Yes, Lincoln has been very, very good for CIVICO, in spite of their
protestations.
And, it would seem their project was fast-tracker, AND made it through Town
Meeting.
Given the outcome, I am having trouble understanding their current posture.
On another matter-for gut check, I urge all to
Ruth Ann, my (conservative) estimate of Covico’s profit is based off of
their own financial analysis of the development which they stated the total
development cost per unit as $351,000. That comes out to just over $21
million total development cost. That also doesn’t include any revenue
generated
Hello Ruth Ann,
All those tasks/costs you mentioned are typical and expected with
development. Factoring all expenses, including acquisition cost and not
being privvy to any actual data other than the acquisition cost of 2.1
million, I estimate on the high end, a cost for 60 units would be $350
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
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
Yes, thank you, I mischaracterized that. Sorry.
Rob
On Fri, Oct 13, 2023 at 2:26 PM ٍSarah Postlethwait
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
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
I couldn't agree more
On Tue, Oct 10, 2023, 8:19 PM Sara Mattes wrote:
> Correct, we are handing over all rights to TM review and consensus as to
> what is best.
> It seems to be “ trust” without the “ but verify.”
> How do we “ verify “ without a Town Meeting vote?
>
> Sent from my iPhone
>
>
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
Scott- that’s the perfect way to state what we are all looking for!
On Tue, Oct 10, 2023 at 8:59 PM Scott Clary wrote:
> Good eye Sarah. I had missed "sale," and one would certainly have to
> assume that means there's at least a letter of intent in place. Should not
> we, the townspeople, know
Good eye Sarah. I had missed "sale," and one would certainly have to assume
that means there's at least a letter of intent in place. Should not we, the
townspeople, know this. And way before now. This should not be treated as a
private sale - it is very public.
No one that I know of has
Correct, we are handing over all rights to TM review and consensus as to what is best.It seems to be “ trust” without the “ but verify.”How do we “ verify “ without a Town Meeting vote?Sent from my iPhoneOn Oct 10, 2023, at 7:37 PM, Karla Gravis wrote:No one is “demonizing” any organization,
No one is “demonizing” any organization, just stating facts in response to
the question as to whether there are developers circling Lincoln.
The fact is that the RLF is planning to sell to a developer to build a
125-unit building in the village area. If rezoning passes, the developer
could build
I'm surprised at the demonization of the Rural Land Foundation (RLF) in
possible development efforts and at the same time touting the 'character'
of Lincoln with all of its natural beauty. Isn't the RLF and the Lincoln
Land Conservation Trust (LLCT) , both of which operate as separate
entities,
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.
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
The RLF is working with Civico on a redevelopment plan for the mall. You
can see the current information towards the end of the STOTT deck here:
https://www.lincolntown.org/DocumentCenter/View/85116/2023-SOTT-HCA-Slide-Deck-wtih-Notes?bidId=
If any developer is interested in our proposed 3A
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
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
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