Plans for Home Depot in Stoneham collapse on Home Services

Nov

Plans for Home Depot in Stoneham collapse

posted by admin in Home Depot

Stoneham selectmen had unanimously approved the site plan for the big-box store in June in an effort to expand the town’s tax base. But the project did not garner as much support in the neighborhood off Fallon Road, where residents worried about traffic and noise - even with the applicant agreeing to road improvements and some restricted hours of operation.

George Seibold, chairman of the Board of Selectmen, called the Home Depot’s no-go devastating, both for the loss of a major business and for the angst the development plans continue to breed in the neighborhood near the Winchester town line.

Jennifer King, a spokeswoman for Home Depot’s northeast region, said the chain and developer could not come to terms. She said she did not have details of the negotiations, but said economic conditions contributed to the decision. It’s been a while since we told them it wasn’t going to work,” King said.

While we are disappointed that we were unable to complete a lease transaction at this time with Home Depot, he said, we are still fully committed to continuing to pursue the successful and timely redevelopment of the 225 Fallon Road property.

Home Depot would have become the town’s largest taxpayer. Besides transportation improvements in the Fallon Road area, a $250,000 one-time payment to Stoneham to address any public safety issues that might arise was offered in the deal.