ConnorWaysideCondo-Canton-OM

03

EXECUTIVE SUMMARY

SALE PROCESS The NAI Hunneman Capital Markets Team has been exclusively retained to sell a 28-unit residential development project located in Canton, MA. 2239 & 2253 Washington Street are two contiguous parcels containing 1.79 acres of land. The zoning is Single Residence AA (SRAA), but the developers received Special Permits for the development of 28 residential units on the two sites. This is a court-appointed sale and is being offered without an asking price. The “Call for Offers” process will include a future bid date to be announced. EXISTING CONDITIONS 2239 Washington Street is improved with a 2 ½ story 44,200 square foot former furniture store. The building has been prepared for renovation by demolishing the interior down to the studs including removal of all sheetrock, windows, and doors. The building was winterized by disconnecting the sprinkler system and wrapping the building in Tyvek. The owners were required by the Town of Canton Fire Marshall to install a monitored fire alarm system. The site has been fenced with chain link fencing and locked. 2253 Washington Street was previously a single-family residence. The single-family has been razed. PROPOSED IMPROVEMENTS The owners received a special permit to develop the existing structure into a 26-unit condominium project at 2239 Washington Street with twenty-three market rate units, two affordable units, and one donated unit which will provide housing for a disabled veteran. There is also a special permit in place to develop a separate two-unit duplex on the 2253 Washington Street property. The Special Permits are in place and effective until December 10, 2018. The owners received Site Plan approval and an extension on January 12, 2017. The Site Plan approval extension expired on December 10, 2017. According to town bylaws Site Plan approval may be extended in writing by the board upon written request of the applicant. The next owner can consult the Canton building department on the process for further extending the Site Plan or Special Permit approval dates. CONNOR WAYSIDE DEVELOPMENT CANTON, MASSACHUSETTS

ENVIRONMENTAL EndPoint Engineers completed environmental remediation work at 2239 Washington and concluded in their RAM status report of “No Significant Risk” at the site. 2253 Washington Street had asbestos siding, which was removed in 2016 by Banner Environmental Services. Both reports will be made available for due diligence.

LOCATION The property is well-located in an affluent residential area in Canton. The site has frontage on Washington Street (Route 138) and the rear of the property backs up to the Ponkapoag Golf Club. The location is excellent for commuters working throughout metro Boston. The I-93/ Route 128 interchange is only ½ mile from the site. The property is only a five minute (3.4 mile) drive to the MBTA commuter train station at Route 128/University Park station in Westwood.

CONNOR WAYSIDE DEVELOPMENT / CANTON, MA