Developer proposes 300-condo mixed-income project in Shrewsbury
Image | Screenshot Shrewsbury Media Connection
Conceptual rendering of the proposed Emerald Run development in Shrewsbury
Pulte Homes of New England of Westborough has proposed a 300-unit condominium community, called Emerald Run, off Route 20 in Shrewsbury, where 25% of the units will be set aside for affordable housing.
Emerald Run will consist of six four-story buildings. The project is a Chapter 40B development and will be a homeownership community, rather than rental. It will feature 75 units of affordable housing, in compliance with the Massachusetts Department of Housing and Community Development, said Essek Petrie, Pulte’s land planning and entitlement manager, at Shrewsbury's Select Board Meeting on Tuesday.
Chapter 40B is a state statute, which enables local Zoning Boards of Appeals to approve affordable housing developments under flexible rules if at least 20-25% of the units have long-term affordability restrictions, according to the Massachusetts Department of Housing and Community Development website.
Each building would contain 23 one-bedroom units, 22 two-bedroom units, and – as required by the 40B program – five three-bedroom units, totalling 10% of the whole project, said Mark Mastroianni from Pulte Homes.
The 40-acre site at 33-69 Green St. is divided into three different zoning categories, Petrie said, making it impossible to develop the property under the existing zoning conditions. As a result, the developer is proposing the 40B development, which allows the company to work around local zoning requirements.
“The only reason we’re doing a 40B is that the zoning is not conducive for a project here,” said Mastroianni. Town Manager Kevin Mizikar and selectmen discussed options for zoning including MBTA transit-oriented zoning.
“We know there’s an extreme need for diverse housing and affordable housing,” said Beth Casavant, vice chair of the Shrewsbury select board. “But, also thinking through the impact of 30 three-bedroom units and minimizing that if possible.”
The project will be completed in phases, and Pulte aims to presell at least 50% of the units before each building is complete, Mastroianni said. The company hopes to complete permitting in 2024 and bring the first units to market in 2025.
The project would be paid for entirely by Pulte without the need for outside financing.
The town manager will have further discussions with the developer about the potential for a Local Initiative Program agreement or other development agreement and report back to the board. The LIP agreement would give the Town more input into the project than a conventional housing subsidy program, according to the DHCD website.
Pulte has completed 40B projects in Central Massachusetts, including a 256-unit development in Grafton called Hilltop Farms and the 268-unit South Natick Hills complex in Natick.
The developer has several residential projects in Central Massachusetts, including Chauncy Lake, a 700-unit 55+ community in Westborough, and Upton Ridge, a 139-unit 55+ community in Upton.
The company sells 400 homes per year in Massachusetts, said Mastroianni. Pulte Homes of New England is a subsidiary of Atlanta-based PulteGroup, Inc., a publicly traded company with a market capitalization of more than $12 billion as of Thursday morning and more than $16 billion in revenue in fiscal 2022.
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