R.I. firm pays $3M for Northbridge site of planned senior living development
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508-510 Church St., Northbridge
A firm tied to Woonsocket, R.I., property management and real estate companies has paid $3 million for a Northbridge site where a 104-unit senior residential community is planned.
The site at 508-510 Church St., which totals 4.6 acres, was last assessed by the town at $354,400. It includes two homes.
The buyer, in a deal that closed Jan. 2, was Stone Hill Partners, which is registered to John Boucher, the president of Real Estate Property Management in Woonsocket. Stone Hill Partners recorded an $850,000 mortgage with the Worcester Registry of Deeds on Dec. 30.
The seller was TSE Development LLC, which is registered to Edward Renaud of Whitinsville.
[Related: As Boomers age, 55-plus communities increasing in Central Mass.]
Stone Hill Partners secured a special permit last July from the town for a senior living development with 104 units called Stone Hill Condominiums. The approval includes a 37-acre site, according to town records.
Duane Boucher of Boucher Real Estate and an owner of the site, said plans include standalone, duplex and triplex residents. All will be roughly 1,600- to 1,700-square feet. Prices haven't been set but will probably start in the low $400,000s, he said.
Stone Hill Condominiums will be modeled after another Boucher project, Laurelwood, in North Smithfield, R.I., which has 162 units.
Construction is slated to start later this year, with reservations for units starting in the coming months. Stone Hill Condominiums will be the first Massachusetts project for the Rhode Island firms.
"We find that demand for this kind of housing is high pretty much everywhere," Boucher said.
CORRECTION: A previous image was not of the correct site. The image has been updated.
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