Robert “That is $32 million split three ways. And for this prime in-town location, I’m guessing the selling price would be even higher.”
Just to clarify- the property owners only got 2 million and some change for their property. It honestly was likely undervalued since it was almost 6 acres in Lincoln. civico then developed it and sold it for $32 million. That profit (likely around $10 million) went into civico’s pocket- not the previous property owners. Sarah On Tue, Oct 10, 2023 at 6:59 PM Robert Ahlert <robahl...@gmail.com> wrote: > The 6 acres for Oriole Landing sold for $32 million. > > I believe two 30 unit buildings could be put on the corner of Lincoln Road > and Codman Road as well. Look at the septic/wastewater system they designed > for Cold Brook, it does not take much physical space. > > That is $32 million split three ways. And for this prime in-town location, > I’m guessing the selling price would be even higher. > > That’s $10 million each for those property owners. Don’t you think that > would be incentive enough to get together and sell as a group? > > Maybe they will hold out, maybe they won’t. > > Rob > > > > On Tue, Oct 10, 2023 at 6:49 PM Karla Gravis <karlagra...@gmail.com> > wrote: > >> In response to the question of whether developers are knocking on our >> door, Lincoln’s own RLF has been working with a developer, Civico, on a >> 125-unit building in the mall area (slide 26 of the SOTT deck). Civico is >> the same developer that built Oriole Landing. >> >> It is very important to note that under the proposal, village center >> rezoning will allow developers to build simply by getting a building permit >> with no need to go to town meeting (slide 9 of the SOTT deck). >> >> Given that the Chair and the Executive Director of the RLF sit on the HCA >> working group, and that the RLF will benefit from the development, it’s >> reasonable to expect that this project will quickly follow any rezoning. >> >> The HCA allows for only 10% affordable housing, so we will end up with >> ~13 affordable units and 112 units at Oriole Landing prices (which seem to >> start at $4K per month). >> >> It’s naive to think that more developers will not follow Civico once we >> rezone. Existing Lincoln parcel owners will have a material financial >> incentive to sell to developers. >> >> >> >> >> >>> >>> >>> On Tue, Oct 10, 2023 at 5:19 PM Susanna Szeto <szeto...@gmail.com> >>> wrote: >>> >>>> If we look around town, the multi-family we have in town now are most >>>> tucked away. They do not hit you in the face as the proposal to the >>>> development on Codman Road. I doubt it will achieve the economic diversity >>>> people are looking for if the rent is as high as the Oriole Landing! I >>>> hope we can pause and study how the rezoning will affect the traffic in >>>> town before we jump into this! I have read on Lincoln Talk the developer >>>> is already knocking on our doorstep! Is that true? >>>> Susanna S >>>> Giles Road >>>> >>>> On Oct 10, 2023, at 5:06 PM, Margaret Olson <s...@margaretolson.com> >>>> wrote: >>>> >>>> >>>> >>>> Greg, >>>> Conservation restrictions apply irrespective of zoning. The >>>> conservation restrictions on Codman and Drumlin (and elsewhere in town, >>>> including areas around South Lincoln) prevent those areas from being >>>> developed. State law makes it extremely difficult to remove land from >>>> conservation - it has to be replaced with equally valuable land. >>>> >>>> Margaret >>>> >>>> Margaret >>>> >>>> On Tue, Oct 10, 2023 at 5:00 PM Greg H. <gregory.r.hai...@gmail.com> >>>> wrote: >>>> >>>>> All, >>>>> >>>>> Thank you to everyone on the housing committee for your service. I'd >>>>> like to respectfully add my $0.02 from the peanut gallery in support of a >>>>> pause / step back in rezoning plans. >>>>> >>>>> It seems to me that there are three distinct philosophies/options we >>>>> could pursue, but that we are fully focused on #3. >>>>> >>>>> *Options* >>>>> 1. Drag our feet and/or consider noncompliance: favor Lincoln's rural >>>>> character above all else >>>>> 2. Comply in letter but not fully in spirit: where possible, overlay >>>>> new zoning on existing multi-family and/or commercial development to >>>>> mitigate the impact >>>>> 3. Wholeheartedly comply in both letter and spirit: build as much new >>>>> housing as possible near the commuter rail >>>>> >>>>> I understand that many believe we have a moral responsibility to build >>>>> more housing in Lincoln (and while I disagree, I respect that view) but I >>>>> believe as stewards we also have a moral responsibility to maintain as >>>>> much >>>>> "green" as possible and to preserve the rural character of our town for >>>>> future generations. I'm especially concerned that creating a Cold Brook >>>>> Crossing on Codman Rd will both a) unnecessarily cut down a lot of trees, >>>>> and b) materially change Codman Farm, Drumlin Farm, and the rest of South >>>>> Lincoln, forever. >>>>> >>>>> I support increasing Lincoln's diversity (including economic >>>>> diversity), and I realize that #3 might help us achieve that, but this >>>>> feels like a very big step that we might come to regret. I think Lincoln >>>>> is >>>>> special precisely because it is undeveloped - I'm not sure we can have it >>>>> both ways. >>>>> >>>>> Thank you for reading, >>>>> >>>>> Greg Haines >>>>> 41 Lincoln Rd >>>>> >>>>> (As an aside, I'm also not sure I'm prepared for the additional >>>>> traffic the development will spur. Traffic is already backed up almost a >>>>> mile on Lincoln Rd on Tuesday mornings; I assume we will need to add >>>>> traffic lights or rotaries at Lincoln Center and Lincoln Station?) >>>>> -- >>>>> The LincolnTalk mailing list. >>>>> To post, send mail to Lincoln@lincolntalk.org. >>>>> Browse the archives at >>>>> https://pairlist9.pair.net/mailman/private/lincoln/. >>>>> Change your subscription settings at >>>>> https://pairlist9.pair.net/mailman/listinfo/lincoln. >>>> >>>> >>>>> >>>>> -- >>>> The LincolnTalk mailing list. >>>> To post, send mail to Lincoln@lincolntalk.org. >>>> Browse the archives at >>>> https://pairlist9.pair.net/mailman/private/lincoln/. >>>> Change your subscription settings at >>>> https://pairlist9.pair.net/mailman/listinfo/lincoln. >>>> >>>> >>>> >>>> -- >>> The LincolnTalk mailing list. >>> To post, send mail to Lincoln@lincolntalk.org. >>> Browse the archives at >>> https://pairlist9.pair.net/mailman/private/lincoln/. >>> Change your subscription settings at >>> https://pairlist9.pair.net/mailman/listinfo/lincoln. >>> >>> -- >> The LincolnTalk mailing list. >> To post, send mail to Lincoln@lincolntalk.org. >> Browse the archives at >> https://pairlist9.pair.net/mailman/private/lincoln/. >> Change your subscription settings at >> https://pairlist9.pair.net/mailman/listinfo/lincoln. >> >> -- > The LincolnTalk mailing list. > To post, send mail to Lincoln@lincolntalk.org. > Browse the archives at https://pairlist9.pair.net/mailman/private/lincoln/ > . > Change your subscription settings at > https://pairlist9.pair.net/mailman/listinfo/lincoln. > >
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