Codman Square NDC - Neighborhood Development Corporation

Real Estate Development

OVERVIEW | AFFORDABLE RENTAL HOUSING | AFFORDABLE HOUSING FOR HOMEOWNERSHIP

Real estate development has been CSNDC’s dominant business line since the organization was founded in 1981. Since that time, CSNDC has developed more than 700 units of housing for low- and moderate-income residents, including both rental and ownership housing, and 40,000 square feet of commercial space, including several pivotal properties in the neighborhood (Lithgow Commercial and On the Square).

CSNDC’s mission in real estate development has always served two ends: first, the creation of more and better affordable housing opportunities, and second, the revitalization of the Codman Square neighborhood.

OVERVIEW:

Real estate development has been CSNDC’s dominant business line since the organization was founded in 1972. Since that time, CSNDC has developed more than 700 units of housing for low- and moderate-income residents, including both rental and ownership housing, and 40,000 square feet of commercial space, including several pivotal properties in the neighborhood (Lithgow Commercial and On the Square).

CSNDC’s mission in real estate development has always served two ends: first, the creation of more and better affordable housing opportunities, and second, the revitalization of the Codman Square neighborhood.

The portfolio is extensive and the positive impact on the health of the community is evident.

The following highlight a handful of CSNDC's real estate achievements of the past five years:
- Franklin Field South: Development of 22 new homes for sale on vacant City-owned lots for sale to first time low- to moderate-income first time homebuyers.

- Norwell-Spencer Homes: Development of 20 new homeownership opportunities throughout 13 separate buildings located on formerly vacant City-owned lots. These homes were made available to first time low- to moderate-income homebuyers.

- Latin Academy Housing: 58 units of housing will remain affordable through the acquisition of this financially distressed building. An additional 36 units are slated for development within this former school building. CSNDC has recently received tax credits for this project and expects to close on all financing before the end of 2005 and start construction/renovation work by Spring 2006.

- Talbot-Bernard: Completion, in Fall 2003, of Talbot Bernard housing project: This development includes 75 rental units. 30 are reserved for senior citizens to meet the housing needs of Codman Square’s large elderly population and prevent their displacement from the community. The remaining 45 units are family apartments, addressing the pressing need for affordable family housing.

- Bowdoin/Erie: Completion of Mt. Bowdoin/Erie Homeownership project which includes 10 new homes (containing approximately 20 affordable units) on vacant City-owned lots. Homes sold in 2001-2002 to first time low/moderate-income homebuyers.
- Renovation of 4 abandoned buildings: Included completion of substantial rehab of two Boston Housing Authority “Infill “ homes which-Codman Square Rehab, Inc. sold to first time low and moderate-income homebuyers in 2005.

- Four Corners Plaza: CSNDC was designated as developer of this key commercial site in the Four Corners neighborhood in 2003. Our goal is to bring a full-service, ethnically oriented supermarket to this densely populated, underserved community. As of August 2005, the financing team is in place (using New Markets Tax Credits), the City of Boston has demolished the building formerly on the site, and zoning relief and design development are well underway. The CSNDC is in active discussions with prospective tenants, and expects to start construction in spring/summer 2006.

Challenges in the Current Environment
The biggest challenge not only for CSNDC's real estate development activities, but for nonprofit developers nationwide, is the funding shortfalls for affordable housing at the federal and local level. These shortfalls threaten the viability of past work within our communities and foretell a troubling future.

The impact of these shortfalls cannot be understated: fewer resources for the existing affordable housing stock may lead to deterioration of same as we struggle to maintain developments that are now vital and beautiful. The decades of work that have led to the transformation of our community to one of blight, disinvestments and abandonment, to one of hope and upward mobility is at stake.

Future Focus
In keeping with its productive and successful history of real estate development, CSNDC currently has a healthy pipeline of real estate development projects in various states. Over ther course of the next 3 - 5 years, these projects will :

- Develop 140 new units of affordable housing for homeownership;

- Develop 190 new units of affordable rental housing;

- Develop 35,000 to 45,000 square feet of commercial real estate; and

- Continue to earn $600,000 to $800,000 per year toward CSNDC’s operating budget from development fees which will, in part, sustain the organizations future activities.

