HomeMy WebLinkAbout2010-04-01-EDAC-ppt (Hartwell)
Hartwell
Opportunity?
Hartwell CM Zone
EDAC
April, 2010
Agenda
Existing Conditions
Potential for Growth
Discuss Strategies
2
Existing Conditions
Averages for CMZone
Age of buildings 33 years
Size (GSF) 61,212
Value $8,122,074
Last new building built 1996
Parcel Size 6 acres
Developable 4 acres
Tax bill $212,880
Rents $24
3
Existing Conditions
10 Year Vacancy
Hartwell Area
4
Includes all of Hartwell, Maguire, Westview and Bedford
Existing Conditions
Forecast
All Hartwell Area
5
Includes Hartwell, Maguire, Westview and Bedford
Vacant Buildings
Existing Conditions
83 Hartwell
4 Maguire
20 Maguire
101 Hartwell
113 Hartwell
35% Vacancy Rate
Hartwell CM
35 Hartwell
6
Existing Conditions
Landowner comments
What do landowners think would help?
“Some buildings under parked”
“Would not have lost EDialog if could have added parking deck”
“Cut the grass, trim the trees –looks neglected”
“Rules to maintain pavement (stormwater) are same as new facilities;
it's tough”
“If building department had a reputation for being fast that would be
an advantage, especially for the 10,000 sf tenants. They often
decide to occupy within 90 day window. A 30 day wait on the
permit really pushes the window.”
“The posture of the Town really makes a difference and if there is
follow through and supportiveness of permitting.”
“Compete with Burlington and Waltham and they both have worse
traffic.”
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Hartwell CMPotential
New Revenue
Based on average assessed value per gross square foot of $142
$1,762,727*
*
2010 assessed values
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Hartwell CM Potential
Median GSF Increase 26,000
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Case Study:
101 Hartwell Ave
Potential to add 46,490 g.s.f.
Vacant Building
Local Permits required:
Wetlands protection act, flood storage, stormwater,
Special Permit with Site Plan Review
Minimum Permit Timeline: 185 days
New tax revenue: $185,223
Traffic Mitigation fee
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Case Study: 91 Hartwell
Potential for 82,027 new GSF (By right)
Building is presently 47% leased
Current FAR .21
Parcel Constraints
Wetlands & Flood plain
Avigation easement, height restriction
New Tax Revenue $326,790
Traffic Mitigation Fee
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Revenue Timeline:
Hypothetical
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Transportation
Estimated cost for improvements on Hartwell and Bedford $11 million
Engineering cost estimated for 25% design is $750,000
Roadway design two year process
Hartwell
&Maguire
Alternative for Bedford Road
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Discussion:
Strategies for Hartwell
1.What can be done to jump start the
infrastructure development?
2.What is the right approach on TMOD
formula? Consider a higher fee for
density over .35?
3.Would 43D Expedited Permitting help?
4.What do landowners think would help?
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