NEWBURYPORT — The Planning Board has approved a 23-house subdivision known at Oleo Woods, signifying the largest building project to be started here since the onset of the housing bust several years ago.
The project will be developed by Green & Company of North Hampton, N.H.
The development will be constructed on 43 acres off Russell Terrace Extension, a small residential street off Storey Avenue across from the entrance to the commuter bus terminal.
The property was purchased in late February for $1.2 million, hours before a foreclosure auction was to be held. The purchaser was Springwell Investments LLC, but in actuality Green & Company will develop the property.
"Houses will be in the $475,000 range," said Michael Green, a co-owner of the company who attended Wednesday night's meeting. "There will be nine or 10 different styles of houses and a significant amount of conservation land."
City officials said the single-family houses will be grouped fairly close together, and as a result about 36 acres of the parcel will be open space.
When Springwell Investments bought the property, it inherited the building permits of the previous owner, so no permits now need to be obtained.
Construction could begin after Labor Day, said Brian Murray, an engineer associated with Green & Company.
According to the Green & Company website, a typical house the company will offer would have three bedrooms, one full bath, two three-quarter bathrooms and one half bathroom.
It would be set on a quarter-acre lot and would offer "an open floor plan, first floor master bedroom and a classic front porch."
The land that Green & Company plans to develop is one of the largest remaining privately owned parcels in the city.
Though news reports indicate that the national real estate market is still depressed, Green said he is confident these houses will sell.
"Real estate is good in pockets, and Newburyport is a strong area," Green said. "There will be significant open space in this development, and I think buyers will find these houses appealing."
In other business, the board entertained discussion from developer Bradley Kutcher, representing the Kimberly Realty Trust, about his plans to develop a property at 251 Merrimac St.
The developer plans to tear down the abandoned house on the property and construct two residences, probably townhouses.
The property must qualify under specifications of Section VI-C, which is an effort to create open space. The developer is also obligated to donate cash to the city's affordable-housing fund.
Kutcher said he had been approached by those on the affordable-housing committee and asked to contribute $25,000.
He said that this sum is too much, because to qualify for permits he must remove a mature tree, add a sidewalk and provide a fence that he estimated would cost about $19,000.
"With the extras I am offering, the $25,000 is very high," Kutcher said.
The board said it would deliberate on an appropriate sum and perhaps ask fewer "amenities" if the developer has to contribute so much cash.
The board will revisit this issue at its next meeting after more documentation has been received.
In a separate matter, a developer appeared before the board to offer an "informal discussion" about a project that will be proposed for 3 Parker St., a parcel adjacent to the Enterprise Rent-A-Car office near the Route 1 rotary.
Lisa Mead, representing local developer Ken Labrecque, said he would like to develop two buildings on the property, likely offering four residential units.
It has not been decided whether these will be condos or rental units.
Mead said that one benefit to the community would be creating residential units in the developing "rail transit district."
She said that another positive aspect would be that the development would be adding four residential units to the city's housing stock. She said that the units would fall under affordable housing. If they were rental units, rents might be between $1,000 and $1,400, Mead said.
Several board members said they would prefer rental apartments rather than condo units, but board Chairman Dan Bowie said no action will be taken until preliminary forms are submitted.
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