Lowell Sun | By Rick Sobey
December 20, 2016
BILLERICA — Oh millennials, millennials! Where are you, millennials?
As Billerica grapples with trying to attract this key demographic of young professionals, a proposed housing development could help address this issue.
At the 4.2-acre corner of Middlesex Turnpike and Lexington Road, Alliance Residential Company is proposing a six-story development with 200 units — 25 percent of which would be “affordable.” The current office building at the site, 164 Lexington Road, has been vacant for more than a decade.
This “friendly” 40B Local Initiative Project (LIP) would include an estimated $350,000 in area mitigation payments, in addition to a total net profit of $218,400 per year for the town.
“This would set the tone of that (Middlesex Turnpike) corridor for the future,” Town Manager John Curran said at Monday’s Board of Selectmen meeting. “It would start the redevelopment of that corridor.
“It would result in tax revenue for the town to invest in infrastructure and keep the tax rate low for residents,” he added. “And hopefully millennials will be coming to developments like this, and working in Billerica and surrounding communities.”