Photo: Woodfall Road.
Nearly a decade after it was first put up for sale, the town-owned land known as the Woodfall Road parcel was sold Friday, Oct. 23, to a three-person development team for $1.75 million.
“It’s truly been a long process,” said Sami Baghdady, chair of the Belmont Board of Selectmen who announced the final sale during the Selectmen’s meeting at Town Hall on Tuesday, Oct. 27.
Representatives of Dani Chedid of the Lexington’s Phoenix Construction Group, the lead developer of the group, signed the paperwork securing the deed and handed the town the check on Monday, Oct. 26.
The land, adjacent to the Belmont Country Club in the Hillcrest neighborhood on the west side of Belmont Hill, will soon be the site of four luxury residential homes, according to the team.
The sale comes five months after the team signed a purchase and sale agreement with the town to buy the land.
Under an existing agreement with Town Meeting, proceeds from the sale of town-owned property will be directed to the Capital Budget Committee, which has a backlog of requests from town departments for needed purchases.
Nearly two years ago, the team offered $2.2 million of the site, outbidding Northland Residential of Burlington (which constructed the Woodlands at Belmont Hill) by approximately $1.5 million in December 2013 to begin working on the town on a final price tag for the property that will be home to four luxury single-family homes.
Since then, Belmont – through Town Administrator David Kale’s office – and contractor have been negotiating a final price for the land after a long due diligence process that included environmental assessments, soil testing, monitoring wetland requirements and, at one point, discussions with the country club on the likelihood of golf balls flying onto the new homes.