In addition, CSNDC is pursuing a number of active prospects, including several prominent City-owned lots that should be up for disposition in the near future, and a planning effort in the Norfolk Triangle.

Real Estate Development Programs & Resources :

Four Corners Plaza
Codman Square NDC was designated as the developer of the vacant building on 10-30 Bowdoin Avenue, in Four Corners Dorchester in 2003. CSNDC is planning to develop and lease an 18,000 square feet supermarket building to a local ethnic foods supermarket. The City demolished the vacant building in May 2005 and the anticipated construction start date is by Summer 2006.

305 Talbot Avenue
An RFP was issued for this City-owned building in June 2005. The NDC’s proposal will develop 37 units of mixed-income rental housing, both underground and surface parking, and 7,400 square feet of commercial space. Designation is expected before the end of 2005.

215 Talbot Avenue
This key property, directly across from the planned Talbot Ave. Indigo Line stop, includes potential for 20 rental units and 9,000 square feet of commercial space. The NDC hopes to combine the property with two adjacent, privately held, parcels, to increase scale, efficiency, and impact.

472 Washington Street ("Ted and Terry's")
The NDC has owned this environmentally contaminated site for several years. In 2004, a lawsuit against Exxon Mobil was settled; under the settlement’s terms, Exxon has agreed to contract and pay for environmental clean-up on the site. The clean-up is well underway, and the NDC expects the site to be ready for re-development by 2006. A community planning process will be initiated in Fall, 2005, Preliminary plans call for 3,500 SF of ground floor commercial, underground parking, and 6 – 8 units of affordable or mixed income housing.

Affordable Rental Housing:

Latin Academy Housing
58 units of housing will remain affordable through the acquisition of this financially FPRIVATE "TYPE=PICT;ALT=" distressed building. An additional 32 new units are slated for development within this former school building. CSNCD has recently received an allocation of tax credits for this project and expects to close on all financing before the end of 2005 and start construction/renovation work by Spring 2006.

305 Talbot Avenue
An RFP was issued for this City-owned building in June 2005. The NDC’s proposal will develop 37 units of mixed-income rental housing, both underground and surface parking, and 7,400 square feet of commercial space. Designation is expected before the end of 2005.

472 Washington Street ("Ted and Terry's")
CSNDC has owned this environmentally contaminated site for several years. In 2004, a lawsuit against Exxon Mobil was settled; under the settlement’s terms, Exxon has agreed to contract and pay for environmental clean-up on the site. The clean-up is well underway, and the NDC expects the site to be ready for re-development by 2006. A community planning process will be initiated in Fall, 2005, Preliminary plans call for 3,500 SF of ground floor commercial, underground parking, and 6 – 8 units of affordable or mixed income housing.

St. Leo's Church
The NDC’s plans for this one and one-half acre site, being sold by Catholic Charities, include 59 mixed-income units over-all (17 ownership, 42 rental), adaptive re-use of two historic structure, including St. Leo’s Church, underground parking and a central green space.

Affordable Housing for Homeownership:
Franklin Field South
Development of 22 new homes for sale on vacant City-owned lots for sale to first time low/moderate-income homebuyers. Construction was 93% complete as of August 2005.

Norwell-Spencer Homes
Development of a 20-unit new homeownership project on vacant City-owned lots for sale to first time low/moderate-income homebuyers. Construction was 20% complete as of August 2005.

Westville Housing at Four Corners
CSNDC has proposed to build 12 homeownership units on this City-owned parcel. The organization expects a response to its proposal in the fall of 2005

Franklin Field South III Homeownership
This scattered site opportunity, on some of the last remaining City-owned lots in the area, would allow CSNDC to build 64 homeownership units. CSNDC is awaiting the City’s RFP for the parcels, which has been expected for some time.