Dear Members-
We want to make you aware of an event that took place yesterday, Feb 7th. As you may be aware, Washington Capital foreclosed on their loan outstanding to Lstar, prompting a public auction of the land in question. Washington Capital has purchased the 14 residential parcels for 33.2M. Washington Capital is a bank and not a real estate developer. Any additional transfers of this land will require town and SRA approval. This means that a plan for the actual development of the land would be required to go through the formal town and SRA process before actual construction happens. The SRA has been vigilant in their process of protecting this community and we thank them for their service. The SNA board is currently working with the SRA to understand the impact on our community. In addition, we have set up a few meetings with local officials, including Mayor Hedlund, to discuss the long term opportunities of this development. Below is a link to the article.
https://www.patriotledger.com/news/20190207/lstar-lender-buys-union-point-land-for-332-million
Thank you for all of your continue support,
The SNA board of directors
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