no local preference for these units.
The affordable condos will be spread throughout two buildings, with each building containing 36 units. The two condo buildings will be clustered around a central courtyard, and a clubhouse building has already been built at the front of the property along Route 114. The former restaurant building has been demolished.
The push to develop these 10 acres in the western part of town dates back almost 10 years. At one time plans called for 11 buildings on the site, a proposal that led to years of controversy. The condos were never built, however, and after bankruptcy filings and a foreclosure, Beverly Cooperative Bank wound up owning the site. The present developer came up with new plans after buying the property in 2011.
Applications for the housing lottery are available at Town Hall and at the Danvers library, or online at www.roselandinglottery.com.
The lottery drawing is scheduled to take place June 12.
Staff writer Ethan Forman can be reached at 978-338-2673, by email at email@example.com or on Twitter at @DanverSalemNews.