Thursday, February 8, 2007
Developers who want to convert a factory into 95 apartments told officials last week that they are willing to create 10 below-market units elsewhere in the city.
The Maple Street building, known locally as Design Pak and topped with a distinctive water tower, has been largely vacant for years except for a print shop. Two Acton natives, Joe Pittorino and David Nyberg, bought the building for $2.3 million last year.
Their lawyer, Arthur Bergeron of Marlborough, said they expect the project to increase the building's assessed value from $1 million to $10 million. The developers asked the City Council's Urban Affairs committee to approve the off-site units as a way for them to comply with the city's affordable housing rules.
Bergeron said the money could be used to renovate existing housing. The city has asked the developers to install 700 feet of granite curbing in front of the building and to chip in $20,000 for traffic measures.