Nantucket could be less than six months away from the construction of its first ever apartment complex. Last week, the Planning Board gave Richmond Great Point Development the green light for "a special permit to build studio, one- and two-bedroom rental apartments, 28 in all, in six buildings off Old South Road." While the complex's architectural design still needs Historic District Commission approval, Richmond is hoping to break ground by September.
Here's how the developers summed up the potential rental rates to The Inquirer and Mirror:
"The goal is to keep (the rents) as low as possible," Richmond director of real-estate development Dave Armanetti said, citing a desire to come in at or below current market rates. The rents will depend in large part on construction costs, he added. "While rents vary greatly, the average two-bedroom on Nantucket is in the $2,400-$2,600 range, with one-bedrooms $1,600 to $1,800. We're hoping to come in as low we can, but cost is cost," he said.
· Apartment project clears major hurdle [The Inquirer and Mirror]