Austin Street Partners shared this in their email newsletter today..
If you’ve been away for the summer, you might not have noticed but construction is wrapping up on Austin Street with finishing touches still being placed on the landscaped plaza, playground, and tree-lined sidewalks.
Inside, the first tenants will be moving in during September. (If you want more info about leasing, please call 833-477-7421 or go to www.28austin.com.)
125 public parking spaces are newly repaved and will be available shortly. Make sure to get your passport parking app to make payment easy!
It seemed like this day would never come! And I’m sure we’ll hear the usual grumblings from the same anonymous commentators about how this is destroying the character of Newton, or how they don’t like the color scheme, tree selection, etc. etc.
The reality is that we build so little new housing in this city. This project along with Washington Place and hopefully other projects to come, provides good homes for people who want to live in our city. We should be proud of this project, proud that people want to live in our community and celebrate its arrival.
A great step forward for Newton! Congratulations and thank you to all who helped to bring this to fruition
I am all for this project – but $6,455/month for a 2 bedroom 1,200 sq ft apartment? And the bigger 2 bedroom with a little bit of outdoor space is “call for details”? Wow.
Jeez, you could live somewhere actually cool for $6455.
The cold, sad truth about living in greater Boston is that rents are unimaginably expensive. It won’t get better until we build a lot more housing.
And over $3000 for a 1 BR!
@Meredith, I rent an apartment in Newtonville. My rent and the rents of my neighbors are nowhere as close to the “market rate rents” for 28 Austin Street.
$6,455/month for a 2 bedroom 1200 sq ft apartment is insane. I’ve been helping my friend apartment hunt in Newton and while Newton rents are high, that is double what I’ve been seeing for similarly sized apartments.
I rode by there on my bike. Traffic and car movement was very tight and slow. The building is ugly on Austin St. and the retail shops dark and uninviting.
The municipal parking is very narrow for turning in and out.
Just think anyone can see right into tenants living quarters.
What a complete rip off for potential renters.
Quick question that I think a lot of seniors will be asking. I recently broke down and purchased my senior parking pass. Before Austin Street, this provided free parking to Newton residents with a senior pass at all municipal parking lots provided only that posted time limits and restrictions were adhered to. The now paved over open parking lot on Austin Street was part of this municipal package. The question. Will senior parking stickers still be honored at the 125 new parking spaces??
Colleen,
Great that you went on your bike! The tight turning won’t be a problem.
I realized the other day that one of the things that make Austin St — and Washington Place — look good to me is the generous glass. Folks who rent will get plenty of natural light. And, of course, they’ll have the option to add window treatments to balance the natural light with privacy.
I think we should all wait until it is finished before having this conversation. 4 weeks ago I was disappointed. I’m more hopeful
Now.
The rents are fair game of course. I’m surprised they can get those numbers. If they do, I’d expect a slew of new apartments on the north side.
$6,500/mo affords a $1.4m mortgage. Paying the Developer vs building equity makes a whole lot of sense….said no Finance person ever!
I drove buy today and the look ugly and cheap…..not cheap$$$$
@Greg Reibman – “Character” aside, there -is- an argument that could be made around how these developments fit into the village and city. Given the market rate units of $3k-6k+ how does it move the needle on our housing needs:
*Affordable/Workforce housing – I don’t think $3k+ 1br and $6k 2brs are going to help much for our local small business workers. Given the location I think this would mainly appeal to commuters into the Financial District/Seaport who don’t want to live in Boston.
*Senior housing – I guess someone living in the heart of Chestnut Hill could downsize to one of these units, but the people living in smaller homes especially in northern Newton I don’t think are going to be looking at this as an option.
*First time/starter residents – At $3k for a 1br and $6k for a 2br the people that could afford these units would also be able to swing $1m+ mortgages easily.
I recall an article posted here a while back around housing inventory that was basically making the argument that even luxury housing helps as it opens up midrange and starter homes due to people either upgrading from a starter or downsizing to retire. With the prices that these units are going for I’m not sure we’re going to see either of those scenarios, so whether it’s helping the village and city is a question mark. If these are just pulling people in from the urban core it’s not really helping -our- housing situation. What we need is something to kick start that cycle to open up starter/smaller homes.
Also have the same thought as fig on the rent numbers, at that range I’d be thinking downtown Cambridge and Boston much more than Newton. Curious to see if they can actually pull those numbers in.
It’s the “Field of Dreams” theory of Housing Development. If you build it, they will come.
It is really a shame to see how high some of the rents are at the upper end, but that is just further evidence of how constrained our supply of apartments is. The developer can only charge those rents if there are people in the market willing to pay them. Nobody is renting an apartment for over $3,000 (or even $6,000, wow!) that is less than 1k square feet unless they can’t find what they’re looking for at a better price.
To me, this is further evidence that we need to push for the most affordable housing in these buildings that we can get and make sure there are middle income options too. Our teachers and other city workers are not going to be able to afford these market rents, but they make too much for deeply affordable housing.
We should all stop kidding ourselves that the private sector will provided the varied and affordable housing needed. It’s not going to happen. They are profit driven. They are beholden to show a profit to their shareholders and debtors. That’s capitalism.
Just like NONE OF US would sell our homes for $100k, $200k or $300k less than market value to a Newton teacher, police officer or firefighter.
Relying on the private sector means trade offers. Massive number of apartments. An insufficient transportation plan. And the ever popular, “if we (do this), we won’t get the financing to move forward” excuse.
The trade off, is an erosion of what makes Newton great today. The Garden City that enticingly blends the best of both suburban feel, with close proximity to Boston. A highly ranked school system that can handle the amount of kids coming in. Not sit in Downtown Boston like traffic…all the live long day.
Affordable housing MUST come without the irresistible temptation (if not, innate attribute of) capitalism. The two are polar opposites, like day vs night or Hatfield vs McCoy.
Like the during the post war era housing boom, we can offer down payment credit and favorable mortgage rates for teachers, police, fire and other city workers. Tuition loan forgiveness so these folks can afford more home. Or fully public funded housing like potentially the Armory in West Newton.
Some of you/us have drank the Kool Aid; that the private will “do good” and provide the desired affordable housing. Eventually we all realize that Kool Aid is crap – a sugary drink with no nutritional value, leaving everyone both malnourished and sick.
Don’t drink the Kool Aid.
As I think of my future house (if I’m so fortunate to need it), living smack in the middle of N’ville village is my dream location. We lived in N’ville for 25 years and loved it. A $6000 apartment wouldn’t be a choice though. It will be interesting to see what demographic will move into the market rate apartments. With many new housing options available, we can hope that the rents are more in line with other available rentals in the area.
