LYNNFIELD — The town could soon have a new mini-neighborhood with $1.5 million homes.
The Planning Board has given initial approval for the Degiovanni Family Trust, Stephen and Laura Wallace, and Jane Coonrod to combine the lots on each their Summer Street homes to create a 8.5-acre subdivision.
Under the plan, the 100-year-old homes at 333, 339, and 349 Summer St. would be demolished. In their place, a new road would be a built, creating a cul-de-sac for nine luxury homes.
“The homeowners can achieve more value for their homes by having a new subdivision with nine lots than they could by selling off their individual homes,” said Ted Regnante, the Wakefield attorney representing the families. “They’re all interested in moving.”
The three owners have an agreement to sell their homes for an undisclosed amount to HPI Commercial Real Estate, a Salem, N.H., firm that plans to build Colonial-style houses in the new block.
Regnante said the deal will close only if the family-owned company, operated by Brian and Michael Hannon, wins approval for the new 800-foot street.
The Hannons did not return a call seeking comment.
The Degiovanni’s four-bedroom home at 333 Summer St. is on 2.8-acres and is assessed at $487,600, according to The Warren Group, the Boston real estate tracking firm. The seven-room home owned by the Wallaces on 3.2-acres at 339 Summer St. is assessed at $475,500, and Coonrod owns the four-bedroom house at 349 Summer St. on 2.3-acres that is assessed at $532,260.
Under the town’s regulations, the initial approval by the Planning Board must be followed by a final sign-off, which could happen by year’s end. The panel must approve any new cul-de-sac longer than 500 feet.
While the Planning Board gave the proposal its first thumbs-up, the five-member panel and abutters have made several requests.
First, maple trees in front of the Degiovanni and Wallace homes, which have been called two of the most beautiful trees in town, must be spared from the bulldozer.
The other request from neighbors is that the new street does not connect to nearby Cranberry Lane.
“We will move the road slightly to the east and save the trees, and we will try to keep as many trees as possible when building the road,” said Regnante. “And we have no intention of connecting to Cranberry Lane.”
Given the homes were built at the turn of the century, the Lynnfield Historic Commission has the right to impose a 12-month demolition delay. The decision on that will come shortly.
Regnante said he is confident in getting the approvals.
“There are 16 streets in town that exceed the 500-foot limit,” he said. “The Parsons Avenue Extension was approved to 1,300 feet, Ramsdell Way for 1,500 feet, Bridle Path for 960 feet, and Magnolia Drive is 900 feet. It is routine that waivers are granted.”