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Peterborough select board accepts Mathewson offer for Southfield development rights after debate over rentals
Summary
On Oct. 19, 2021 the Peterborough Select Board voted unanimously to accept Mathewson Properties’ $200,000 offer to buy town-held development rights for 60 units at Southfield Village after residents and the Planning Board disputed whether rental units or condominiums would better meet local needs.
The Peterborough Select Board voted Oct. 19 to accept Mathewson Properties’ $200,000 offer to purchase the town-held development rights that would allow up to 60 residential units at Southfield Village, following a lengthy discussion about rental housing, financing and homeowners’ preferences. The motion to accept Mathewson’s proposal was made by Bill Taylor, seconded by Bill Kennedy and passed unanimously.
Town administrative staff member Nicole MacStay told the board the town had received two written offers: Form-Up Foundations of Rindge proposed $150,000 to develop higher-end rental units, while Mathewson Properties offered $200,000 to build additional condominiums. MacStay said the Select Board could proceed under RSA 41:14-a to sell the development rights and that the Planning Board’s formal opinion would be required as part of that process.
The Planning Board signaled support for more rental units and asked for a site walk; several representatives of the Southfield Condo Association and multiple condo owners urged the board to accept Mathewson’s condo proposal instead. Lisa Koziell-Betz, interim president of Southfield Village’s condominium association, said a survey by Mathewson indicated “it is going to be a wicked hard sell to get rental units up there,” and condo owners present told the board they preferred the Mathewson plan.
Other residents and real estate professionals pressed broader housing concerns. Condo owner Larry Schwartz said the rentals proposed in the Form-Up bid were not what he would call affordable rental housing. Realtor Colin Murdough and board members described how high concentrations of rentals in an HOA can complicate financing: Murdough warned mortgage underwriters ask about the percentage of rentals in a homeowners association, and Bill Taylor added lenders and FHA programs can make financing more difficult when rental counts exceed typical thresholds.
Realtor Sadie Halliday said taxes on converted buildings can make creating new rental units financially impractical for small developers, citing the building at Elm Street and Route 101 (the IDG building) as the kind of project that faces steep tax and financing barriers. MacStay and others noted New Hampshire offers limited municipal tools for tax incentives and that large-scale affordable housing often requires federal grant programs.
After discussion, the board voted to accept the Mathewson Properties proposal and directed staff to begin the 41:14-a process; MacStay said the first public hearing on the sale would likely be scheduled for November and asked for a memo from the condo association listing constraints the HOA wants considered.
Votes at a glance - Accept Mathewson Properties offer to purchase Southfield Village development rights (motion: Bill Taylor; second: Bill Kennedy). Outcome: approved unanimously (3–0). - Name new roadway "Cranberry Meadow Drive" (motion: Bill Taylor; second: Bill Kennedy). Outcome: approved unanimously (3–0). - Appoint Zoë Wroten-Heinzmann as interim member, Peterborough Recreation Committee (motion: Chair Tyler Ward; second: Bill Taylor). Outcome: approved unanimously (3–0). - Approve Select Board minutes of Oct. 5, 2021 (motion: Bill Taylor; second: Chair Tyler Ward). Outcome: approved unanimously (3–0).
The board also entered and later sealed two non-public sessions (under RSA 91-A:3 II (c) and II (b)) and adjourned at 6:03 p.m. The Southfield sale will proceed through the statutory 41:14-a review process with a public hearing expected in November.
