Salem Power Plant agreement good news for real estate market

Last summer I showed a beautiful house on the West Side of Marblehead to a client who loved the house but balked at the view of the power plant. I explained that the plant was due to close in May 2014 and be replaced by a much smaller gas-fired plant. “I’ll believe that when it happens” was the response.

Well now it is time to believe. After much to-ing and fro-ing, all the parties have reached agreement, and this week the State approved the plans.

According to the Salem News: “the Historic Commission gave Footprint the go-ahead to tear down the Salem Harbor Station. The plant is scheduled to close on May 31. Along with constructing a new power plant and tearing down the old one, Footprint plans to clean up the 65-acre site, 40 acres of which will be repurposed.”

This settlement is good news all round: it maintains a major tax base for Salem; allows redevelopment of a substantial amount of  waterfront; ensures electricity reliability for the region; and for Marblehead removes an eyesore which has also been a major source of pollution.

The final confirmation of the go ahead should encourage renewed interest in houses in Marblehead in sight of the old power plant.

Here’s the Salem News article: State OKs settlement between Footprint-CLF

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 781.631.1223 or andrew@HarborsideRealty.com.

Andrew Oliver is a Realtor with Harborside Realty in Marblehead

 

 

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