An Opportunity?

I was hoping that the auction of the Oleo Trust Property on Russell Trust Extension would be an excellent opportunity to acquire some land inexpensively by the Open Space Committee.        They would basically purchase the land and the house, sell the home and practically get a large portion of their purchase price refunded.

That was when I found out this was not an auction due to a foreclosure.       This is the owner(s) trying to get a healthy price for a large tract of land and the single building.           As John P. Wells would say, “There’s no bargain here!”     Especially when the future buyer finds out that a large tract of the land will have to be set aside for open space.         

Even in this bad economy, the eventual purchaser would have to be someone who has the capability to do real meaningful construction to recoup the ‘buy’ and ready to go in a timely manner before all the permits expire.     

It would have been a great gain for the City to acquire the land for open space and enhance the Little River Basin, but unless it is obtained at rock-bottom foreclosure prices, it simply won’t make sense for the Open Space Committee.


-P. Preservationist


About P. Preservationist

Dedicated to the Enrichment & Preservation of Newburyport
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One Response to An Opportunity?

  1. Joe Cheever says:

    P, living near this piece I’ve also been pondering its future. Since the residential development seems to be a lost cause (permits will expire before the prices come back), and the preservation is probably not do-able without some significant price reduction… what would you consider to be a valuable use of the parcel?? I’ve considered a recreational field on the portion that has been cleared already (two soccer fields). I’ve considered a renewable energy site (ie. the solar field development on tap in Salisbury). Russell Terrace/Storey Ave is a tough intersection, so any development would need to consider this in the planning… any chance that a the little river folks would consider access from exit 57 directly past the cell tower to the parcel for a light industrial use… like a compost facility? Just wondering what your thoughts are…

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