@Greg
There is no amount of housing that can or will be built that will have an effect on real estate prices in Newton. Mayor Warren’s blue ribbon commission on development on Newton made that conclusion extremely clear in their report.
Please don’t say otherwise, it’s not true.
I am glad this project is almost completed as well. As for rent, only time will tell if it is too high. What do you get for these rents? A turn key new apartment with all the amenities. An elevator building with no stairs. Zero maintenance living. A grocery store, CVS and several restaurants steps away from your front door. The senior center just down the street. For a senior especially one with limited mobility or who is looking to give up driving this fills a need better than any other location in Newton. And if this enable someone to delay entering a senior living community even for a little while this enables seniors to remain more independent (something most seniors are all about) and saves a great deal of money. As someone who twice has had to help parents make the difficult move from their home to a senior community, I can tell you it would have been so much easier and cheaper if there had been an option like Austin St.
@Greg what Paul said.
I couldn’t afford to live there either.
But if I didn’t already live in Newton I probably couldn’t afford to live in Newton now. And that’s likely true for a lot of our Newton neighbors.
Prices will go down when we build more housing. I know there’s some armchair economists here who believe otherwise. But in a free market economy, that’s how supply and demand works.
That’s not something I invented. It’s been working that way for centuries.
Alicia, “senior center just down the street”?
That’s not per the Mayor’s plans who wants Walnut Street to be entirely replaced (rather than retained in connection with any added space elsewhere) with a major new Athletic/Sports Complex with a few rooms left reserved for senior priority.
Per Greg, “Prices will go down when we build more housing.”
Unless the character of Newton is so drastically changed (for the worse in terms of the “Garden City”) actually to accommodate sufficient number of “more housing” (more than extremely unlikely) to actually drive prices down, IMHO no way is that going to be a factor.
A few thoughts on the Austin St project website.
*The rents are for 6-10 mo terms and if you want to lease for 11 or 12 mo then their is. $250 per mo premium on top of that. I used to work in finance for a co that owned apt complexes and the goal was to fill units so they often offered a mo of free rent or other incentive for longer terms so this seems a bit weird to me.
*Caffe Nero is one of the retail tenants. With Starbucks and George Howell close by the area might be known as coffeeville.
@Greg
Are you really just dismissing the Blue Ribbon Commission conclusions on real estate prices in Newton?
With no facts? No data?
Seriously?
Not credible. At all.
@Paul: I’m not aware of any Blue Ribbon Commissions under Mayor Warren. How about links and an except of that specific conclusion?
But I’d also say that there’s nothing magical about Newton when it comes to housing prices and real estate. This is a regional crisis and every credible study suggests the way out is to increase supply, particularly in the suburbs which have lagged behind in housing starts.
@Jim – That actually is how it happens. Our economy is very strong right now in Greater Boston, study after study shows that housing supply is significantly constrained compared to housing demand. Ask any business leader and they will tell you it affects their companies.
Newton is just one piece of the Greater Boston puzzle, and 68 units is a drop in that bucket. But when the bucket is draining, it is a drop we need.
There is no question we need to add housing in Newton. The question is how we add housing.
Do we make sure that there are truly affordable units for people at lower incomes AND at middle incomes to directly benefit right away?
Do we make sure it is close to amenities and transportation, which creates less traffic than the alternatives?
Do we make sure it is spread throughout the city, near green line stations, commuter rail stops, and express buses, rather than concentrate it in one or two villages?
Do we make sure it is built to a passive house standard, so that new buildings are incredibly energy efficient and cut down our city’s carbon footprint?
THESE are the questions our City Councilors should be asking. This is how a great city stays great, not by preventing change, but by guiding it and shaping it.
OK Brian, I live on a quiet residential street in a residential neighborhood of Newton Highlands near Cold Spring Park, Crystal Lake, and short walk to the Green line T stop. Do you favor my ability and right to tear down or expand my single family house to create 4 or more dwelling units to expand the housing stock? Oh, and I will install solar panels, and maximum insulation walls and windows throughout.
@Jim – If you live close by the Green Line station in Newton Highlands, yeah, I do think we should be looking at opportunities to thoughtfully add more housing near you. I support adding some housing in Newtonville, where I live, as long as it is thoughtfully done and in context.
Why shouldn’t Newton Highlands add some housing near the Green Line station too?
@Bryan — I agree. Newton Highlands, where I live, would benefit greatly from more housing near the village center. Best of luck in the election.
Bryan, basically, I ‘m asking whether you would favor a change in zoning essentially to allow single family home owners to replace or expand their homes (in Newton Highlands and throughout single family residential areas in the city) to multi units to secure sufficiently (to accommodate the needs which you cite) more housing, allowing, for instance, less height restrictions and less set-back etc.
And if you don’t favor that, I’d respectfully ask why.
Bryan, what about re-zoning single family home lots in the Highlands to allow conversion or expansion to multi-units?
I was talking to a friend of mine, a single mom working in the public sector, and she looked into these apartments. She makes too much money to get one of the affordable units, yet the “affordable” price tag STILL would have been too much for her to make rent! This is a serious problem. Who are these apartments for, exactly? And will this be the case with all of these apartments being built?
And thank you to Bryan who is one of the only people talking about middle income people.
Interesting amenities
Fire pit on roof
Bike repair room
Package receiving (drone landing spot?)
Exercise/yoga room
Car charging
So the two tenants identified on the 28 Austin website are Henry bear park and cafe Nero.
I’m a fan of both. We needed a toy store for sure, and cafe Nero is more like a sit down and stay type of coffee shop. Definitely a lot of coffee in Newtonville. But cafe Nero is far more robust in its food offerings than Starbucks and George Howell.
If the rule of thumb is 30% of your income goes to rent there looking at hundred thousand dollars to $200,000 salaries.
Regarding the elasticity of the prices, there’s a lot of building going on in Waltham And Watertown
I wonder if it’s gonna end up being a bubble.
Yes Rick. There’s a lot of new units in Watertown and Waltham yet every study says it’s not enough to meet demand.
For six grand a month I would think you can get at least a two bedroom condo somewhere not too far from Boston. That seems like a lot of money to not build equity
@MMQC – the city’s inclusionary zoning ordinance requires units that are affordable for people making 50%, 65%, and 80% if the area AMI. However, when Austin St was negotiated up to 33% affordability, one of the trade offs was that all of the affordable units be at the 80% level and the 50% and 65% units were dropped. So we got more affordable units overall, but we lost the units for folks at lower income levels. When people are hyper-focused on the overall percentage of affordability, the important detail of ‘levels of affordability’ can get lost in the shuffle, unfortunately.
@MMQC – sorry, I misread your question first time around 🙂
The HUD-specified rent limits are pretty conservative in terms of the percentage of income one is expected to pay for rent, so it’s a little surprising if your friend makes too much to qualify but also wouldn’t be able to afford the rent. Could it be that she misread the charts, or that she has exceptionally high non-housing expenses?
