Private investors plan to purchase two Main Street properties in Yarmouth owned by North Yarmouth Academy for development into a 12-unit condominium complex.

Matt Wogan of Waypoint Partners LLC has proposed what would be called the Shepley and Weld Village Townhomes. Wogan also has proposed a contract zone to allow a two-story wing across the rear of the two buildings to add space for additional units. The town’s current zoning allows for up to four dwellings in each building, but does not permit the addition.

The Weld House, at 149 Main St., was originally used by NYA’s headmaster and most recently housed admissions and communications before the offices were moved to Dole House in June. It has a rear, one-story segment and attached garage, which would be removed and replaced by the new, two-story addition.

The Shepley House, at 153 Main St., was originally a dormitory and has since been used for several purposes. Most recently it provided classroom and residential space.

Eight of the 12 proposed units would be two-bedroom dwellings, with the remaining four likely made into three-bedroom dwellings.

Head of School Ben Jackson said as NYA added more than 30,000 square feet of instructional space over the last decade, the Shepley House was no longer needed and has not been used for several years.

Both buildings are now under contract, he said. Jackson pledged his support to the sale, saying the development is “aesthetically consistent with the charm and the architecture of the neighborhood.”

According to Jackson, the Payne Elwell House at 162 Main St. – which houses office space, including the Yarmouth Chamber of Commerce – is also under contract to be sold, but there is “no update on plans or a change of current use.”

Joseph Waltman, of Waltman Architectural Design, said the proposed plans for the new housing respect the exterior and interior structures of the historic homes.

Three parking areas are proposed to the side and rear of the development, with a total of 25 spaces.

Wogan said he anticipates the target market of the units being “quite diverse,” ranging anywhere from young professionals to “empty-nesters looking to downsize … (to) some elderly folks.”

Waypoint Partners presents the concept to the Planning Board and will collect more detailed data, including a traffic study of the area, before submitting a final application for contract zone, potentially on Feb. 14.

After a public hearing and further review of either preliminary or conceptual plans, the Planning Board will make a recommendation to the Town Council.

Jocelyn Van Saun can be reached at 781-3661, ext. 183 or [email protected] Follow her on Twitter @JocelynVanSaun.

Read this story in The Forecaster.