A REAL ESTATE INVESTOR'S VISION OF PRESERVING AN HISTORIC ESTATE IS CRUSHED WHEN HE LEARNS THE PROPERTY IS UNDER CONTRACT TO A DEVELOPER PLANNING OVER 25 HOME SITES. DESPERATE, THE INVESTOR TURNS TO HIS BROKER WHO SUGGESTS TEAMING UP WITH ANOTHER BUYER. TAKING THE ADVICE, THE INVESTOR FINDS A PARTNER, AND THE NORTH AMERICAN LAND TRUST (NALT) DRAWS UP A PLAN MAXIMIZING BOTH PARTIES ECONOMIC RETURN WITH A SUBDIVISION THAT PRESERVES THE PROPERTY'S ORIGINAL INTEGRITY, AND RESTORES THE ESTATE'S HISTORIC STRUCTURES.
NALT's solution is a plan calling for eight lots no greater than one-and-a-half acres each, and conservation easements preserving 96 acres of the 108-acre estate and the major landscape features that made the property so unique.
NALT's plan allows the property owners an opportunity to restore the site's historic structures including the 1910 dairy barn and the 18-century Quaker farmhouse. In addition, the partners decide to refurbish the stables, manor house, chauffeur and butler's cottages.
THE RESULTSRather than accept the 1997 development plan for a 25-lot, four-acre subdivision plan demolishing all but two historic structures on the site, NALT's conservation plan provides eight lots no greater than one-and-a-half acres each. In addition, all the site's historic structures are salvaged and restored. The property continues to look and feel like a special place.
"NALT had the tools and the vision to make it all happen," the landowner says.
Some key elements of
the final plan include:
1 Minimizing the impact on
the original estate;
2 Setting all new structures out of the viewshed of others;
3 Preserving financial value for the Estate House;
4 Blending into the neighborhood of other preserved lands;
5 Providing a financial
benefit for reducing the density.