The Zoning Board of Appeal today approved another year-long extension to a developer proposing a 40-units apartment building at 30 Thorn St. off River Street - the fourth such extension since the project was first approved in 2018.
Helge Capital Real Estate says uncertainties and inflation in the residential development market have made it difficult to obtain construction financing, its attorney, Nicholas Zozula, told the board this morning in requesting what would be the project's fourth extension to time to actually start construction.
"They are still looking to build the project but they are not able to do so right now," because they've been unable to get financing for a project that would now be $4 million more expensive than in 2019.
But he said his clients are hopeful the market will calm down enough to obtain financing and actually begin construction next year. "It's a vacant lot and it's ready to go," he said.
30 Thorn St. filings.