ULI Low Cost Housing Discussionboston.uli.org/wp-content/uploads/sites/12/2013/02/Lower-Cost...Gary...
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The ULI Boston Housing and Economic Development Council Presents Lower Cost Market-Rate Housing: Who is Getting it Done Wednesday, February 27, 2013 Gary G. Campbell - Chief Operating Officer, Gilbert Campbell Real Estate Peter J. Mahoney - Development, John M. Corcoran and Company Kyle Warwick - Principal, Gate Residential Patrick Kennedy - Owner, Panoramic Interests Moderator: Nancy Ludwig - Principal, ICON architecture
Transcript of ULI Low Cost Housing Discussionboston.uli.org/wp-content/uploads/sites/12/2013/02/Lower-Cost...Gary...
The ULI Boston Housing and Economic Development Council Presents
Lower Cost Market-Rate Housing: Who is Getting it Done
Wednesday, February 27, 2013
Gary G. Campbell - Chief Operating Officer, Gilbert Campbell Real Estate Peter J. Mahoney - Development, John M. Corcoran and Company Kyle Warwick - Principal, Gate Residential Patrick Kennedy - Owner, Panoramic Interests Moderator: Nancy Ludwig - Principal, ICON architecture
Gary G. Campbell Campbell Real Estate
Lower Cost Market-Rate Housing: Who is Getting it Done
Allard’s Grove
Dracut, MA
60-unit over-62 rental housing
Allard’s Grove
Allard’s Grove
For the detailed financial slides shown at the program, please
contact Gary Campbell at [email protected]
Peter J. Mahoney John M. Corcoran and Company
Lower Cost Market-Rate Housing: Who is Getting it Done
The Commons at SouthField Highlands
Market Rate, Moderate Income and Workforce Housing
Peter Mahoney
John M. Corcoran & Company
SouthField 15 miles south of Boston
1,400 acres
2,855 residential units
2M sf commercial/retail
48-acre sports complex
18-hole golf course
On-site Commuter Rail
station 2 stops to South
Station
4-lane Parkway to Route 3
Inclusionary zoning of 10%
of units @ 80% AMI and 10%
between 80%-120% AMI
The Commons at SouthField Highlands • 6.5 acre site
• 1/3 mile to South Weymouth Station
• 226 rental units & 8,700 sf retail (35 units/acre)
• LEED certified
• Average unit size of 915/rsf
• Privately financed
• 10% of units @ 80% AMI and 10% of units @ 80%-120% AMI
• Lease up pace of 30 units/month for first 6 months of lease-up
Financing Challenge
• Median household income in 5-mile radius is $77,000
• TOD
• Costs, costs, costs
Workforce Units
(80%-120% AMI)
• 850 sf/unit
• 2BR rent: $1,560/$1.60
• Median HH income:
$72k
Market Rate Units
• 930 sf/unit
• 2BR rent: $1,800/$1.80
• Median HH income:
$90k
Project Return on Cost
• Overall Project: 6.4%
• Market Units: 6.8%
• Workforce Units: 6.0%
• Moderate Income Units: 4.25%
Summary
• Inclusionary zoning and 40b is a pathway to creating this type of housing
• TOD is key
• As costs rise, further creativity and innovation will be necessary
Kyle Warwick Gate Residential
Lower Cost Market-Rate Housing: Who is Getting it Done
Gate Residential | Project Overviews
February 27, 2013
“OUTER URBAN”
Acadia on the Charles
Maxwell’s Green One North
of Boston
Boardwalk Residences
TM
MAXWELL’S GREEN | Somerville, MA
ACADIA ON THE CHARLES | Waltham, MA
ONE NORTH OF BOSTON | Chelsea, MA
BOARDWALK RESIDENCES AT MARINA BAY | Quincy, MA
Patrick Kennedy Panoramic Interests
Lower Cost Market-Rate Housing: Who is Getting it Done
CREATORS OF: SMARTSPACE®
For the slides show at the program, please contact Patrick Kennedy at [email protected]
The ULI Boston Housing and Economic Development Council Presents
Lower Cost Market-Rate Housing: Who is Getting it Done
Gary G. Campbell Gilbert Campbell Real Estate
Peter J. Mahoney - John M. Corcoran and Company
Kyle Warwick - Gate Residential
Patrick Kennedy - Panoramic Interests
Moderator: Nancy Ludwig - ICON architecture