@Allison or MMQC – do you know what the “affordable” rents are?
A comment has been removed because a user was trying to publish under two names, a violation of our commenting policy. This person is a very frequent participant here and knows better. Jim please don’t do it again.
@Meredith:
– the 1BR/1BA units are $1607
– the 2BR/2BA units are $1737.
@Meredith –
Affordable rents are structurally affordable, in perpetuity, and regulated by state law. There’s a rent and income table available here: http://www.newtonma.gov/gov/planning/hcd/affhousing/current_affordable_housing_opportunities.asp
Bryan, the reason I asked about your position on rezoning single family home lots in quiet residential neighborhoods to apartments and multi-family is where would all the needed affordable housing go in the Highlands area I cited, vicinity between Cold Spring Park, Crystal Lake, and Newton Highlands T Station, where you suggested opportunity exists for that new housing?
@Greg: who commisions these studies? #followthemoney
@Pat: Are you a climate change denier too?
@Allison do the affordable rents have 10 or 12 month leases? There’s the strange 250 a month extra for 12 month leases on the market rents….
@Greg and given the amount of demand, ( boomer echo?) I’m betting you can’t build enough for the prices to go down. And, given how I’ve seen commercial space go over the 35 years, there will be too little until there’s too much, then crash.
@Greg it’s a fair question as to who commissioned the studies. It’s a fair question in natural sciences too…( can you tell I think economists are not scientists ?)
@Greg: I am a staunch denier of the need for LUXURY housing, which adds to the footprint by increasing traffic, use of resources, etc., not to mention the toxic stuff they’re built with and how it’s produced 🙁
I’m going to check out of this conversation because just like there’s no benefit of debating with climate change deniers there’s no benefit in debating with folks who deny that there’s a housing shortage in Greater Boston.
But for the rest of you who’d like to learn more — while there have been multiple studies documenting this crisis — the most consistent research has been the annual Greater Boston Housing Report Card commissioned for 16 years by the Boston Foundation and Northeastern, with, at least for the most recent study, the UMass Boston Donahue Institute and MHP.
Like I said, the conspiracy theorists here who have a problem with the credibility of those institutions aren’t worth engaging.
Enjoy the weekend! (And don’t forget to stock up on tin foil for your hats!)
Could the Boston Foundation’s Smart Growth Initiative have anything to do with the report card, I wonder?
If you approve of high density buildings out of proportion to the neighborhood, luxury housing, and no green space, you get 28 Austin Street and Washington Place.
These two developments were built over the opposition of what most Newtonville residents wanted-smaller and more diverse buildings according to the NAC survey.
The buildings could be from anywhere USA and have no connection to historic Newtonville or the surrounding community. In the immortal words of Dennis Eckersley-“Yuck”!!!
Plus, the proponents of 28 Austin Street misrepresented their intentions. Here’s what they promised back in 2015-directly from their website.
“HOUSING:
68 middle-income 1 and 2-bedroom apartment homes (including 23 affordable).
Q: Are these “luxury” apartments?
A: No. These are smaller, efficiently-sized, and market-priced apartments which are affordable to middle-income households who earn about 140% of median income. ”
Instead of what 28 Austin promised we are getting 1BD apts. for 3K+ and 2BD for 4-5K+. Luxury apartments?? Yes!
We don’t need more of this type of development in Newton, but that’s what the pro-development folks are planning for us.
No Thank you!
@arthur – I think that’s why so many of us are shocked by the rents. This project was definitely not presented as high-end housing. I don’t know of any place in this area where these rents could be considered “middle-income”.
I think that next time, the City Council had better ask the developer what they mean by such terms and ask for something binding to start with.
Arthur,
I more than agree with you. 28 Austin Street is an abomination, major lost opportunity and parasite.
Why parasite? Because it provides NOTHING to the quality of life or benefit to EXISTING residents of Newton and is PARASITIC of the quality, neighborliness and environmental amenities provided by the surrounding properties and neighborhood.
The development zealots, IMHO, need to be stopped before a significant part of Newton becomes a Soviet era style block housing development.
And all this is presented in the name of so-called climate change and need for dense housing in Newton when there is more plentiful opportunity and amenability for such development outside our city borders.
@Greg get over yourself.
I’m certainly not denying there’s a shortage of housing. However, it’s always legitimate to look at who is funding studies. Whether it’s the effectiveness of a medical device ( my industry ) or what the causes and solutions of the housing shortages are.
Heck, I’m one of the causes in more than one way, apparently
https://www.housingwire.com/articles/48122-freddie-mac-seniors-are-causing-the-housing-shortage
One cause of lack of housing is caused by better health and longer lives of seniors who want to stay in their homes. Gee our better health is a burden on the next generation? Guess the prevalence of smoking in my parents generation was a good thing for the housing market. A parent of a friend or a family member dropping dead at 65 was pretty common when I was s kid.
Extrapolation in any science is s risky thing. Look at the cone of uncertainty in the current hurricane predictions. There’s a large margin of error, and the further out the projection the larger the error. When it comes to economic forecasting it’s even worse, because humans read the forecasts and react, cresting feedback loops ( like runs on banks). The hurricane does care what the meteorologist on TV says: that’s why the forecasts for weather have improved much more than economic forecasts. An economist goes on TV and says “we could be entering a recession@, and people watch say “ uh oh, I better not buy that new washing machine” and the feedback loop begins.
So, a bunch of developers get into building housing, and typically they won’t stop until they overbuild, especially if banks get reckless with lending ( 2008 anyone ) then we have the classic human caused bubble.
As opposed to a natural science, where, for the most part the observed system is less impacted by the observer.
Correction – hurricane doesn’t care
Greg really likes to accuse people of “housing shortage denial.” I think most people know that there’s a housing shortage in Greater Boston.
My question is how are these astronomically-priced units going to help the housing shortage? Who is going to live in these apartments? Surely if someone could afford these rents they’d be better off purchasing a condo, right? Unless it’s going to be mostly short-term tenants. I just don’t understand how building luxury apartments helps anything at all. Two bedroom apartments many not suit the needs of families, these will be out of the price range for young professionals, and downsizing empty nesters are probably better off staying where they are for financial reasons.
I hope that the future apartments being built are just regular ol’ run of the mill apartments that people with regular ol’ run of the mill jobs can afford.
@MMQC: As long as we have comments like these:
Then I’m going to assume that we have housing crisis deniers.
@MMOC: apparently they will be short-term tenants; the previously reported leases are 6 – 12 months. Who rents an apartment for such a short time?
Cafe Nero would have been nice in the Italian themed neighborhood center down the street. Where there’s only a Dunkins.
