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 CM Zone
• Age of buildings 33 years
• Size (GSF) 61 ,212
• Value $8, 122 , 074
• Parcel Size 6 acres Last new building built 1996
• Developable 4 acres
• Tax bill $212 , 880
• Rents $24
3
Existing Conditions
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4
Includes all of Hartwell, Maguire, Westview and Bedford
Existing Conditions
Forecast All Hartwell Area
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Includes Hartwell, Maguire, Westview and Bedford
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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 "
7
Hartwell CM Potential
New Revenue
Based on average assessed value per gross square foot of $142
$1 ,762,727*
2010 assessed values
8
Hartwell CM Potential
350,000 -
300,000
1( d i r 1 1 7'',,
250,000
200,000 -
0 Potential
IN Existing
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100,000 - -
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9
Case Stu 101 Hartwell Ave
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11
Potential t� add 46 , 490 g . s . f.•
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• Local Permits required . r' ' 1
Wetlands protection act, flood storage, stormwater,
Special Permit with Site Plan Review
• Minimum Permit Timeline : 185 days
• New tax revenue : $ 185 , 228
• Traffic Mitigation fee
10
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
•
11
Revenue Timeline : Hypothetical
$326,790
$185,223
$51,202
$47,318
$41,338
$3,951
12
Transportation
Estimated cost for improvements on Hartwell and Bedford $11 million
Engineering cost estimated for 25% design is $750,000
Roadway design two year processhli
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13
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?
14