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

Re: The Merano

It's been up since at least before the winter. The site has been host to a pile of snow, a bunch of trash and a marriage proposal since then. I think at one point this site was controlled by Boston Development Group and Related Beal Co, but it seems like BDG is no longer involved.

Also - I thought One Canal was the likely target for a supermarket. They were allowed, essentially, to proceed once the Garden development agreed to include one.
 
Re: The Merano

Sounds good. Build it now! I hate that empty space there!
 
Re: The Merano

Sounds great, but does this mean that the original plans for the Merano designed by CBT is dead?
 
Re: The Merano

According to the Globe Article:

The plans are based on an earlier project proposed by Boston Development Group that was approved in 2008 but never built. Related Beal bought the development last year and made tweaks that still need to be vetted with neighbors and approved by the Boston Redevelopment Authority. The company hopes to begin construction by December.
Click to expand...
 
Re: The Merano

Thanks, I have no idea how I missed that one.
 
Re: The Merano

"boston will become a city of the very wealthy and the publicly subsidized poor"

Sounds like this project is publicly subsidized to me and solves nothing. Good luck to those who get lucky and are chosen to raise their family is a 3 bed condo downtown with custom house/zakim views. The real middle class are those that can't live in this proposal or the victor next door.

I don't like it.
 
Re: The Merano

$5 Beal has something else big in the works somewhere in the city and they're doing this to get a steamroller approval from The Mayor's office on that by pandering to Walsh's affordable housing initiative.
 
Re: The Merano

I, too, am somewhat of a cynic in regards to this project. But I think the financing model with state/city owned land being leased to private developers to build (somewhat) affordable housing could be a model that works.

This probably isn't the right location for affordable housing but happy to see something built here and bring in density and, likely, diversity to the area. Plus, there will be a hotel and retail...
 
Re: The Merano

What's the over/under on the number of applications that will be submitted for these 239 units. 2,500? 5,000? 7,500?

I have a hard time believing that projects like this do anything to actually address the problem with housing affordability in our city. They're great if you are one of the lucky few who wins the lottery, but so is the actual lottery and it can hardly be called an anti-poverty program. I'll be happy to see this building go up from a strictly urbanist perspective, but I see it as little more than a publicity stunt from an affordable housing perspective.

Encouraging and approving--and maybe even subsidizing--significantly taller and denser developments in less "fancy" neighborhoods would do far more to address affordable housing than mandating and subsidizing a couple of infill buildings downtown.
 
Re: The Merano

JumboBuc said:
What's the over/under on the number of applications that will be submitted for these 239 units. 2,500? 5,000? 7,500?

I have a hard time believing that projects like this do anything to actually address the problem with housing affordability in our city. They're great if you are one of the lucky few who wins the lottery, but so is the actual lottery and it can hardly be called an anti-poverty program. I'll be happy to see this building go up from a strictly urbanist perspective, but I see it as little more than a publicity stunt from an affordable housing perspective.

Encouraging and approving--and maybe even subsidizing--significantly taller and denser developments in less "fancy" neighborhoods would do far more to address affordable housing than mandating and subsidizing a couple of infill buildings downtown.
Click to expand...

Probably up near 10,000. I remember seeing stories about lotteries for some recently constructed buildings bringing in 10k applications.

http://www.wbur.org/2014/11/28/mass-shortage-affordable-housing
http://www.bostonglobe.com/business...using-soars/hCb4RSkLTbpqdMJR1eCYTI/story.html
 
Re: The Merano

88,000 applied in New York City to live in the "poor door" building.

http://www.nytimes.com/2015/04/21/n...8000-applicants-for-55-rental-units.html?_r=0

There's nothing nefarious about the Related Beal proposal, it's just working the system to squeeze out every possible benefit.

It has to put its affordable housing units from the Converse building somewhere; rather than putting it in that building it's putting it in the Merano space - 13-15 of them. That means the Converse project can count on profits on a couple hundred thousand on each of those. It's using tax credits to build at Merano, so that lowers the cost (look at the Chinatown Greenway project - they're doing the same thing). And, as the article points out, they are counting on the hotel paying some of the costs. (Although, when has a hotel been built in Boston without a subsidy - is that coming?). And, the article points out that MassDOT "which can lease it out for less than what a private owner might charge." (But what does it mean, 99-year lease for $12.3 million - surely not for the entire time period; must be per year).

How come no one knew about the land sale prior to today??!
 
Re: The Merano

Does anyone really think this will break ground in December? Seems like a pretty quick turn around.
 
Re: The Merano

I don't see the big deal with putting some middle-income housing in that neighborhood. Everyone complains that neighborhoods and cities have become too segregated based on race and income; this one middle class building, in what is becoming a wealthy neighborhood, should be a welcome addition. Add this to the fact that a private developer is willing to take up this project should be a win-win for everyone.
 
Re: The Merano

No thank you. I hope this doesn't get built but it seems to be that this is the result of backroom negotiation and is already a "done deal".
 
Re: The Merano

So there shouldn't be 240 units of affordable housing downtown because a developer is trying to be a developer?

Seriously?


They could just do what everyone else is doing and pay into the mismanaged affordable housing fund. But instead they are starting what could very well become a trend. I'm perfectly okay with building one massive affordable building in a desirable spot in exchange for a push through on another project somewhere else. The current system isn't doing shit for increasing the affordable housing supply, this actually could. How, exactly, is this not a win-win for everyone involved?
 
Re: The Merano

I'm trying to find out details on the project. I can't find the deed transferring ownership from Boston Development Group to Related Beal on the Suffolk Deeds website.

Somewhat related, it looks as though BDG owns 239 Causeway Street, next door, and some of the (earlier) renderings of the Merano complex show the two buildings seemingly merged together (landscaping on the roof, cornice). The triangle parking lot between the parcels would presumably go away.

There were some real estate transactions last year. The BRA sold a piece of land to Pelagio, LLC for $50,000 in November and two weeks later Pelagio sold it (or, land including it) to Beverly Acquisition Group for $6,200,000. The latter could have been a shell corporation for Related Beal (it's address is Nutter Fish, the law firm). I don't think the building at 239 Causeway would sell for that little so it could be both properties?

Since the land that this project will be built on is owned by MassDOT, I don't know what Related Beal would actually be buying (again, unless it also includes the building next door) - the lease, but I don't think that would be recorded.

So, I'm wondering 1) Did Related Beal buy 239 Causeway for $6.2 million; and, 2) Did the BRA sell a piece of land to Pelagio for $50,000 that they were then able to turnaround and sell for $6.2 million?
 
Re: The Merano

I personally like this building and think that Boston needs more building of a similar density.
 
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