Ron Newman
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- May 30, 2006
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Doesn't look like wetlands to me. If contaminated, I wonder why they don't clean it up so it can be built upon. The wetlands are mostly west of Route 16.
MBTA's recent strategy
. The fare will still be a commuter rail fare with no transfer at South Station.
Is the issue of quantity of subway stations relative to urban density a well-studied matter? ....I ask because this is a little different from the topic that belmont and others are discussing above (a topic that I do also find interesting) - adding stations to spur growth in relatively undeveloped areas.
I think the issue of travel time may be more complex - for example, Kendall-area workers commuting from the Alewife direction would save time if they normally have to backtrack to the Kendall station. Similarly, many folks might prefer a few extra minutes on the subway to a similar amount of time walking outside, if it means they get in from the cold, or don't have to carry their groceries as far, and so on.
This is why I ask if this is a topic of formal study - how would transportation planners determine the value of these tradeoffs?
Given the time you've invested in this, I assume all the numbers are correct.
There are still 10 nodal subway stations where almost no vacant parcels have been filled in the past decade or more: Wollaston, Fields Corner, Andrew, Forest Hills, Jackson, Roxbury Crossing, Sullivan, Beachmont, Orient Heights, Maverick.
T Trouble
Agency Delays Deadline On Forest Hills Bidding
By Paul McMorrow
Banker & Tradesman Staff Writer
The T's troubled parcel in Jamaica Plain.The MBTA is struggling to unload more than 7.5 acres of prime land in Jamaica Plain, as high costs, uncertain finances and the specter of a costly environmental cleanup have potential developers passing on the offering.
The T put the land out to bid in late October, hoping the sale would fetch millions. The parcels lie along Washington Street and Hyde Park Avenue, abutting the Orange Line?s terminus at Forest Hills Station. They?re leftovers from a series of 1970s land takings that brought the subway to Roxbury and Jamaica Plain. One large parcel is currently used for commuter parking, while the rest have sat vacant for decades.
Change may not come to the neighborhood anytime soon. Transit Realty Associates (TRA), the firm that handles the T?s real estate development deals, recently extended the deadline for would-be developers to submit bids. Bids were scheduled to be due last week, but now may be submitted until March 4 ? the date by which the T had hoped to have designated a winning developer. TRA also significantly lowered development fees tied to the parcels? build-out.
MBTA spokesman Joe Pesaturo cast the concessions as a way ?to generate more interest by prospective bidders, particularly in this difficult real estate and finance market.?
?God Knows? What?s There
Unusually tough terms on environmental concerns complicate matters further. Terms in the ITB allow for environmental investigation after the T designates a developer ? a normal order of events. ?It?s like don?t ask, don?t tell,? said one Beacon Hill insider. ?They?d just as soon leave it alone. God knows what?s underground anything they own.?
It?s unusual, however, that the T is insisting developers forfeit all their deposits if they back out after finding some environmental disaster.
?It?s a lot of money ? deposits, engineering studies, architects,? said a development source. ?It?s a serious investment. And it?s not just environmental. You also don?t know what the ground is like. Is it fill? You don?t know. There?s a plan dictated by the BRA, and you don?t even know if it?s feasible.?
?You wouldn?t buy an $80,000 car without taking it for a test drive,? said City Councilor John Tobin, who represents the neighborhood. ?How do they expect to get top price for that? If you think anybody is going to bid for something that expensive and isn?t allowed to do their due diligence, you?ve got to have rocks in your head.?
A number of local developers and investors pulled copies of the T?s Invitation to Bid (ITB). They include Urban Capital Partners, Trinity Financial, Boston Development, Urban Edge, The Community Builders, Duxbury Capital, JPI, JHE Realty and National Development.
One of three parcels the MBTA is trying to sell near Forest Hills station in Jamaica Plain.However, among that group, there seems to be little interest in the T?s Forest Hills offering.
?We?re not planning on bidding. It?s not the right time for us now,? said Noah Maslan of Urban Edge. The CDC is currently stuck in the mud at the other end of Jamaica Plain. It?s a development partner at Jackson Square, a $250-million mixed-use project slated to rise up around an Orange Line station. Last week, the Jackson Square partnership asked the city for a six-month permit extension while it locates financing.
?A lot of projects throughout the city have been delayed, and we?re not immune to that.?
Urban Edge, National Development and Boston Development are certainly out of the running, while Trinity would appear to have its hands full with its bid to build 750,000 square feet of retail, residential and parking above the Massachusetts Turnpike in the Back Bay. And JPI?s $65-million, 272-unit project at Chelsea Station has been stalled for months over financing concerns.
TRA has set a bid floor of just over $2 million for three parcels totaling 4.4 acres. Another 3-acre parcel would be transferred on an 85-year lease, with sliding base rents bottoming out at $40,000 a year. Sale and lease documents would also be subject to development fees ranging from $35 to $55 per square foot beyond certain massing thresholds, depending on use.
When it extended the bidding deadline, TRA also cut the highest development fees by $15 per square foot. But one development source recently joked that the T would have to pay developers $15 a square foot to make the math work on any development on the T?s parcels.
The cost of a required 240-space garage alone would run between $4 million and $7 million. And, at the end of the public process, city planners took a prime residential site, lowered its height and changed its use to commercial. The current site use plan has it at 163,000 square feet of office space, with 42,000 square feet of retail.
?Where are you going to find tenants for that space?? the development source asked. ?And if you can find them, what are they going to pay??
Housing, which is expected to meet affordability levels upwards of 50 percent, is similarly challenged ? especially with a tough neighborhood battle over height awaiting any bidder.
?I just can?t see how the numbers will work without a huge public subsidy,? the development source said. ?And if you need a subsidy, Jackson is in line ahead of you.? This person invoked the T?s failed bid to sell land around Mattapan Station: ?They ran a public process and published development guidelines that didn?t seem to fit with economic realities, and they got no takers.?