Yes, but how many hours did they spend attending Neighborhood meetings and town board meetings and reconfiguring the site according to the board requirements and then building all these Leeds-Certified units, developing water and septic infrastructure, parking, lots and access roads, refurbishing the existing house. I don’t know the answer to that question but the net profit is not anywhere near the gross profit.
On Oct 13, 2023, at 6:21 PM, Scott Clary <scottclar...@gmail.com> wrote:
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 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
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
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.
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
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 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?)
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