May
13
2010
ARLINGTON --- Long Island-based Timber Ridge Homes has backed out of its arrangement to buy and develop the Symmes Hospital site after it balked at a town bylaw that requires large-scale developers to make 15 percent of its housing affordable. Timber Ridge was going to buy the property from another developer, JPI, and had offered the town $2 million to avoid the affordable housing requirement. Town officials say that is about $4 million less than the bylaw requires.