They are, as I read the brochure, 10 month leases. Wealthy students from Dubai or China?
Regarding short term rentals: The Avalon rents for 6k per month on 2br, furnished rentals. Renters I’ve known or met in passing include people renovating; on sabbatical or short term assignment; co-housing room-mates; people who had sudden job moves and had to move in time for school. Almost all of them required schools, hence Newton and not somewhere “cool” as commented above.
Yes you can get better priced rentals in the neighbourhoods but alot of them aren’t de-leaded so not a good fit for young families. They are also not as straightforward to rent if you aren’t already local.
And while a mortgages makes more sense economically, unless you can put ~1.3+ on the table, in cash, likely with no inspection, then housing in Newton is unattainable. I’ve known a lot of young professionals who are double income and well into 6 figures and can’t even look at Newton.
If you’re worried about lead ( although the rental rules may apply to older children ) you likely have toddlers, so they’re not in school.
If you have elementary kids in school, I think you would soon outgrow these apartments just out of shear space requirements.
I really am not sur3 who the market is.
$ 6000/month for a stacked mobile home? Wow!
With views thru “large glass windows “, of what, the StarMarket parking lot and the turnpike?
This is the cheapest housing that can be built today and we should build something more affordable?
Get Real!
Blueprint,
(Tongue-in-cheek or maybe not) the only actually cheap enough housing I could come up with (that is, beyond substantial government rent subsidy), would be trailers — or mini trailer parks in large enough lots — preferably shielded from view by dense hedging.
Greg,
Your economic theory is correct, but unfortunately the housing arena is not an efficient market. Developers, IMHO, in Newton, look to make the most profit, not build what society needs.
Plus, people want reasonably priced housing. Based upon land costs and other factors, housing is necessarily more expensive in Newton. So the large developments we are getting in Newton are not going to satisfy the housing crisis.
Thus, to really meet the Greater Boston area housing needs, more homes/apartments need to be built in cities where it is more affordable to build, i.e the inner cities or Boston itself.
Plus, our roads and public transportation are already stretched to capacity. Housing, should be built as close to the job centers as possible instead of places like Newton.
Thus, there are a lot of sound economic and fiscal reasons why the citizens of Newton are correct in opposing these urban like” developments .
Another equally sound and proper argument against unimpeded development is the wish to keep Newton “green” and having a village like atmosphere.
As you can see from the majority of responses on this thread, that’s what the citizens of Newton want.
Like it or not, the prices for Austin Street are not that out-of-whack for Newton. I was recently looking at 2 and 3 bedroom apartments in Newton, Watertown, and Waltham (thinking we were going to sell our house this past summer), and had the same sticker shock at first. But for anyone renting, especially at this time of year, the prices are really high. They tend to go down in less desirable months, but you also have to find availability. And if you’re only a short-term renter, the prices are even higher. We noticed that some of the new facilities put a lot of emphasis on shared space–media rooms, game rooms, other common areas, etc. that people in their 20s and 30s might be more interested in. As old fogies, we wanted more of our own personal space and a larger living room/dining room area, so that limited our choices.
FYI, the prices don’t change much going further away from Boston, but the units are usually bigger.
@Rich – having elementary school age kids doesn’t mean you outgrow an apartment. I grew up in an apartment as do many kids in the Boston area.
Oh no, a biggish new building across from the Star and above the Pike! Where’d my suburb go?!
I still don’t understand how this project could bother anybody. Austin Street doesn’t look bad, at all.
@Andy – in case you haven’t noticed, many of us are dismayed by the rents, not the building. Personally, I don’t have any problem with the structure per se. I just think the rents are obscene. I’d like to see some apartment buildings in Newton that I could afford to downsize to.
Andy, I think the building looks fine. It’s the rents that bother me.
I think the building looks cheap, the rent absurd for the sq footage offered, and the lease terms make it clear they are encouraging churn, NOT residents who likely to be a part of the Newtonville community. It is what it is
@Meredith
I know… was trolling. There were still several comments about the building’s appearance and fit.
If I were wealthy, I would never spend $6K to live in those apartments, or Avalon etc. But I think people should focus on the third of the units that are actually affordable, for those admittedly lucky enough to win a lottery.
@Andy – I might partially agree with you if the lease terms didn’t make it clear that the owners *want* churn, rather than a stable community. I grew up in apartment buildings where the majority of residents were long-term and it leads to a neighborhood feeling. You won’t get that if the majority of residents stay less than a year.
77 comments in less than 4 days…mostly from fellow Newtonians who can plainly see that these projects benefits primarily (if not exclusively) Big Development – thinly guised as “affordable”, “for empty nesters”, “for young professional”, “won’t add to schools”, “won’t add traffic”, “reduce carbon footprint”, “will build community”, etc…
Most of these 77 comments sees thru all this for what is….millions of short term rental dollars made by a few, large, profit-driven real estate developments.
If only our City Council and Mayor can see this as well….
Matt, by my count 24 folks commented, give or take one or two. A good mix of supporters, neutral and folks against. Lots of folks surprised at the rents, but not against the project.
You keep making the support or lack thereof of a few very vocal commentators as a proxy for a greater movement. Perhaps true on NewCal, but certainly not based on the forum alone.
Just because certain folks have commented a dozen or more times doesn’t make it more powerful and it certainly doesn’t send a message to anyone in the city.
I would ask folks again, why don’t we wait until the project is done and benefits realized. Let’s see what the pocket park looks like, let’s see what the stores are and how they impact village life. Let’s see both the positives and negatives of more folks living on top of the village center. Let’s see how the parking works out and the loading and unloading. Let’s see how we use the 1 million dollars to improve Newtonville and Walnut street.
I’m happy to comment at length about the project, but I agree with Andy fundamentally. It is a 4 story building. Across from the Pike and a parking lot. It is surrounded by non historic buildings on three sides, a 3 story building behind it, a bank and a Starbucks and a rectory on the other sides. It isn’t a parasite or the beginning of soviet style housing, or the end of the world as we know it, REM style.
Could it have better? Sure. I wanted 100% affordable or failing that, the one that gave us 5 million but had an additional floor. I thought the bnai brith developer had a great project but it didn’t even make the final 5.
But hey, this gets us some additional affordable units, completes a street for retails, and gives us a new area in Newtonville to actually sit with our neighbors outside.
Newtonville is changing for the better, new sidewalks and streets, more seating and trees, more restaurants and cafes. More outdoor space.
Perfect? Of course not. Some drawbacks? Yep. Are we being overwhelmed by parasitic apartment buildings? I’ll let other folks be the judge. (But go take a look at the site first, will ya?)
