The multifamily buildings near Crotched Mountain Golf Course will potentially be converted to long-term, market-rate rentals . (Courtesy photo)
The Francestown Zoning Board approved a variance which will enable the new owner of the multifamily units on Torrey Pines Road adjacent to the Crotched Mountain Golf Course to move forward with a plan to convert the buildings from short-term rentals to long-term rentals.
The variance allows for six housing units on one lot instead of Francestown’s standard ordinance requiring two.
“This addresses the existing and future housing needs of the town,” ZBA member Stewart Brock said.
Zach Markie of TAK Real Estate Holdings, which purchased the housing units, had also applied for a special exception seeking relief from provisions regarding open space development permitted uses, but after further discussion, Markie requested to postpone the application for the special exception to a joint meeting of the planning and zoning boards, tentatively scheduled for May 6.
“We would just have concerns about reducing the property value and how much of the additional land would be consumed by open space requirements with the OSRD,” he said.
Scot Heath, who serves on the Planning Board, said due to the steep slopes and wetlands present on the property, the open space development requirements might not significantly impact the developable acreage.
The buildings, which abut the Crotched Mountain Golf Course on 2nd New Hampshire Turnpike, were formerly owned by Wyndham Resorts and were operated as timeshares or short-term vacation rentals. The Crotched Mountain Resort, including the golf course, pro shop and restaurant, are separately owned.
Topsfield, Mass.-based TAK owns 100 acres adjacent to the golf course, including the five residential buildings and a maintenance building. The property includes an easement for the last three holes of the golf course.
Markie said that TAK has no plans for new development at the site and is not planning to alter the existing buildings, which are in good repair.
“One reason we were drawn to this property is because the previous owner maintained the property very well. We have no significant deferred maintenance issues. Right now, all he buildings need are some paint and minor repairs,” Markie said.
The complex consists of six buildings with four units with a total of six one-bedroom units and six two-bedroom units.
In answer to a question from ZBA member Stewart Brock, Markey said they estimate a total of 50 to 60 people would probably live in the units.
Zoning Board member Sue Jonas asked if the project would include any affordable or workplace units.
“We are all aware there is a severe shortage of housing both in New England and nationally. Our aim to provide clean, well-maintained housing at the market rate. It will not be affordable housing, technically; it is to make it a nice place at a reasonable price,” Markey said.
Jonas asked if they company had determined the rents of the units.
“We will determine the pricing based on the market rate,” Markey said. “We look at other potential rentals in the market, so for this market we would expect a one-bedroom to be at about $1,600, two bedroom at about $1,800.”
Markey said the projected rents are “lower than the market can bear.”
“It is aggressive pricing,” Markey said. “We need to be able to pay our bills on our end.”
Pamela Berry, who lives on Schoolhouse Road, said her only concern was for the safety at 2nd New Hampshire Turnpike and Schoolhouse Road.
Markie said the change in use should not significantly affect the use of the road, as it is comparable to the current use, particular in the summer when the time share units have been fully occupied.
“It does sound like there are significant traffic concerns outside of the property,” Markie said.
Zoning Board Chair Cindy St. Jean noted that the property was originally approved for 112 units as a hotel.
“That is a significantly larger scale than what we are talking about today,” St. Jean said.
St. Jean said the Planning Board would address concerns from neighbors.
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