Agreement Near On Cushing Square Development

An agreement between the Belmont and the developers of the long-delayed multi-use project dubbed Cushing Village at the corner Common Street and Trapelo Road is nearly complete.

After four months of negotiations, a purchase and sales agreement from the proposed development team, Smith Legacy Partners, for the municipal parking lot adjacent the Starbucks at 116 Trapelo Rd. in the heart of Cushing Square was delivered to the board’s legal representative on Monday, March 14, the final day of negotiations.

“It is essentially the verbal agreement we had with them five months ago, just with changes in the legal-eze and language,” said Ralph Jones, chairman of Board of Selectmen who led the negotiations for the board with Smith Legacy Partners comprised of local developer Chris Starr and his partners, Oaktree Development.

“In fact, we had nice negotiations,” said Jones.

But this recent congeniality was not always the case. The parcel was at the heart of a dispute that resulted in Starr of the Belmont Board of Selectmen for their decision in October of last year to halt nine months of negotiations on the sale of the municipal parking lot.

Once the threat of lawsuits ended in November, talks began on an agreement. Yet on , the board cancelled meeting with the developer on a possible purchase and sale of the parking lot when the Partners backed out.

Jones said he had placed a March 14 deadline on the negotiations with the development team and late last night he received word from the board’s legal counsel, Jeanne McKnight, that the purchase and sale had arrived.

“I’ve been so busy that I haven’t yet read it,” said Jones.

Jones told Belmont Patch that the selectmen had three critical concessions the development team were required to meet: evidence of financial capability to complete the project, a development schedule “that didn’t go on forever” (“At one time there was talk of a ten year plan,” said Jones) and a liquidation damages clause in which the development team would be required to settle with the town if they could not complete the project.

The board also stepped back from some of the requirements in an effort to move the deal forward.

“While we wanted insurance that we wouldn’t be left with a hole in the ground, we reduced the liquidation clause because it would hamper their ability to finance the project,” said Jones.

The now likely sale of the parking lot adjacent to Trapelo and Williston roads will allow the proposed 225,000 square foot development – comprised of an underground garage, retail on the ground and first floors with up to two stories of housing totaling nearly 150 units – to move forward.

Jones said the proposed purchase and sale agreement would be presented to the public at the next Board of Selectmen’s meeting on Monday, March 21.

“And then I hope that the Planning Board will be able to meet with the developers and the neighbors on a project everyone can live with and then build it,” said Jones.