Southie pol urges condo clampdown
By Scott Van Voorhis
Boston Herald Business Reporter
Tuesday, October 24, 2006 - Updated: 04:54 AM EST
Stop the condo madness.
That is the battle cry of state Rep. Brian Wallace (D-South Boston) as he urges City Hall to put a lid on a flood of new condo development he fears will overwhelm South Boston.
With real estate sales across the Hub and the Bay State in a tailspin, the last thing the market needs is a deluge of thousands of new condo units, the state lawmaker warns.
But that is what is poised to happen in South Boston, with more than 6,000 units in planning or under construction.
So Wallace is proposing tough new restrictions that would cut in half the number of new condos developers could build in some areas of Southie.
?It?s very crazy,? Wallace said. ?They say they are going to sell, that it?s good for the economy. Maybe it isn?t. Maybe we are oversaturating the market.?
After initially exploring a moratorium on new construction, Wallace has shifted his approach.
He said he is now in talks with city officials about plans to reduce the number of units in development. He wants the city to change zoning regulations to reduce by half the number of condos that can be built in some development hotspots in South Boston.
One area that would be targeted is First Street, where a builder has proposed more than 200 townhouses on a site near the new Boston Convention & Exhibition Center.
Wallace also wants to look at A Street, including a 100-acre tract where City Hall has envisioned massive new development by Gillette Co. and other major property owners.
?Although South Boston contains only 5 percent of Boston?s population and only 3 percent of the total residential land in Boston, it is seeing an unprecedented amount of development,? Wallace said.
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By Scott Van Voorhis
Boston Herald Business Reporter
Tuesday, October 24, 2006 - Updated: 04:54 AM EST
Stop the condo madness.
That is the battle cry of state Rep. Brian Wallace (D-South Boston) as he urges City Hall to put a lid on a flood of new condo development he fears will overwhelm South Boston.
With real estate sales across the Hub and the Bay State in a tailspin, the last thing the market needs is a deluge of thousands of new condo units, the state lawmaker warns.
But that is what is poised to happen in South Boston, with more than 6,000 units in planning or under construction.
So Wallace is proposing tough new restrictions that would cut in half the number of new condos developers could build in some areas of Southie.
?It?s very crazy,? Wallace said. ?They say they are going to sell, that it?s good for the economy. Maybe it isn?t. Maybe we are oversaturating the market.?
After initially exploring a moratorium on new construction, Wallace has shifted his approach.
He said he is now in talks with city officials about plans to reduce the number of units in development. He wants the city to change zoning regulations to reduce by half the number of condos that can be built in some development hotspots in South Boston.
One area that would be targeted is First Street, where a builder has proposed more than 200 townhouses on a site near the new Boston Convention & Exhibition Center.
Wallace also wants to look at A Street, including a 100-acre tract where City Hall has envisioned massive new development by Gillette Co. and other major property owners.
?Although South Boston contains only 5 percent of Boston?s population and only 3 percent of the total residential land in Boston, it is seeing an unprecedented amount of development,? Wallace said.
Link