Developer says 626 Main Street in Dennisport will be 24 rental units with six set as affordable

Rich Benuccio, the presenter for the evening, told the Dennis Affordable Housing Trust on Oct. 28 that the project at 626 Main Street in Dennisport has a building permit and plans for 24 rental units (28 bedrooms) including six affordable units set at up to 80% of area median income (AMI). Benuccio said he closed on the property in July 2022, completed demolition and major septic work, and has reached a construction financing arrangement with a local lender.

The project’s unit mix emphasizes one‑bedroom apartments to match local demand, Benuccio said, with one‑bedroom units in the mid‑600s of square footage and two‑bedrooms ranging roughly from the high‑800s to mid‑900s. He said the building includes about 600–650 square feet of potential storefront space along Main Street and will provide 26 parking spaces to meet zoning requirements. “We’ve got a building permit in hand,” Benuccio said, adding that closing on construction financing was expected within about two weeks and that the team hoped to break ground soon.

Benuccio said he partnered this year with Campanelli Development, whose construction arm will self‑perform much of the work to control costs. He said Campanelli partners with local ties — including Mike Kelly, the company’s CFO — and that the partnership made the financing and schedule feasible without a large subsidy. He estimated a roughly 14‑month construction period and said the team aims for completion by the end of 2025 or early first quarter 2026.

On affordability and rents, Benuccio described the six affordable units as priced in accordance with state schedules for 80% AMI; the transcript records example figures read aloud during the meeting (quoted as stated) for the 1‑bedroom and 2‑bedroom affordable rates. He said market‑rate rents are currently being penciled at roughly the mid‑$20-per‑square‑foot range (as described at the meeting) and that all apartments will be individually metered for utilities. The project will operate as rental apartments; the ownership structure may be condominium in form but only to preserve the option for future conveyance — the intent is to rent the units.

Benuccio also said the project would hire an external property manager and planned to run an affordable‑unit lottery, possibly with Housing Assistance Corporation as the lottery agent. He noted site design choices made to retain some historical roof elements and said affordable units will be interspersed through the building rather than clustered together.

The Trust asked questions about parking, unit assignment for accessibility and how the mix was determined; Benuccio said the configuration was based on professional experience and regional demand data and that a formal market study was not done. He reported the Cooperative Bank of Cape Cod as the lender selected for construction financing.

Next steps: Benuccio said he expected construction financing to close soon and construction to begin within weeks if closing documents and survey work were finalized. The developer and his Campanelli partner will continue permitting, contractor bidding and final leasing preparations; the Trust will be kept informed of any requests for town approvals or changes to affordable unit assignment.