The Beverly (née Merano) (Parcels 1B & 1C) | Bulfinch Triangle | West End

Re: The Merano

I don't know what's controversial about this. If by "affordable" they mean the HUD definition, they qualify for at least a partial tax credit. Or is it just that the Herald hears one of their boogey words and starts foaming at the mouth?
 
Re: The Merano

^^ sounds like it's the BRA bureaucrats, and not the Herald, that are raising the question of whether the tax breaks are justified here. Whether ultimately good or bad to provide government subsidies to this project, if the type of funds in question is for blighted urban areas it's very much something that should be brought to taxpayers' attention when their money instead goes to a prime parcel.

... Or is less transparency into what the government does and how it spends people's money a good thing?
 
Re: The Merano

itchy said:
^^ sounds like it's the BRA bureaucrats, and not the Herald, that are raising the question of whether the tax breaks are justified here.
Click to expand...

Not sure why you say this. It is going before the BRA aboard in August because the BRA staff supports this. Questions are being raised by activists and others, not BRA bureaucrats.
 
Re: The Merano

Getting a tax break on a property that meets HUD "Affordable" standards has to do with meeting cost of housing levels (30% of annual household income for households making 80% of Area Median Income). It has nothing to do with an area being designated as blighted. If they're gonna get LIHTCs for construction or partial construction, then they've got federally required set asides for low income households, and again, it has nothing to do with blight designations (which the Feds don't bother with anymore for all intents and purposes).

And this:
... Or is less transparency into what the government does and how it spends people's money a good thing?
Click to expand...
Is a straw man.
 
Re: The Merano

IT LIVES!!!

CK7SkY9WwAAjXS8.png:large


PARCEL 1B AND 1C (FORMERLY ‘THE MERANO’) PUBLIC MEETING
JUL 28, 2015
6:00 PM - 8:00 PM

Contact Name: Casey Hines
Contact Email Address: Casey.A.Hines@Boston.gov
Contact Phone:617.918.4244
Type: Public Meeting
Location: City Hall, BRA Board Room, Room 900
One City Hall Square
Boston, MA 02201

Description:
Public Meeting to discuss the Notice of Project Change ("NPC") submitted to the Boston Redevelopment Authority ("BRA") on April 29, 2015. The NPC describes Related Beal, LLC’s (the “Proponent”) proposal to make the following modifications to the previously approved project:
(1) increase in height of building by 6 feet for a total height of 158 feet 4.25 inches:
(2) minor changes in the building massing on the 13th and 14th floors;
(3) increase in number of hotel keys from 219 to 220 keys;
(4) increase in number of residential apartments from 231 to 239;
(5) increase in number of parking spaces from 173 to 220 spaces;
(6) 100% of the residential units will be work force/affordable units.
Click to expand...

http://www.bostonredevelopmentautho...l-1b-and-1c-(formerly-‘the-merano’)-public-me
 
Re: The Merano

Say what you will about the architecture, but this project is really good for the area. Let's assume most units will have at least 2 adults occupying them then that's close to 500 new residents in the area not to mention the hotel component which will probably on average be bringing in 350+ different people per night (mixture single and couples renting rooms for the night).

All of the residents are likely to be people living in the building on a permanent basis rather than your usual luxury crowd which may be a mix of permanent residents and property investors.

BUILD. BUILD!
 
Re: The Merano

Is this the best place for affordable/deed restricted housing? It's the downtown version of mishawum park.

I've gone from jealous of future rich people at lovejoy wharf to jealous of low income people getting these affordable units...sucks.

Happy that this parcel will be filled in though.
 
Re: The Merano

Please take this as a serious question because it is a VERY important question to answer and the answer isn't clear to me:

Who is subsidizing this development and why?

Theorized answers:

  • The developer - the developer decided, on his own, to sell these units below market rate. Reasons for doing this could be because a) he thought it would make it easier to gain approval, b) he was strong-armed into subsidizing these units for the poor by the city, c) he is an affordable-housing advocate, or d) he has other projects planned and wants to fulfill future affordable-housing obligations by building this development.
  • The taxpayers/city - Pretty self-explanatory for reasons why. The city decides that the best way to keep housing costs down is to subsidize luxury downtown living for people who otherwise can not afford that lifestyle. The city also decides that existing residents are the people who should pay for the selling of units below-market rate.
  • A private non-profit/charity - A charity or non-profit raised the capital to subsidize luxury downtown living for people who can not afford that lifestyle without subsidy.
 
Re: The Merano

The developer - the developer decided, on his own, to sell these units below market rate. Reasons for doing this could be because a) he thought it would make it easier to gain approval, b) he was strong-armed into subsidizing these units for the poor by the city, c) he is an affordable-housing advocate, or d) he has other projects planned and wants to fulfill future affordable-housing obligations by building this development.
Click to expand...

I think there is another option there. Pandering to the mayors political goals so that they can behind closed doors ask for approvals for future projects.
 
Re: The Merano

stellarfun said:
bigeman312, there is a fourth party: the Federal government.

https://en.wikipedia.org/wiki/Low-Income_Housing_Tax_Credit

90 percent of the subsidized housing in the U.S. these days is built using Federal tax credits.
Click to expand...

Beat me to it, as I wasn't willing to try posing from within the Green Line tunnel. But bigeman312, stellarfun is correct, the LIHTC (as we within the industry call it) is by far and away the Big Kahuna of affordable housing finance.

The docs on file with the BRA do not clarify if they're using tax credits, though there is at least one indication that it is NOT a 100% LIHTC project: the range of affordability restrictions on income stretches from 30% of AMI to 165% of AMI. I cold not see any more specific breakdown than that. Maximum for LIHTC is 60% AMI, so at least some of the units are obviously above that. It is possible to have LIHTC equity supporting just a portion of a building.
 
Re: The Merano

Eventually, the exact breakdown on what's LIHTC (at what AMI), whats "other," and what's market will be included in the deed, so you can look it up there once it's in the database. Not sure if anyone will publish it before them. Probably not.
 
Re: The Merano

What kinds of challenges are presented by the fact that this is going to sit over the expressway below?
 
Re: The Merano

This one will really make a huge difference for the whole corridor. The view from that West End memorial park, onto the vacant lots and then the gash of the highway-ized Washington St and the highway on and off ramps, is really awful. I hate the word, but this one is a gamechanger.
 
Re: The Merano

mass88 said:
What kinds of challenges are presented by the fact that this is going to sit over the expressway below?
Click to expand...

I don't think there are any here because the building next to this one I can't remember the name was also built over the highway and I believe the roof of the tunnel at this point was made to hold buildings of this size.
 
Re: The Merano

Now we can install the mock up and wait 10 years.

I have a feeling the gray panels in the render are gonna be garbage, but I'm excited about the project.

What's the construction schedule? Is the company that's using the parcel as staging going to get the boot, or will they finish out their work?
 
You must log in or register to reply here.

Back
Top