Standing on top of a concrete structure that will become a three-story building, Joel Kahn yelled over the din of heavy machinery as he pointed to scenic vistas in all directions from the construction site at 191 Beach Road in Salisbury.
“There is [a view of] marsh here and marsh over there,” he said recently. “From the top floors, you’ll be able to see the ocean.”
Kahn is a development consultant on Tidewater at Salisbury, a $40 million development that promises to bring 210 luxury apartments to the Salisbury Beach area. Rising on a site formerly occupied by an abandoned go-kart ride and mini-golf course, the project is moving again after sitting dormant since initial plans were approved by town boards in 2007.
The development is scheduled to be ready for tenants in February.
Not surprisingly, Kahn is bullish on the beach area, extolling its natural beauty and the changes that are making it more upscale and more residential.
“With what they’ve already done down [at the beach] — the new restaurants and other things — when you add this, and the project across the street [the 47-unit Atlantic Breeze Condominiums], it makes a significant difference in elevating the area,” said Kahn, managing member of Bedford, N.H.-based Equity Alliance, which represents a private trust called 191 Beach Realty LLC.
Kahn declined to give more information about the trust. According to records from the Southern Essex District Registry of Deeds, the Salisbury site was purchased by the trust for $2.5 million on Dec. 28, 2012.
‘There were some land opportunities that allowed individuals to come in and create this new living opportunity for people.’
Originally, the Goldman family, which operated the go-kart track called Kartland, owned the land and had planned to build condominiums on the site, but they were thwarted by the recession. The family still runs a go-kart ride at another location on the beach.
Efforts to reach family spokesman Neil Goldman were unsuccessful.
Since 2007, the land has been sold twice and the plan evolved from condominiums to rental units. However, Salisbury assistant planner Leah Hill said, “it’s still basically the same concept that gained original approval. The site plan didn’t change greatly.”
Hill noted that a housing study conducted in 2006 found a need for more year-round rental property in the town.
Once completed, Tidewater at Salisbury will feature four three-story buildings; each one- or two-bedroom unit will have a balcony. The complex’s 13 acres will include a clubhouse with a fitness center and meeting room, and an outdoor pool.
Of the 210 units, 144 will be two-bedroom apartments ranging from 1,050 square feet to 1,900 square feet. The single-bedroom apartments will be 785 square feet to 1,000 square feet. Although they have not firmly established rents yet, Kahn expects the one-bedroom units to go for about $1,700 a month, with the two-bedroom apartments starting at $1,900.
Under the local initiative program, 12½ percent of the units will be designated as affordable. Those with local ties who meet income criteria will be given preference for the affordable units.
“This is all about opportunity,” Kahn said. “Salisbury has been working hard to revitalize itself, and there were some land opportunities that allowed individuals to come in and create this new living opportunity for people in the Salisbury area. I think this is a terrific deal for the town.”
Neil Harrington, the town manager, said he is happy to see the project move forward.
“It’s good to see the investment in the community,” Harrington said. “The additional tax dollars will certainly be helpful. Salisbury Beach is a hot real estate location and there’s a lot of investment going on in that area. This is a pretty large-scale project, so we’ll see how it goes.”