Town Centre Update

August 22, 2011

Towne Centre (Stissing Farms/VA Clinic): This 13.69 acre project on 199 near the high school was
originally approved as 48 condo units for buyers age 55 and above, then later approved for rental units
with the same age restrictions. In the summer of 2011 the developers submitted a request to drop the age
restrictions and change the approval to multifamily rentals as the continued economic downturn has led to
a dearth of applicants for the units in the restricted age range. The proposed rental units would be mostly market rate with a small percentage classified as “workforce housing” with rent levels to be determined by the town. Six one bedroom, one den prefab attached units are finished. A few units of the next phase of redesigned units are also now complete. They are stick built, mostly two unit buildings (although there will be two single unit buildings) built into the hill at the back of the property. If the developers receive approval for their new application for multifamily rentals they plan to construct the additional units. Rentals of the new units will not begin until construction of all units is complete. The VA clinic in the commercial building on 199 is already open and the other part of that building is vacant. The remaining acreage along 199, next to the clinis is slated for future commercial development including a large (10,000 s.f.) two story building and a replacement of the gas station. This proposed commercial section of the property has not yet officially come before the planning board yet and therefore has not been approved.