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Select Board weighs two offers for Southfield Village development rights — condos or higher-end rentals
Summary
Peterborough received two offers for town-held development rights at Southfield Village: $150,000 from Form‑Up Foundations for higher-end rentals and $200,000 from Mathewson Properties to build more condominiums. Board members and residents discussed the town's role, condo association authority, and housing needs.
The Peterborough Select Board on Oct. 5 reviewed two competing proposals to buy development rights the town holds for 60 units at Southfield Village.
Nicole MacStay told the board the town received a $150,000 offer from Form‑Up Foundations (Rindge) to build higher‑end rentals and a $200,000 proposal from current developer Mathewson Properties to build additional condominiums. MacStay said the town has held the rights for many years and that the condo association owns the land and pays property taxes; the town holds only the development rights.
Board members and residents discussed housing needs and approvals. "We definitely need more rentals," Select Board member Bill Taylor said, but added that $1,500-a-month rentals may not meet the needs of the most cost‑burdened residents. Resident Carol Nelson urged the board to consult the Master Plan Steering Committee’s recent research that identified a need for affordable rentals. MacStay noted the condominium plans already have approvals while the rental proposal would require approvals, and Mathewson included a 45‑day due‑diligence period in its proposal if an agreement were signed.
Mr. Kennedy said the Affordable Housing Committee could provide relevant input; MacStay said that committee is not statutorily required to be part of the 41‑14A process (which does involve Planning Board and Conservation Commission input) but could voice an opinion. MacStay said the town would review the proposals, send questions to potential buyers as needed, and either recommend one proposal or proceed through the 41‑14A process with public hearings.
No sale was authorized at the meeting; board members invited residents to submit questions and said they would review the proposals further.
