Ruth Ann, my (conservative) estimate of Covico’s profit is based off of their own financial analysis of the development which they stated the total development cost per unit as $351,000. That comes out to just over $21 million total development cost. That also doesn’t include any revenue generated over the 2 years since it opened.
Sarah On Fri, Oct 13, 2023 at 6:58 PM RAandBOB <[email protected]> wrote: > Yes, but how many hours did they spend attending Neighborhood meetings and > town board meetings and reconfiguring the site according to the board > requirements and then building all these Leeds-Certified units, developing > water and septic infrastructure, parking, lots and access roads, > refurbishing the existing house. I don’t know the answer to that question > but the net profit is not anywhere near the gross profit. > > Ruth Ann > (She, her, hers) > > On Oct 13, 2023, at 6:21 PM, Scott Clary <[email protected]> wrote: > > > > That is correct sarah. 32 million was for the developed project. And the > landowner only sold for 2.1 if I recall. That's a pretty good return. > > Kind Regards, > > Scott Clary > 617-968-5769 > > Sent from a mobile device - please excuse typos and errors > > On Fri, Oct 13, 2023, 2:26 PM ٍSarah Postlethwait <[email protected]> > wrote: > >> Robert >> >> “That is $32 million split three ways. And for this prime in-town >> location, I’m guessing the selling price would be even higher.” >> >> Just to clarify- the property owners only got 2 million and some change >> for their property. It honestly was likely undervalued since it was almost >> 6 acres in Lincoln. >> >> civico then developed it and sold it for $32 million. That profit (likely >> around $10 million) went into civico’s pocket- not the previous property >> owners. >> >> Sarah >> >> On Tue, Oct 10, 2023 at 6:59 PM Robert Ahlert <[email protected]> >> wrote: >> >>> The 6 acres for Oriole Landing sold for $32 million. >>> >>> I believe two 30 unit buildings could be put on the corner of Lincoln >>> Road and Codman Road as well. Look at the septic/wastewater system they >>> designed for Cold Brook, it does not take much physical space. >>> >>> That is $32 million split three ways. And for this prime in-town >>> location, I’m guessing the selling price would be even higher. >>> >>> That’s $10 million each for those property owners. Don’t you think that >>> would be incentive enough to get together and sell as a group? >>> >>> Maybe they will hold out, maybe they won’t. >>> >>> Rob >>> >>> >>> >>> On Tue, Oct 10, 2023 at 6:49 PM Karla Gravis <[email protected]> >>> wrote: >>> >>>> In response to the question of whether developers are knocking on our >>>> door, Lincoln’s own RLF has been working with a developer, Civico, on a >>>> 125-unit building in the mall area (slide 26 of the SOTT deck). Civico is >>>> the same developer that built Oriole Landing. >>>> >>>> It is very important to note that under the proposal, village center >>>> rezoning will allow developers to build simply by getting a building permit >>>> with no need to go to town meeting (slide 9 of the SOTT deck). >>>> >>>> Given that the Chair and the Executive Director of the RLF sit on the >>>> HCA working group, and that the RLF will benefit from the development, it’s >>>> reasonable to expect that this project will quickly follow any rezoning. >>>> >>>> The HCA allows for only 10% affordable housing, so we will end up with >>>> ~13 affordable units and 112 units at Oriole Landing prices (which seem to >>>> start at $4K per month). >>>> >>>> It’s naive to think that more developers will not follow Civico once we >>>> rezone. Existing Lincoln parcel owners will have a material financial >>>> incentive to sell to developers. >>>> >>>> >>>> >>>> >>>> >>>>> >>>>> >>>>> On Tue, Oct 10, 2023 at 5:19 PM Susanna Szeto <[email protected]> >>>>> wrote: >>>>> >>>>>> If we look around town, the multi-family we have in town now are most >>>>>> tucked away. They do not hit you in the face as the proposal to the >>>>>> development on Codman Road. I doubt it will achieve the economic >>>>>> diversity >>>>>> people are looking for if the rent is as high as the Oriole Landing! I >>>>>> hope we can pause and study how the rezoning will affect the traffic in >>>>>> town before we jump into this! I have read on Lincoln Talk the developer >>>>>> is already knocking on our doorstep! Is that true? >>>>>> Susanna S >>>>>> Giles Road >>>>>> >>>>>> On Oct 10, 2023, at 5:06 PM, Margaret Olson <[email protected]> >>>>>> wrote: >>>>>> >>>>>> >>>>>> >>>>>> Greg, >>>>>> Conservation restrictions apply irrespective of zoning. The >>>>>> conservation restrictions on Codman and