That is correct sarah. 32 million was for the developed project. And the landowner only sold for 2.1 if I recall. That's a pretty good return.
Kind Regards, Scott Clary 617-968-5769 Sent from a mobile device - please excuse typos and errors On Fri, Oct 13, 2023, 2:26 PM ٍSarah Postlethwait <sa...@bayhas.com> wrote: > 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. >> >> -- > 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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