The development would be a mixture of affordable and market-rate housing
A development arm of WinnCompanies, a national housing development and management company, has unveiled plans to pursue the construction of a 128-unit residential building in Swampscott.
The housing development would be a mixture of affordable and market-rate units, according to a presentation made before the Swampscott for All Ages Committee on Nov. 18.
The proposed site for the housing development is 21 Elm Place, a 1.6-acre parcel cumulatively worth $1.6 million and owned by local developer Bruce Paradise, according to Patriot Properties.
Paradise and his fellow partner, Barry Turkanis, recruited WinnDevelopment to Swampscott for the developmet project. “They own the property collectively, and they were looking to develop housing on the site,” said WinnDevelopment’s senior vice president, Adam Stein, over the phone on Sunday afternoon. “They realized that they needed some development support and some development experience, and that’s how the relationship formed.”
Swampscott resident Naomi Dreeben has been keeping up on the project as a member of the Swampscott Housing Authority Board of Trustees.
“They have expertise in working on affordable housing projects,” said Dreeben. “Everybody is excited about the project.”
Elm Place abuts not only the train station, but also Swampscott Housing Authority properties. “In terms of the housing authority, it’s going to be a neighbor,” said Dreeben. “And we have to make sure that, you know, that the concerns of the housing authority residents are understood.”
Deeben said Winn has been “very forthcoming with information” and good about reaching out.
Being good stewards
“Look part of this is: We are we’re going to be stakeholders, right in the town of Swampscott because we’re long term owners,” Stein said. “We end up owning and managing them for long periods of time, so it’s upon us to be good stewards, and to reach out to all the neighborhood community groups.”
Dreeben and Kim Martin-Epstein, chair of the Swampscott Affordable Housing Trust Fund, said the proposed project has the opportunity to add significantly to Swampscott’s dearth of affordable housing stock.
The units would come in a variety of sizes as small as 512 square feet to as large as 1,327 square feet. Of the 128 units, 82 would be affordable to individuals and families in the 30% to 120% average median income range.