A contract between the club’s current owners and a potential developer was terminated, with the developers citing cost-prohibitive infrastructure expenses.
A proposal to build 51 homes adjacent to Rockingham Country Club, in Newmarket, N.H., has been withdrawn, seacoastonline.com reported.
The contract between the golf club’s current owners, Victoria and Andrew Bogacz, and the potential developer was terminated, with the developers citing the major expenses associated with the project, seacoastonline.com reported.
“We heard from the broker that the group had terminated their contract with the property owner,” Town Planner Diane Hardy told the website. “They couldn’t justify the expenses that had accumulated with respect to how much they could sell the house lots for, and backed out of the deal.”
Kent White, the broker for the group looking to purchase the golf course, told the website that the housing concept was a popular one, but that given the cost, price of the land, and the reluctance of the sellers to reduce the asking price, they couldn’t make the figures work. The identity of the buyer group remains unknown, seacoastonline.com reported.
The project intended to have a private road with two entrances off of Route 108 near the back of the property, running through the rear section of the golf course along fairways 8 and 9, with houses backing up to the golf course. The planners wanted to preserve the golf course and enhance the clubhouse and parking lot.
Brian DeVellis, a landscape architect, land use attorney and real estate developer representing the applicant, said he believed that when the developers got to the yield plan, they would find that they could do upwards of 68 residential lots, but that many would not fit to preserve the golf course, seacoastonline.com reported.
To incorporate a 51-house open space subdivision, the engineers said that connecting to town water and sewer lines would be cost-prohibitive. Since the property is beyond the town and sewer connections, the infrastructure would need to be extended to reach the country club, seacoastonline.com reported.
The houses were to be first-floor master bedroom, two-story, single-family homes. Ninety of the total 104 acres on the property were to be preserved as open space.
The property was first listed by the Bogaczs for $2.1 million over a year ago. The Bogaczs have owned the golf course for 23 years, but decided to list the property with a broker last year when they received their tax bills, seacoastonline.com reported.
Victoria Bogacz told the website that when the town changed her assessment three years ago, her property value was increased by $640,000. When she filed an abatement, it was lowered by $200,000, but that did not prepare her for the increase in taxes this year. The 2011 tax rate increased $3.31 to $25.31 per $1,000 of assessed value.
The land and buildings together are appraised for $2.24 million and assessed by the town at $1.928 million, seacoastonline.com reported.
Tweet this!
Digg it!
Add to Delicious!
Share on Facebook!
Share on Reddit!
Stumble it
Add to Technorati