Cheers to all! Looking forward to my first cup of coffee outside on a fall day! I’ll be the one snacking on cookies. (Cafe Nero has good cookies and sandwiches).
@Fig – Wise words. I can say firsthand from thousands of conversations with Ward 2 voters that people’s opinions on these issues are, by and large, diverse thoughtful and nuanced.
I got involved in local political life first through the Democratic party and affordable housing advocacy organizations. I’m having some serious sticker shock like everyone else here, but I also do recognize that we need more housing supply to slow down the rate at which rents are rising, and we also need structurally affordable housing for both lower income and middle income people.
We can’t be a community where they are shut out. It isn’t who we are, it isn’t what Newton is about. Not now, and hopefully not in the future.
Thanks Bryan. The rents are certainly high on the market rate units. Im interested to what happens to those rents after a year or two, plus what happens once Washington place comes online. They feel unsustainable to me, but the rental market in Newton is screwy due to lack of supply.
And Matt, I’m not trying to minimize the opposition, just asking for it to be honest on the pluses and minuses and a tad less sweeping and reactionary.
I’ll also freely admit that I would have been happy to have a new senior center on that site, but that was not mentioned in any meeting I went to. And as Jane has mentioned, paying for that and keeping the parking seems like a recipe for an expensive project. I view that with the benefit of hindsight as a possible missed opportunity, but to quote I.M.Pei:
“Stop worrying about missed opportunities and start looking for new ones.”
(This is where every architect reading lectures me on screwing up the quote… but the sentiment is a good one)
There is value to holding onto assets. But there is also value in trading those assets in for something more. To me at the time, absent the multi year development process the parking lot was going to remain a parking lot for a very long time. I still think that, but it is of course hard to disprove a possible outcome being possible or probable or affordable or approved by the mayor and city council.
And to blow some minds…Just wait until the good folks at star market realize the real estate gold mine they are sitting on. Because that Star parking lot could easily be two stories, with apartment units above on floor 3, 4 and 5. And honestly I’d be ok with that too. Although I’d prefer office on floor 3. Give it a decade. But if those are real, no surprise why Washington Street is being transformed.
Happy Labor Day to all.
@Matt Lai – In the ‘Newton Residents Civic Debate’ group on Facebook, you mentioned (as part of the discussion about Austin St.) that the process for affordable housing can be susceptible to abuse? I hate to see that – either if it’s true or (for a different reason) if it’s untrue. Do you have any data to substantiate that claim?
Wait, people still use Facebook? For reals?
@Fig – ha! Yes, there are a few of us still hanging on
Lots of us! Got to see a lot of kids head off to college for their freshman year. =)
@fig & @bryan…RightSize Newton (Needham Street and Riverside) were not created by one person, and given the attendance at prior Land Use Committee meetings, the “opposition” is real and a concern for many in Newton.
Personally speaking, my concern started with Needham Street traffic and density, but after learning more of this process, my bigger issue is the giving away of our city to Developers. Some traffic and density is worthy if some of the goals many of you have stated repeatedly are met in earnest – real affordable housing going to the right folks; a solid, measurable transit plan that will work; etc… But they’re not. Exorbitant rents, leases written to favor short term, targeting of certain villages but not others, and massive amounts of land gobbled up by the few very wealthly real estate developer are not what anyone wants. This is not intended to be exclusionary, or NIMBY. We cannot GIVE Newton away to Developers, with very little in return. As someone said previously, “follow the money”.
And @allison, I do believe the process to certify and re-certify affordable housing qualficiations has something to be desired, but not at liberty to discuss publicially. Perhaps privately. That said, I would be curious how many of our teachers, firefighters or police officers live in Newton Affordable housing today?
PS Drove by PTC yesterday. Sad to see it empty. Even sadder to learn they moved to the Innovation Center down it the Seaport. And before @greg chimes in with, “they left because they cannot find local (Newton/Needham) talent”, more likely they, like many other employers understand that Boston and Newton are very different – in a good way and intentionally so – and no matter how many luxury apartments are put in Newton, it will never be Boston (nor should it be).
Matt:
Perhaps you are right that there is a movement and Right Size Newton is its vanguard. Perhaps those 50 to 100 folks at the planning meetings speak for thousands.
Or they could be the same 50 or 100 folks who were passionate about the Newton Village alliance. Or a different set of folks very concerned about Needham street.
My guess is that most incumbents win because that is what incumbents tend to do. We like who we know. Always possible for an upset, and some folks like Bryan seem to be walking the ward all the time to make it happen. But it is obviously very difficult.
So look to open races. That should be a good indication of whether or not change is in order.
But just as likely it will be a muddle. 😉
As for the rest of your post, I’m too short on time. Another day!
Well I think 28 Austin is ugly. And I worry about the quality as I watched them use a large crane to adjust the corner of the building right next to the Starbucks as it wasn’t quire lining up right. They seemed to be lifting the whole building to get it to line up either the concrete pier. ( yes I have photos, I just happened to be going to the Starbucks when they were in process). I would guess this would be expected of prebuilt units from Canada being plunked down onto an existing pier. One inch off and all hell breaks loose.
That’s probably not a big deal, but still…
I’m not a housing shortage denier- whether it’s a “crisis” or not is a bit debatable. The questions I have are – why is there so much development and companies moving into the south end given the rise of oceans predicted by the Union of concerned scientists? Is that development partly responsible for the shortage of housing in the surrounding suburbs?
Did the mayor have legal authority to sign an agreement to build n number of units? What is driving the shortage and what are the solutions? Can we build our way out of it, or, are there too many incentives ( including bad ones like the one to GE ) for companies to move into Boston thereby pushing the suburbs to build more housing?
Is mixed use the right answer? ( folks in California are having second thought about their focus on mixed use ).
We are told to think critically. That’s what I’m doing. I question everything and the motives behind it.
Rick-My response to your question why the housing crisis is happening is the same old, same old answer I always give. The Boomer generation is enormous and has had an impact on society since my childhood. We’re at the leading edge of it, and I promise you it really is going to get worse. For all the 55 year olds out there who claim they plan to stay in their homes I suggest that your life circumstances, and therefore your housing needs, will (not may) change in the years to come.
A fixed income, paying for services you could previously do yourself or afford to have someone do for you (snow removal, lawn maintenance, ) all become a burden at some point. We’re not there yet but are realistic that at some point, we’ll have to move to a place that serves our changing needs.
A $6000 apartment won’t serve my needs either. That doesn’t make me a “climate change denier”. It’s just a financial reality. As difficult as it would be, we’d have to leave the city before paying that much for an apartment. I hope that prices stabilize at some point so seniors can remain in their community.
