PORTSMOUTH — A proposal by Chinburg Properties to subdivide a roughly 8.5-acre parcel at the intersection of Banfield and Peverly Hill roads with five new single-family home lots has been approved by the city Planning Board .

Shawna Sammis, a senior land acquisition and development manager for Chinburg Properties, called the 8-plus-acre site off Banfield Road “stunning” and estimated the new homes built by Chinburg will sell for $1 million to $1.5 million each.

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