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by Shannon Longneck

The Rosemeade neighborhood of Summerly, which was devastated by the October floods and condemned will be rebuilt. Eighty-two of the eight-four homes in the neighborhood are on the list for demolition. On Friday a group of New Grace home builders announced they have formed a consortium to purchase the homes, level the land and build a new subdivision.

The present homeowners are entitled to funds from the state and federal government as a buyout to their flood damaged homes. However, when they will get the funding is not definite. The builders have formed a limited partnership under the name The Summerly Group and will purchase the homes outright at the same value the homeowners would receive in exchange for the homeowners signing over their claims.

“It’s a win win for everyone,” said President Lenny Litvinov of The Summerly Group. “The homeowners get their money without waiting and Rosemeade benefits by having an abandoned area revitalized.” The deal isn’t without risk to the builders who each will be taking on financing to provide their share of the buyout. The owners of the two homes not condemned have been included in the offer.

The neighborhood of Summerly was built in the 1950s . Prior to the flooding the majority of the homes had a value of two hundred twenty thousand. The newly constructed home will cost between two and four hundred thousand.

County and town approval and an agreement to sell by homeowners are still needed before the proposed plan can move forward.