Pictured above from left to right: Erin Brady (Richmond Company), Kathryn Fossa (Richmond Company), Dave Armanetti (Richmond Company), Andrew Burek (Richmond Company), Phil Pastan (Richmond Company), Peter Kaizer (Housing Nantucket), Kate Weld (Cape Cod 5), Anne Kuszpa (Housing Nantucket), and Paul Wolf (Housing Nantucket)
Groundbreaking at Honeysuckle Drive
Nov. 16, 2022 – Housing Nantucket and the Richmond Company are pleased to announce a new collaboration designed to serve middle-income year-round Nantucket households.
The arrangement stems from the completion of a 2014 land swap agreement, where Housing Nantucket provided Richmond with Old South Road frontage that increased access to the Sandpiper Place housing development. In exchange, Housing Nantucket received three buildable lots within Sandpiper Place.
Continuing this history of finding mutually beneficial ways to develop their adjacent properties, the two parties reaffirmed their commitment to working together to address the island’s housing needs by endeavoring on a new partnership this week. Through a design-build and construction management agreement, the Richmond Company will construct three single family dwellings for Housing Nantucket on the newly exchanged vacant lots. The three-bedroom, 2.5 bath homes will be stick-built, and construction will begin right away. More will be revealed about the process to apply for one of these homes later in 2023, when construction nears completion.
Meeting the needs of an underserved income bracket
“Our goal for this project is to secure stable housing in perpetuity for middle-income year-round households,” said Anne Kuszpa, director of Housing Nantucket. “This income bracket is grossly underserved, leaving integral members of our workforce in a very vulnerable position. Dual-income households can exceed the income qualification criteria of our existing programs. Yet open market opportunities remain financially unattainable. The homes we are building under this initiative will provide much relief for three hardworking families, and the solution will be preserved for generations to come.”
“We are happy to continue this collaboration with Housing Nantucket to provide critically needed year-round housing for the island,” said Phil Pastan, President of the Richmond Company.
“The Affordable Housing Trust is excited to see Housing Nantucket’s ongoing commitment to the Island’s housing crisis as they continue to deliver solutions at varying price points with partners both in the public and private sectors,” said Brian Sullivan, Chair of the Town of Nantucket’s Affordable Housing Trust. “As a community representative, I’d like to thank them for their ongoing hard work.”
Cape Cod 5 Cents Savings Bank will act as the local financing partner for this project. Richmond will utilize efficiencies already in place through its development of the surrounding lots to complete the homes by the end of 2023. A permanent deed rider will contain affordability restrictions, which Housing Nantucket will monitor and enforce as necessary.
