Beverly Eminent Domain
April 19th at 1:56pm.
Beverly Mayor Mike Cahill announced plans to take a building and two parking lots on Cabot Street by eminent domain to prevent a major private development. The building, which is currently occupied by Family Dollar, was to be converted into a five-story apartment complex with approximately 112 apartments.
The city plans to utilize the property as a temporary home for City Hall starting next year, with the ultimate goal of converting the Family Dollar building into affordable housing. Pending City Council approval, Beverly will pay Leggat McCall Properties $7.35 million dollars, which is approximately $250,000 above market value. The higher payment is in exchange for the developer signing a waiver releasing all claims against the city arising from the taking process.
Updates regarding the City Council’s decision to approve the purchase will be posted on the NSR blog.
