The Town of Sharon held an option to purchase a 338-acre property which abuts town forest and includes hilltop views to Boston and Cape Cod. The owner was pursuing approval of a high-density 250-unit 40B development that was in litigation at the Housing Appeals Court. Approval of the development would enable the owner to sell to an outside buyer for significantly more than the town’s option price. The challenge facing the Town was to find a development partner who could bridge the town’s financing gap in return for a limited development opportunity on the property.
LandVest produced 4 conceptual development plans under different density scenarios that utilized the minimum amount of land for development and maximized other land for conservation, meeting the goals of the town and the owner, and presented these to town officials. LandVest provided a summary analysis of the development models and valuation analyses to the town to use for negotiations with potential developer partners, and the town was able to negotiate a favorable deal through a competitive process.
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