Waltham News Tribune:
December 11th 2014:
DEVELOPER PROPOSES "LUXURY" APARTMENT COMPLEX IN WALTHAM
A developer has proposed a complex with 264 “luxury” apartments for the area of Cooper and Elm streets.
Councilors pored over the proposal Monday night for nearly 4 hours until about 11:45 p.m., peppering project officials with questions about transportation around the site and necessary environmental cleanup.
Lincoln Properties, which developed the Ridge Luxury Apartments in Waltham, is proposing to build one four- to five-story building that would include four studio apartments, 174 one-bedroom apartments and 86 two-bedroom apartments. Twenty-five affordable housing apartments would also be included.
The building would be located on the southern side of the Charles River on Cooper Street, between Elm and Pine streets, according to attorney Robert Connors, who represents the developer.
Above-ground parking would be included at the site, with each apartment having two spaces, according to Connors. Motorists would access the site through a Pine Street entrance, Connors said.
Boston Bark currently occupies the site, Connors said, and Longview Fibre was in that area previously. Boston Bark is selling its property, according to Ward 9 Councilor Robert Logan.
Once construction begins, builders would aim to finish it within 20 months, Connors said.
The total cost of the development, excluding a few ancillary items, would be $43 million, according to Lincoln Properties representative John Noone.
Developers would also make some improvements to the area’s pedestrian walkways. According to Connors, developers would create a new river walkway that would connect to the existing river walk near the Embassy Cinema. Those two pieces, he said, would then be linked to the state Department of Recreation’s walkway along the Charles River.
Developers will also be forced to clean up the site, Connors said. The property has been deemed a brownfield, which means it is likely polluted.
Also, the complex would feature Zipcar services, bike storage and easy access to the Carter Street bus and MBTA rail stops, according to Lincoln Properties’ presentation to the council.
As for business and economic impacts, the development would generate $1.9 million in one-time fees for the city and $622,000 in annual tax revenues, according to Connors. The site currently generates around $77,000, Connors said.
“We believe the Cooper Street apartments are going to bring new life to that downtown area of Waltham,” Connors said.
The proposal drew concerns about the number of families that would move in with school-aged children who would attend the already-overcrowded public schools. Councilor-at-large Tom Stanley requested Waltham Public Schools Superintendent Susan Nicholson provide the council with the number of students currently living in Waltham apartment complexes that have more than 50 apartments. Connors said he previously tried to obtain similar data.
“Every time we try to meet with the superintendent of schools we can’t meet with her,” Connors said.
A Moody Street resident told the council she believes there is a glut of apartments already in Waltham. She was the only resident to speak against the project.
The proposal was referred to the Ordinance & Rules Committee for further review.