walkitout (walkitout) wrote,
walkitout
walkitout

Westford 40B development, Princeton Properties, Abbot Mills, etc.

http://www.wickedlocal.com/westford/news/x157800964/Affordable-housing-development-could-be-coming-to-Westford

I haven't dug back to get the details on the previous 40B application for this location; I'm betting it was one of the big nationals possibly partnered with a local developer. The current developer is Princeton Properties, interview with CEO Chaban here:

http://www.multihousingnews.com/features/propertymanagement/qa-with-princeton-properties-managements-andrew-chaban/

Solar power for the common areas. Automating the leasing process on iPads. Someone is On Message.

While bigger builders are often going taller to deal with the small lots available in Eastern Massachusetts, not Princeton. Most of their portfolio is "three-story garden-style apartment communities" and most of those rent for "$1,000-$1,700 per month". They are eying student housing but have not done any yet.

Chaban mentions a "tax exempt low floater" deal: I had no idea what that meant.

http://www.icemiller.com/publications/21/1004208.htm

There's no reason to believe that deal has anything to do with Westford.

Here is Princeton's homepage:

http://www.princetonproperties.com/

Like some large apartment REITs, many of their properties have the corporate name as part of the property name.

ETA: Abbot Mills, on the National Register of Historic Places, is a residential renovation project in Westford that will be 129 units of which 19 will be affordable.

http://westford.patch.com/articles/the-spin-on-abbot-mills-renovations

This is another project which started grinding through the process during the boom and stopped during the bust, has since secured financing and started construction earlier this year. Yule Development Company is a local end-to-end for-rent residential and commercial greyfield developer.

I cannot believe I just wrote that. I didn't even quote it. Here's how they self-describe:

http://yuledevelopment.com/home/

"Yule Development Company is engaged in residential and commercial real estate development in the Greater Boston area. Our expertise is in identifying distressed real estate, designing creative solutions, implementing the resultant development plans, and managing the completed projects."

It's a company named after the main person, if you were wondering how the Christmas theme crept into a developer name.

Digging around in their development portfolio .pdfs is enlightening: they don't just take snazzy things like mill buildings and trick them out as expensive housing. They take apartment complexes which have been returned to the lender because of failed septic systems and upgrade them massively: wastewater treatment, new clubhouse and pool, energy savings, "repositioning" in the market, etc. Truly, development that even an anti-development person could love. I think.
Subscribe
  • Post a new comment

    Error

    default userpic

    Your reply will be screened

    Your IP address will be recorded 

    When you submit the form an invisible reCAPTCHA check will be performed.
    You must follow the Privacy Policy and Google Terms of use.
  • 0 comments