Folks, I think we are the victims of some bad information. When I go on the website for 28Austin, I see very few apartments for the high prices being described here. The rents listed seem far more in line with what is typical, between 3,000 to 4,000 for a 2 bedroom, 2 bath. There are certainly penthouse units with balcony listed in the high $5,000 to low $6,000, but those are for specific units with some sort of differential, and a balcony tends to be a big selling point for folks.
https://www.28austin.com/brochure.aspx
So, before I jump to the conclusion that we’ve all been somewhat putting the accent on the wrong syllable, I’d welcome other folks reviewing the same website for themselves.
As for $3,000 to $4,000 being market rate for a 2 bedroom, 2 bath new unit in greater Boston, I’d say yep. A quick look online says that Avalon is renting for similar rates in Newton Highlands and Chestnut Hill. You could certainly rent in a 3 family for less, but it would lack the amenities, location and elevator. As for the premier units being highly priced, that wouldn’t be unusual either, even if I’d never want to spend the extra money for the marginal benefit, living on the top floor with some small outdoor space is worth it for some folks.
One bedrooms in Boston’s south End rent for close to $3,000 now. One bedrooms in Back Bay or downtown can go to $4,000 easily in the new buildings, although it does vary greatly. Lots of 2 income professionals living in those units.
What does this mean for us? Not sure yet. But I did want to clarify the rent levels before folks start using $6,000 as a baseline for rental apartments on Washington Street. Because that’s not the baseline.
Rick, I don’t think 28 Austin is ugly, but I do have issues with it. Some of the other designs were far more pleasing to the eye. I especially liked the one with the clock tower. I still don’t understand why this design/developer was chosen by the then Mayor. But I do take issue with the “worst building ever” approach some folks seem to take with it. It is a pretty boring apartment building. It isn’t insanely high at 4 stories, and there are some minor 4th floor setbacks on the side and front in some locations. The sidewalk and setback is ok (not great), the parking lot is ok, the park is nice to have, the retail very nice to have, the creation of a second cross street of village life important, I like that they agreed to bury the utilities, and I like the trees thus far. Retail tenants will both be a hit if true.
The lesson I take from it to be honest is that it pays to go bold. We could have gotten so much more with one extra floor and 20 fewer parking spaces. More green space, more money, more setback. Or we could have gone 100% affordable and made a huge hit on hitting 10% threshold for 40B (plus all affordable!). But we didn’t and that’s life. This is what passed, and probably what could have passed.
Happy to carry on the conversation to talk about what went right and what went wrong with this or any project. And hopefully we can apply that to future projects in a constructive manner. Critical thinking and all.
@Fig – the website has changed. I looked at it when this thread started, and it definitely had $6000+ for 2BR and $3000+ for 1BR. Today’s website has totally different prices.
@Fignewtonville: I also find you to be a thinly-veiled apologist for developers/high-density development. This is cleverly buried in your purple prose. Love to know who’s payroll you’re on.
BTW, the 1BRs are still in the $3000 price range. It’s only the 2BRs that have come down.
As a contrast, I think that while Washington “Place” ( will that naming fad ever end ?) is way too large, it is much much better constructed than 28 Austin. I’ve done enough nail banging that even I can see that. Although I wish it had more steel. I know fire departments have concerns over getting their ladders up to such large wooden structures.
As I mentioned in a previous post,
https://www.housingwire.com/articles/48122-freddie-mac-seniors-are-causing-the-housing-shortage
Boomers staying in place is a result of better health. People of my parents generation didn’t have hip replacements. Or knee replacements. Cancer is no longer a death sentence like it was in the 60s and 70s. They didn’t have MRI, CTscans back then, not to mention all the laparoscopic surgery and medications.
The only thing I do is snow blow the driveway, which is a pain. I do this only because I can’t find a reliable plower. We have our lawn mowed by a landscaper and fortunately we are able to pay for services to keep the house up.
So, certainly there could be a sudden heath issue but as of right now pretty well into our 60s I’m not retired ( no immediate plans to, I like my work) and we have no major health issues. We have talked about moving, but probably to a smaller single family. But that may be hard to come by, so we’re staying put.
So, sure “we boomers” aging at home are a cause, but beats the early death alternative so too bad, sorry. Tough luck.
Probably an echo boom ( my kids both live out of state, and both rent right now, and my daughter has a 2 bedroom walk up in a nice owner occupied Harlem brownstone that’s less than 28 Austin Street, how about that!) is a cause at well.
As far as esthetics of 28 Austin, I guess there’s no accounting for taste. But the set back isn’t “ok”: it’s too small and the trees will be limited in how big a canopy and shade they can project as they’re too close to the buildings.
Lastly we have the 10 month lease thing. What’s the idea behind that? Fire pit on the roof?
By the way, for what it’s worth, here’s the photo of the crane adjusting the corner of 28 Austin, presumably to better align with the concrete pier
https://share.icloud.com/photos/0JDdfD12ZuA0r_OdMXxUL-njQ#Newtonville,_MA
I hope the link works ok
@Pat Irwin – Really? Because Mr Fig doesn’t absolutely despise Austin St there must be someone paying him to say that.
I also think Austin St is not so bad. Who do I see about getting my paychecks?
Pat:
I have no connection to Austin Street except that I walk past it at least twice a day. I post on all things Newtonville. Hence my name. I post a LOT less on Needham street for instance, because then my name would be FigNeeham and make no sense. 😉
I’ve been posting on Newtonville for years. More than a decade. Ask anyone. And I’ve never had my prose described purple, but I do tend to have a wordy style. My apologies for that, I can’t help it at this point. To quote the immortal hero Popeye: I yam what I yam. But I do try my best nowadays to write so that if my kids read it I won’t feel shame or regret. That means I don’t flame other posters, insult them, or lie. And if I’m wrong on something I admit it.
I do use a lot of words. You could always just skip my posts…
But I really have no desire to have a personal war of words with you or anyone else. If you feel I’ve personally insulted you in any way, you have my apologies.
Rick, I agree with you 100% that I think Washington Place is better built. I could have some sort of internal bias towards typical construction methods. But for instance on Austin Street I’m not a fan of the dryer vent holes, or the layers of siding. And I think I like the overall look thus far of Washington Place with the corner half circle. I don’t dislike Austin Street, but I wish I could change a few things. Too late now of course. But again, lessons to be learned. Can anyone say that the GreenStaxx system they used was worth it? I ask that as a real question.
Rick, not sure about the 10 month lease thing. And I don’t doubt the website changed Meredith. That actually makes far more sense. I bet that version was meant for a student audience with furnished units, or something like that. Or just someone hit “send” before its time. Because 5k to 6k for a standard 2 bed/2bath is just not market.
As for the fire pit, I bet you a coffee at Cafe Nero that is a little gas fireplace with glass on both sides. Lots of roofdeck restaurants have them. A real firepit would never meet code. At least I hope it would never meet code. I’ve seen some folks do some really stupid stuff with firepits.
ok, off to do something else. No more posts for a bit from me, this was my only downtime for a while.
