January
5
2009
NORTH ANDOVER --- At the end of December, Avalon Properties informed the town that they will no longer develop 530 affordable rental units on 32 acres of vacant land located at Osgood Landing. Scott Dale, vice president of development for Avalon Properties, told the Eagle-Tribune that the project was a victim of the housing market collapse and inability to reach an agreement with property owner Orit Goldstein. The breakdown of the development deal is blow to the town because they have already received and committed $600,000 from the state for approving a zoning change on the property to allow a mix of affordable housing and retail uses. The town will have to pay back the money if the land is not developed within the next few years.
