NewburyportNews.com, Newburyport, MA

Local News

January 4, 2013

'Kartland' project sold to NH developer

SALISBURY — The former home of Kartland, a 13-acre Beach Road location approved for a 210-unit condo complex, has been sold again, this time to a Portsmouth, N.H., company.

According to records at the Southern Essex County Registry of Deeds, the parcel was sold for $2.5 million on Dec. 28 to 191 Beach Realty, a limited liability corporation located on Maplewood Avenue in Portsmouth, N.H. The registered agent for the LLC is listed as James B. McDevitt on the company’s Certificate of Formation, which was filed with the New Hampshire Secretary of State’s office on Nov. 16, 2012.

The land was sold to 191 Beach Realty by Legacy Park Salisbury One, an LLC linked to Federated Companies of Boston. In March 2011, Federated purchased the land for $1.5 million from the Goldman family, which had owned and operated Kartland on the site for decades.

In 2007, prior to selling the land, the Goldmans developed the site plan for 210 residential condominiums at the location. Months of work and negotiation went into the Goldmans obtaining approvals from town agencies, including both the Salisbury Conservation Commission and Planning Board, for the development, which, if built, will be the largest residential subdivision in the town’s history.

Careful scrutiny was given to the Goldmans’ proposal because the land is located near Salisbury’s salt marsh wetlands. In addition, the look of the buildings and make-up of the complex were important to Planning Board members because they considered the location “the entrance” into Salisbury Beach.

According to Chief Operating Officer Nick Wexler, Federated decided to sell the parcel because of a change in the company’s business plan.

“In general, we had a shift in company focus back to an urban product,” Wexler said yesterday. “We’re still involved in multifamily, residential and retail projects, but those that would be urban centered.”

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