Property owners get extension to reply to Bulfinch offers
NEEDHAM, MASS. — Bulfinch Companies Inc. has extended the deadline for landowners
to respond to its multiple offers for properties in the Warwick Station Redevelopment
area.
The deadline for responses to the 23 offers — totaling more than $10 million –
has been extended by two weeks to May 3. Bulfinch made the offers in March.
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“We have had very productive and encouraging discussions with several landowners,”
Bulfinch Managing Director Scott Oran said. “The extension is intended to continue
the reasonable, fair and thorough process, allowing each landowner more time to
fully evaluate and understand our offer.”
The collection of parcels totals 12 acres and would house a future people mover,
or elevated shuttle that would transport passengers between T.F. Green Airport
and a future Amtrak station. Post Road, the Amtrak line, Coronado Road and Montebello
Road bound the land.
Bulfinch based its offers for the parcels on appraisals by Mark F. Bates of Bates
& McDonough Inc.
The offers are the first land-acquisition proposals within the 70-acre district.
Bulfinch, the master developer of the redevelopment district, plans eventually
to acquire the rest of the property, according to Oran.
Bulfinch officials said they envision an “urban transit village,” for the site,
anchored by the airport and train station. Hotels, office buildings, retail stores
and homes are planned for the district.
“We hope we will be successful in reaching fair and reasonable agreements with
all landowners in the coming weeks,” Oran said.
More luxury homes for East Greenwich
EAST GREENWICH, R.I. — A group of four homebuilders is teaming to develop
and build a 32-lot development luxury-home development in East Greenwich. Grading
for access roads to the development, named Chestnut Hill Development, already
has begun.
The four builders are attorney and builder Carmine D’Ellena, Steve Shackleton
of Valleywood Homes, Bob Kent of R&M Properties and Wayne Daniels of Major
Construction. The Gammons Team of RE/MAX Professionals in East Greenwich will
be Chestnut Hill’s exclusive marketing agent.
The builders joined to develop and build Chestnut Hill because they share a common
interest in quality and will be able to pool their resources to create efficiency
– ultimately resulting in reasonable prices for future home buyers, the builders
said. Using the purchasing power of four developers will result in low prices
from suppliers and subcontractors, with the savings going to homebuyers, builders
said.
Construction of concept homes should begin this month and custom-design services
also will be available. Special attention will be paid to landscape design and
architectural features, builders said. The development is near the intersection
of South Road and Shady Hill Road.
Providence Plan Commission turns away Home Depot developers
PROVIDENCE — Last Tuesday, April 17, at a public hearing regarding a new Home
Depot in the Silver Springs area, the Providence City Plan Commission told developers
to rethink their model.
The proposal by Ventures on Charles, Inc., a group affiliated with Carpionato
Properties of Johnston, was for a one-story facility on the former 10-acre mill
site off Charles and Silver Springs Streets. In front of the 290-foot long building
would be a parking lot for 302 cars.
About 15 area residents spoke out against the national hardware store coming to
the city, including a few local hardware storeowners, who were nervous the Home
Depot would put them out of business.
Marc Gillson, president of Mount Pleasant True Value, said the Home Depot would
not only put hardware stores out of business, but it would also make business
difficult for plumbing supply dealers, local lumberyards and garden supply shops.
While the master plan was not denied outright, the commissioners asked the developers
to further adjust their plan and come back before the board at a later date.
The DeWolfe Companies, Inc. reports record revenues
LEXINGTON, Mass. – The DeWolfe Companies, Inc., the largest provider of residential
homeownership services in New England, earlier this spring announced financial
results for the quarter and year, ending December 31, 2000.
The company adopted U.S. Securities and Exchange Commission’s Staff Accounting
Bulletin No. 101 on Revenue Recognition in the fourth quarter of 2000 and recorded
a cumulative effect of change in accounting principle related to real estate revenues
recognized in prior periods.
As a result, the company recorded a one-time, non-cash charge of $3.7 million,
which represents the one-time reversal of net real estate commissions receivable
that will be recorded in revenue as collected in future periods.
February home sales top those of 1998, 1999 and 2000
WARWICK, R.I. — February’s home sales in Rhode Island topped those of the record-breaking
last three years. In the face of a slowing national economy, Rhode Island single-family
home sales experienced a February increase of 3.5 percent according to the Rhode
Island Association of REALTORS (RIAR). The fact that sales improved in this economic
climate demonstrates the strength of housing in Rhode Island.
During the month of February, a total of 479 existing single-family home sales
were sold through State-Wide Multiple Listing Service (MLS) compared to February
of 2000 when 463 similar properties were sold. It was only the fourth month in
the last 15 that experienced a gain over the monthly sales total of the previous
year. A total of 461 and 401 single-family homes were sold in February of 1999
and 1998 respectively.
The median sales price for an existing single-family home increased from $125,600
in February 2000 to $143,070 last month. The median sales price is also up from
the January 2001 level of $137,000.
Housing Trust Fund guidelines finalized
BOSTON — The Department of Housing and Community Development (DHCD) has issued
guidelines for the first year of the new Massachusetts Affordable Housing Trust
Fund. DHCD plans to commit the first $20 million to affordable housing projects
by June 30, 2001.
The trust fund, which will be managed by the Massachusetts Housing Finance Agency
(MHFA), includes $11.5 million for housing production; $5 million for public housing
modernization; $3 million in discretionary funds; and $500,000 for predevelopment
funds to be administered by the Community Economic Development Assistance Corporation
(CEDAC). Within the production category, there is a $2 million set aside for projects
serving the homeless or households with incomes less than 30% of area median income.
Rhode Island Industrial market studied
PROVIDENCE — The Rhode Island industrial market, and in particular sellers and
landlords, enjoyed a healthy 2000, according to CB Richard Ellis’s New England
Market Outlook. As buyers moved fast in an effort to control product, sales remained
brisk with prices for modern, well-placed facilities only recently starting to
level off from record highs. Additionally, the market continued to be extremely
tight, with a general lack of product throughout the area.
Some new construction has appeared; however, most of these buildings range in
size from 15,000 to 40,000 square feet. While a few larger parcels of land present
developers with good potential for industrial parks, the volatility of today’s
economy combined with land prices pushing $4.00 per square foot necessitates commitments
from large users before groundbreaking takes place.
London tops office market
NEW YORK (Bloomberg) — London reclaimed the title of world’s most expensive office
market from Tokyo in 2000 as financial services firms expanded in the U.K. city,
a Cushman & Wakefield study found.
At an average of $135 a square foot, London’s total occupancy costs — rent, taxes
and fees — were a dollar more than Tokyo’s, the New York-based real estate brokerage
reported. Hong Kong, at $107 a square foot, moved up one place to third in Cushman’s
annual survey.
Tokyo and London tend to trade off the title of most expensive office market,
said Maria Sicola, Cushman research director. The demand from global financial
services firms drives up costs in those world financial capitals, which have little
space for new development.
“Historically, (in London and Tokyo) you have had little development in the face
of consistently rising demand,” and that trend has continued, she said.
Lehman Brothers Holdings Inc., Citigroup Inc. and other financial services firms
have added more space in London as they hire more workers as part of an expansion
into Europe.
Some of the greatest price increases were in California’s San Francisco Bay region,
where she said growth in computer technology caused costs to “spike,” and New
York.
San Francisco rose to fourth place from 11th, with average costs of $80 per square
foot, a 69 percent jump from 1999. In nearby San Jose, office costs rose 92 percent
to $60.