Fig…,
With all due respect, I believe Pat’s “Purple prose” comment may be on target.
I hope I’m not out of line suggesting you consider aiming to achieve more brevity (which is “the soul of wit”) in making your points more effectively conveyed to the reader (at least to this reader) — and drop the extraneous.
You frequently make excellent points for consideration, but burying them in the extraneous makes their extraction burdensome.
Just sayin.
Cynic that I am, I am not at all surprised by the high rents at Austin Street. What bothers me is the notion that Austin Street was built because “we also need structurally affordable housing for both lower income and middle income people.”
Such pieties are absurd. Many of us would like to see rentals in Newton at prices that families of low and moderate income could actually afford. That the apartments at Austin Street are in line with those at Avalon is hardly good news. Do we want a diverse population in Newton, both ethnically and economically? If so, then supporting projects like Austin Street is hardly a step in the right direction. Pretending that these projects target “lower income and middle income people” is patently false. Private developers are targeting the affluent. Why not be honest about it?
Rick- When I hear a 20-something express a sense of immortality, I smile. When I hear that someone well into his/her 60’s who doesn’t realize good health is a gift, I’m shocked. Trust me, your life can change on a dime forever. Your comment was glib and insensitive.
@bobJampol, with you 1,000% my friend. It’s the dishonesty that I struggle with most.
In fairness to the Developers, if they came out and frankly stated that their goal is to market to the affluent and make a truck load of dough, they would not be getting any of the support they are getting.
And also in fairness to the Developers (and all involved), asking them to play a larger role in providing affordable housing is like asking a coyote not eat our pets. Conflicts of interest.
So if it were purely up to me, I’d limit Needham Street to 400 units. And continue to find opportunities like The Armory for affordable housing or put NewCal on hold and partner with other local, neighboring communities to find and fund affordable housing opportunities.
@ Jane Frantz Believe me, since my parents both died of cancer in 2 years apart at the age of 47 (yes, I am an orphan, at age 10) I know full well the capricious nature of life. I don’t need any lectures about that, thank you very much.
I was a founding board member of http://www.childrensroom.org, precisely to help families cope with such things. I and a few others started the organization, which is now widely recognized throughout New England.
And, since I work on software for medical devices,
I have worked on software for
– Image Guided Aortic Stent placement (http:// http://www.centerlinebiomedical.com)
– High Speed cholesterol testing (did you know there are 7 types, not just 2)
– Prostate Cancer radiation treatment
– Patient Positioning Robots for Proton Beam Therapy.
– Image Guided Surgery for knee transplants.
and much more over 30 years.
So, I see what is available now compared to what my parents had available in the late 60s early 70s. Which was pretty much nothing then.
So, as the link I put in said, part of the housing shortage is caused by an increase in the health of boomers (and we’re not as good as the Europeans).
We’re all a banana peel or car accident away from death. But allow me to be optimistic about something!
@Fignewtonville: my comments aren’t meant to be taken/interpreted personally. I know nothing about you outside of your posts. What I am speaking to is the narrative that is being actively and incessantly promoted (read: crammed down our collective throats) that we ‘need’ high density development, which your posts, in their subtle, gentle, prosaic way, also espouse. Do please correct me if I am wrong (in ten words or less).
BTW, I can’t recall that any other V-14 steering committee members got after Greg and Sean when they went for Emily Norton’s jugular.
Rick – I like your posts generally, and I certainly wasn’t lecturing you. For crying out loud, is it so much to ask for a little compassion for people dealing with health issues? Making light of health issues seniors have to deal with is really off the wall,
How about being optimistic about the Patriots?
@Pat – Can I suggest an alternative strategy? Instead of assuming there is some bad motive behind the “active and incessant” view that is different than yours, perhaps it is because many people in the community have different opinions on this issue than you do.
Perhaps if we take each other at our word that we all want what is in the best interest of our community, we can have a more productive discussion about finding middle ground.
10 words or less? How about hand gesture instead?
Cheers!
Pat, in all seriousness, I post on everything Newtonville. Just wait if I like the new bakery opening up off Walnut. Cookie posts galore!
Also, I post a lot on development because it interests me, because I like walkable village centers that are active, and because my portion of Newtonville and Washington street is very active with development and I look daily at the construction.
Not 10 words, but accurate summary I think.
Also, it kinda does feel personal when you question my integrity. But I do acknowledge that being a anonymous poster makes it easier to accuse me of bad acts. But if I worked for the developer would I be mocking his dryer vents? Which I can’t stop looking at btw.
Sometimes maybe your neighbors can just disagree with your strong held beliefs without being in someone’s pocket. Just sayin.
Commenters: we want to keep Newton suburban and single-family.
Commenters when there is new housing: the rents are too high.
Also commenters: adding more housing won’t lower housing prices.
Me: my brain has been broken.
Fig,
Anyone can see that your scathing dryer-vent critiques are an unconvincing misdirection intended to hide your cheaply bought allegiance to developers.
@Sean – why does that break your brain when those comments are coming from different sets of people? I, among others, certainly have never said I want to keep Newton single-family (which would be hypocritical since I live in half a Cape), and was appalled at the listed rents.
@Jane Frantz I think there was miscommunication, perhaps on my part. I wasnt making light of others , or I didn’t mean to. On the contrary, there are so many seemingly miraculous remedies today for what used to be death sentences it’s a good time to be old(er), historically. Our generation is living longer, on average, and more able, on average. That doesn’t take away from those who have a debilitating illness, for whom I have sympathy and am keenly aware that at any moment it could be me.
I am glad that, at the moment and hopefully for quite a while, I have the option to stay where we are and make a conscious decision to downsize or move out of town or whatever.
Sean, what breaks my brain is when my fellow progressives are apologists for the city and developers building expensive luxury apartments when there is a true need for housing for people of lower and middle income levels. I don’t understand how people with progressive ideals think that we can really help people by building things like Austin Street.
Jane I think I know where the confusion is:
I was stating it was tough luck for those who (facetiously) might hope that I couldn’t stay in my home.
Not that it was tough luck for those who cannot.
HTH
I agree that the rents are startlingly high. This piece on Boston rents in the Sunday Globe was also startling. Rents in our area have gone through the roof because we’re adding jobs 2.5 times as fast as we’re building housing. Of course brand new apartments like those at Austin St., which have elevators, new kitchens and baths, new windows, central air, etc., and which are in a terrific location near shops and restaurants, are going to command the highest rents in the area. I’m not sure how anyone would expect the market rates in any of these new developments to be on the low end of the market.
