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HomeMy WebLinkAbout4827 & 4850 Letter from Chaya Rosenberg 09.15.22Great island Plaza LLC c/o Cape Cod Commercial RE RECEIVED 23 New Hampshire Ave West Yarmouth Ma 02673 SEP 15 2022 YARMOUTH Dear Members of The Zoning Board of Appeals, BOARD OF APPEALS A few years ago I became sole owner of GIP and 606 rt 28. My original intent was to design and build a plaza that maintained the integrity of old quant and classic Cape Cod. . With a beautifully designed concept I sought Town approval and received it. Robert is here tonight to answer questions and to ask for an extension of the two permits on my behalf. In order, to properly assess the situation I would like to do a quick review. The Town supported my concept and I began aggressive leasing and seeking permanent financing. Shortly after COVID arrived. Retail development slowed along with many other unpleasant results. During the design and construction estimating phase I was also sued by an abutter for adverse possession. That took approx. 1 year to settle. I continued design and marketing to lease the properties during the lawsuit in my best efforts to carry on. Although we had at one time 7 of 11 spots with letters of intent the banks would not finance the property for development. The banks were looking for credit rated tenants. That was mid COVID pandemic. The small storefronts designed, as appealing as they were, without sewer or a drive-up attracted mostly small local businesses. We even had a car crash into the property where no insurance was awarded from owner policy or auto policy. No sooner than when the litigation and the permitting was finished, construction costs increased dramatically as well as supply delays, and then interest rates nearly doubled. At the same time rents in Yarmouth have remained flat. The existing environment has proven difficult to navigate. Great island Plaza LLC c/o Cape Cod Commercial RE 23 New Hampshire Ave West Yarmouth Ma 02673 We applied for a State grant for blighted properties but it was not awarded. We have worked with and continue to work with developers and housing opportunities. We did receive an offer from a gas station but we were unable to get a cigarette license for the site from BOH or much local support. We continue to work with partnership ideas, housing, and the original concept as designed. We consider all options of development including subdividing parcels to make it more appealing to developers. I am currently in talks with several potential buyers both local and national as partners or to take over the project with the goal of moving the development forward. Even after all the above I assure you my mind and efforts have never slowed. There are additional reasons the ZBA should extend the permitting. 1) GIP has and continues to have great support from the townspeople. The TM vote was evidence that doing something with that site is fully supported. I can honestly say that support continues today and I hear daily from interested tenants, developers, and potential partnerships. 2) With sewer coming, development is the best way the Town can help pay for the $160 million dollar infrastructure costs. 3) We are in negotiations for a five year extension of the PO and hope to have that done shortly. Clearly, the PO is an asset to West Yarmouth residents. In conclusion, the design for this Plaza truly would be an asset to the town of Yarmouth. It is tastefully designed and helps preserve some of Great island Plaza LLC c/o Cape Cod Commercial RE 23 New Hampshire Ave West Yarmouth Ma 02673 the quaint old Cape Cod which in many places has eroded. My intentions were and continue to be more about the integrity of the structures being built than it being only about money. My hopes are to attract a partnering builder/ developer who passionately shares the same vision, and has the ability to bring this project into being. I hope the above satisfactorily addresses the delays and with the continued support from the Town's people and the fact the development is in line with the financial needs of the town I ask for your extension of both permits. Sincerely, s z0 22 - Cha a Rosenberg Great Island Plaza LLC