An affordable housing development that Hamptonites have long been fearful about may finally become a reality.
Last week, the East Hampton Town Planning Board reviewed a proposal that would have 16 units at 395 Pantigo Road. East Hampton Star informed of.
Located on 12 acres, records obtained by The Post show the city purchased the vacant land in October 2020 for $2.5 million.
The housing project will take 5 acres out of those 12 acres.
If approved, this would mark the third affordable housing development in the posh beach town, which has long been known as a popular destination among the city’s elite.
There is a pending project on Three Mile Harbor Road that will give 50 affordable apartments by 2024, and 50 rental homes are slated on Route 114 across from Sag Harbor Golf Course.
On Pantigo Road, the land each house sits on will be leased from the city for 99 years – and will not be owned by the homeowners.
“We find that when the property owner is the buyer, we lose control of the property and affordability completely,” said Francis Bock, the town’s housing tech.
He told the board that the ownership model was based on Green Hollow, the last affordable housing subdivision the city built in 2008.
“We allow them to make improvements to those homes with permission, and they will get full recovery of those improvements when we go in for repossession,” he said.
Due to special zoning regulations, affordable housing is very limited in the town.
In this recent proposal, the average home size would be 1,500 square feet, with the smallest landing just under 1,100.
“This is a milestone for achieving this part of the project,” said council member David Lees, who was tasked with overseeing the development. the real dealHe said he expected construction on the road to begin in the summer.