NEWBURYPORT — State officials have approved the high bid of the MINCO Corp., which will enable it to proceed with plans to construct a 67-unit residential complex near the commuter train station on Boston Way.
Louis Minicucci Jr., corporation president, said that his company is in the process of finalizing a purchase and sale agreement with the Massachusetts Bay Transit Authority.
The company is buying 11.1 vacant acres from the MBTA for about $1.43 million, and it plans a complex of one- and two-bedroom garden units.
Minicucci said that when the purchase is finalized, MINCO and city officials will hold discussions on details of the 78,000-square-foot complex.
“We have to get approval from the city on many aspects of our plan,” said Minicucci. “We look forward to having conversations with their experts, and moving forward with the planning and engineering details.”
The complex would be the largest residential development here in more than a decade, and company officials released the following tentative details:
About 20 percent of units will be in the affordable category, an income-based metric based on state guidelines.
Residences will be between 750 and 1,100 square feet, depending on whether they are one- or two-bedroom dwellings.
Rental for a one bedroom will be about $1,425 per month; an “affordable” unit would cost $1,200. Rental for a two-bedroom would be $2,000 per month; an affordable model would be about $1,350.
All figures are subject to change. No retail venues are included in the plan.
The building will be placed on about 1.5 acres in the first parking lot in the north section of the property. (After one turns right onto Boston Way from Parker Street, the construction site will be in the parking lot on the immediate left.)
Engineers are planning for underground parking.
A large, empty brick “train station” that was constructed as part of the commuter-train complex was not part of the purchase, and evidently will remain without tenants or commercial activity.