PROVINCETOWN – Provincetown residents took the first step Monday night toward purchasing a bankrupt condo complex for workforce housing.
Voters at a special town meeting overwhelmingly approved a plan to buy the Harbor Hill at Provincetown.
A positive vote at the ballot box today is needed to move the process forward.
If approved, the town will then bid on the property at a sealed bid auction that will take place on February 27.
With the town in the midst of a year round housing crunch, town officials felt that letting the opportunity to purchase the complex pass would be a costly mistake.
The property is assessed at $6.8 million, and the town must submit its bid by February 14.
The article approved Monday night authorizes the town to spend $10.7 million. That figure would pay for the purchase and related renovations that would be needed.
“It’s unusual to see a town participate in an auction,” Selectman Tom Donegan previously said.
“But this is such a unique property that we think it’s something we have to do and we believe that we have a unique path to be successful.”
The units include 25 two-bedroom and one three-bedroom move-in-ready apartments, and would be aimed a middle income residents.
Town Manager David Panagore said they’ve taken a close look at the condition of the complex.
“Overall the units are in good condition, many are actually move-in ready. Some of them actually have furniture. Many doors do need to be replaced in some units and in others just the sliding doors,” said Panagore
Addressing concerns about the expected rents that would begin at $1,800 a month plus utilities, Donegan said they already have interest.
“We know we have significant demand for this property. We have 16 people on the waiting list already across town, and this is only 26 units,” he said.
Cape and Islands State Senator Julian Cyr and 4th Barnstable State Representative Sarah Peake both spoke in favor of the project, saying it was critical to expand the workforce housing stock.
“This is an opportunity to stop the flood and the flow of outward bound from Provincetown, to say that we as a community really care,” said Peake.
If the town is the winning bidder, Panagore said they would proceed with renovations over the summer, with occupancy in the first units expected by early fall.
By MATT PITTA, CapeCod.com News Director
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