The reason that progressives support these developments is that (1) they include a good number of ‘big A’ affordable units and (2) they add to overall supply, thereby helping to relieve upward pressure on rents in the area. Does (2) that mean that these particular units will have reasonable rents? Of course not – the units will command rents at the high end of the market because they’re brand-spanking new, meet current standards and building codes, and in a terrific location. But the existence of these new units means that folks who are willing to pay $4000+/month on an apartment in Newton won’t be bidding up other rentals here.
See also – Market-Rate Housing Isn’t a Bad Word, and We Won’t Solve the Housing Crisis Without It.
To build on what Alison wrote, when demand outstrips constrained capacity, rents are going to go up. When you add capacity to the system, rents go down. Across the board.
Also, good progressives are in favor of all types of new housing. Developments like Austin St. that have a mix of luxury and fixed affordable. 100% affordable like what’s planned for the Armory. Upzoning that legalizes duplexes, triplexes, and four-plexes. Renter protection to prevent displacement. There are a bunch of tools.
Finally, go ahead and demonize developers, but we need more housing. And, there hasn’t been a barn-raisinf in Newton in forever. Somebody has to build the new housing we so desperately need. Want to rid the city of developers who game the system and manipulate the special permit process? Make more development possible by right. Want to encourage developers who want to buikd smaller scale development? Allow more small-scale development by right.
Sean, why must the new dense housing be forced into Newton where there is much local opposition and not much available land other than leafy residential, when it could more easily go in other metro areas where more compatible and consistent with existing buildings, density, neighborhood and infrastructure, and little, if any, local opposition?
I once heard someone say: “Give them an inch and they’ll take a mile.” It’s a slippery slope.
Pat,
The city has managed to severely constrain the housing market for generations. Now, all of the sudden, we’re at risk of losing control? Not a credible threat.
@Jim Epstein
Wouldn’t you agree that adding residents in and around Newtonville and Needham Street would give a much needed boost to those brick and mortar businesses? And hopefully new business to follow? The city coffers really need additional commercial revenue, especially because of mounting debt. I think this is one big reason why the past couple mayors and a majority of city councilors over the past decade or so have been seen as “pro-density.”
I have always enjoyed the city aspects of Newton, as a kid right into middle age. And I’m all for increasing affordable housing, especially for middle-income folks and as long it is subsidized by developers and not taxpayers. I also think upzoning in well-defined buffer zones around some village centers (including Newton Centre) could really help the city’s commercial tax base.
Would I want Newton to become Brookline? Of course not (and I have yet to meet anyone who does). But I would be sad if Newton didn’t grow and instead faded into nothing more than a larger version of Wellesley.
That’s just my very biased view.
I have a question-and forgive me if it is somewhere in all of these comments-how many units are already rented? Are the affordable units rented? And just for a reality check – using the formula of spending up to 30% of your gross income for rent, a younger teacher in Newton would qualify for an affordable apartment in the Austin Street development but with the rent and additional rent for parking (which would be necessary to get to most schools) it would cost the tenant approximately $20,400 a year. This means they would have to make a minimum of about $62,000 a year. I wonder how many of our younger NPS employees make that?
Two extremes:
On one end, we do nothing. On the other end, let’s burn down some parks and create a truck ton of housing!!
Neither are viable solutions, nor should they be the only options.
These conversations (117 comments above and counting) often go to the extremes, but I have to hand it to whomever coined the name “Rightsize Newton”, because ultimately that is what this SHOULD be about – somewhere between extremes.
Of all the recent developments in question Austin Street is probably the most “right sized” given where its location and surroundings. Washington Place, Riverside and Needham Street, less so (in ascending order of aggregiousness).
What is the right size for each? Many variables, but if I were “King of Newton” (which I am not!!) I would equate size allowed by the benefit to Newton (and less so the greater Boston area). In the case of Needham Street, if a higher percentage of units were made affordable, perhaps some deeded space for a new school to offset for increased enrollments, more opportunities for ownership (condos), then they can have their 800 units. If not, and the only beneficiaries are the developers, and only 400 units.
At no point in this scenario am I suggesting ZERO (units), nor that we should, “fade into nothing more than a larger version of Wellesley”.
As for upzoning, all for it so long as the same rules that apply to Upper Falls or Nonantum should apply to Waban or Chestnut Hill as well. Fair is fair, otherwise, no dice.
Cheers!
@Sean: it’s not only a credible threat, it’s happening before our eyes.
I’m preparing to do a blog post on Austin St. and note that the rents, while not affordable to many, are substantially lower than those cited in this thread. Not sure if that is a pandemic adjustment. The market rate 1-bedrooms are $2500/month and 2-bedrooms $4,500. I’m not sure what the “affordable” rates are. See here: https://www.28austin.com/floorplans
Interested in seeing what you are writing about. At $2500 a month one is paying $30,000 a year in rent. Using the standard calculation of not spending more than a third of your pretax income on rent, one would need to make at least $90,000 a year to be able to afford a 1 bedroom. Have you been in them? Although they are quite nice, the kitchen/living areas are not large-in fact it would be hard to have a living room seating space and a table to eat at. The bedroom/closet/bath are proportionally larger than the living area. There is a great deal of street/MA Pike noise, but as the broker said, as long as you keep the windows closed you will not hear it. And your view is a lot of parking and hardscape. As we lose more and more of what are called “naturally” affordable rentals, we will lose our middle class neighbors.
I’m actually curious what the ‘break even’ point is for TRIO to be profitable
Given its market rate units are pretty vacant right now… how much can the rents be lowered for it to be profitable? The affordable units have to continue to be subsidized and supported.
I assume they would have a clause where they can convert to condos if rents+demand plummet to a certain point.
I’m trying to figure out who these apartments are for, really. Recently I was near Boston Common and was looking at the outside of an apartment building. I Googled it to see what their rates were, and they were similar and/or slightly lower than Austin Street. If I were in the market to live in an apartment building, Austin Street would not appeal to me but for similar rents the building by Boston Common would: close to a beautiful, large park, near nightlife, near more reliable public transit than what is offered in Newton, more restaurant choices, etc etc. The apartments in Boston are not as new, but IMO location, location, location.
A lot of people move to Newton for the schools (the idea of the current state of NPS is another topic) and if that’s the case, you’d need to spend $4500 on a two bedroom to move into Austin St. There are larger opportunities for rent in Newton for a lower cost.
I guess I’m just confused by these expensive apartments and I don’t understand the point and who would want to live in them. How full are they? Are a lot of people living there temporarily for short-term job assignments, corporate housing for people relocating, etc?
FTR, I’m pro-development, I just don’t get it when it comes to Austin Street and similar buildings, like Trio etc. And I’ve been told how housing supply and demand is said to work, I’m just a little skeptical right now.