Developers Aim to Break Ground at Shovelshops By Mid-February

Beacon Communities representatives told Easton Selectmen Monday night that they hope to finalize the purchase of the Ames Shovelshops by mid-February.

Developers hope to break ground immediately following closing, Beacon Communities President Pam Goodman said.

"We will break ground as soon as we close unless there's something really crazy with the weather," she said. "Its getting Bank of America focused and making sure that they really understand the transaction, which I believe they do. It’s a complex deal."

Goodman said closing has taken slightly longer than expected because of the complexity of the $43 million project and the timing at the end of the year when financers tend to be focused on "end of the year deals."

Groundbreaking was originally

"Things often take longer than we hope, as much as we hope we can move quicker," she said. "Getting [financers] to understand the various pieces has been a piece of work. We’re confident that we can get this going and pretty soon we’ll see real activity on this site."

The deal has been in the works since May 2010, when the town voted to team with Beacon Communities LLC to purchase the buildings and develop 113 apartment units. Approximately a quarter of the apartments would be reserved for households earning less than the average median income. It would also house North Easton's Village new wastewater treatment plant.

Since the deal, Beacon has been working with the town, Bank of America and the state in the financing of the project.

"Deals of this sort involve a huge number of people," Goodman said. "Its just getting the trains to really move."

"To say this is a complex deal is kind of an understatement," Town Administrator David Colton added.