Drumlin (and elsewhere in town, >>>>>> including areas around South Lincoln) prevent those areas from being >>>>>> developed. State law makes it extremely difficult to remove land from >>>>>> conservation - it has to be replaced with equally valuable land. >>>>>> >>>>>> Margaret >>>>>> >>>>>> Margaret >>>>>> >>>>>> On Tue, Oct 10, 2023 at 5:00 PM Greg H. <[email protected]> >>>>>> wrote: >>>>>> >>>>>>> All, >>>>>>> >>>>>>> Thank you to everyone on the housing committee for your service. I'd >>>>>>> like to respectfully add my $0.02 from the peanut gallery in support of >>>>>>> a >>>>>>> pause / step back in rezoning plans. >>>>>>> >>>>>>> It seems to me that there are three distinct philosophies/options we >>>>>>> could pursue, but that we are fully focused on #3. >>>>>>> >>>>>>> *Options* >>>>>>> 1. Drag our feet and/or consider noncompliance: favor Lincoln's >>>>>>> rural character above all else >>>>>>> 2. Comply in letter but not fully in spirit: where possible, overlay >>>>>>> new zoning on existing multi-family and/or commercial development to >>>>>>> mitigate the impact >>>>>>> 3. Wholeheartedly comply in both letter and spirit: build as much >>>>>>> new housing as possible near the commuter rail >>>>>>> >>>>>>> I understand that many believe we have a moral responsibility to >>>>>>> build more housing in Lincoln (and while I disagree, I respect that >>>>>>> view) >>>>>>> but I believe as stewards we also have a moral responsibility to >>>>>>> maintain >>>>>>> as much "green" as possible and to preserve the rural character of our >>>>>>> town >>>>>>> for future generations. I'm especially concerned that creating a Cold >>>>>>> Brook >>>>>>> Crossing on Codman Rd will both a) unnecessarily cut down a lot of >>>>>>> trees, >>>>>>> and b) materially change Codman Farm, Drumlin Farm, and the rest of >>>>>>> South >>>>>>> Lincoln, forever. >>>>>>> >>>>>>> I support increasing Lincoln's diversity (including economic >>>>>>> diversity), and I realize that #3 might help us achieve that, but this >>>>>>> feels like a very big step that we might come to regret. I think >>>>>>> Lincoln is >>>>>>> special precisely because it is undeveloped - I'm not sure we can have >>>>>>> it >>>>>>> both ways. >>>>>>> >>>>>>> Thank you for reading, >>>>>>> >>>>>>> Greg Haines >>>>>>> 41 Lincoln Rd >>>>>>> >>>>>>> (As an aside, I'm also not sure I'm prepared for the additional >>>>>>> traffic the development will spur. Traffic is already backed up almost a >>>>>>> mile on Lincoln Rd on Tuesday mornings; I assume we will need to add >>>>>>> traffic lights or rotaries at Lincoln Center and Lincoln Station?) >>>>>>> -- >>>>>>> The LincolnTalk mailing list. >>>>>>> To post, send mail to [email protected]. >>>>>>> Browse the archives at >>>>>>> https://pairlist9.pair.net/mailman/private/lincoln/. >>>>>>> Change your subscription settings at >>>>>>> https://pairlist9.pair.net/mailman/listinfo/lincoln. >>>>>> >>>>>> >>>>>>> >>>>>>> -- >>>>>> The LincolnTalk mailing list. >>>>>> To post, send mail to [email protected]. >>>>>> Browse the archives at >>>>>> https://pairlist9.pair.net/mailman/private/lincoln/. >>>>>> Change your subscription settings at >>>>>> https://pairlist9.pair.net/mailman/listinfo/lincoln. >>>>>> >>>>>> >>>>>> >>>>>> -- >>>>> The LincolnTalk mailing list. >>>>> To post, send mail to [email protected]. >>>>> Browse the archives at >>>>> https://pairlist9.pair.net/mailman/private/lincoln/. >>>>> Change your subscription settings at >>>>> https://pairlist9.pair.net/mailman/listinfo/lincoln. >>>>> >>>>> -- >>>> The LincolnTalk mailing list. >>>> To post, send mail to [email protected]. >>>> Browse the archives at >>>> https://pairlist9.pair.net/mailman/private/lincoln/. >>>> Change your subscription settings at >>>> https://pairlist9.pair.net/mailman/listinfo/lincoln. >>>> >>>> -- >>> The LincolnTalk mailing list. >>> To post, send mail to [email protected]. >>> Browse the archives at >>> https://pairlist9.pair.net/mailman/private/lincoln/. >>> Change your subscription settings at >>> https://pairlist9.pair.net/mailman/listinfo/lincoln. >>> >>> -- >> The LincolnTalk mailing list. >> To post, send mail to [email protected]. >> Browse the archives at >> https://pairlist9.pair.net/mailman/private/lincoln/. >> Change your subscription settings at >> https://pairlist9.pair.net/mailman/listinfo/lincoln. >> >> -- > The LincolnTalk mailing list. > To post, send mail to [email protected]. > Browse the archives at https://pairlist9.pair.net/mailman/private/lincoln/ > . > Change your subscription settings at > https://pairlist9.pair.net/mailman/listinfo/lincoln. > >
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