Ronald Homer is chief executive officer of Access Capital Strategies in Cambridge.
Given all the issues that serve to depress housing production in this region, the current forecast of a combination of rising interest rates and an improving economy will make it even more difficult for many prospective moderate income homebuyers to find a decent place to live in the Boston metropolitan area.
For the residents of at least six Boston neighborhoods, the successful redevelopment of the former Boston State Hospital site in Mattapan weighs more heavily than the well publicized decisions that are about to be made concerning the redevelopment of the Greenway above the new Central Artery. I believe that a strong case can be made that both are vitally important to Boston’s future.
The Greenway decisions will tend to be unique and discrete. However, the decisions regarding the Mattapan site can and will serve as a model for the type of neighborhood housing development that is needed to assure affordability for all economic segments of the community.
The designation of Lena Park Community Development Corp. and New Boston Development Partners as developers of about 300 moderately priced single-family, townhouse-style homes with all of the appropriate amenities located on a 38-acre parcel to be named Olmsted Green on a portion of the old hospital site was an important first step for the future of Boston’s neighborhood living. However, this step was 20 years in the making. This generation of new homebuyers can’t afford to wait 20 years for the opportunity to invest in a neighborhood.
The proposed development is wedged between the green spaces of Franklin Park and the Audubon Society’s Boston Nature Center and Sanctuary. It will include a recreation center, education center and an urban farm. It is close to public transportation and is potentially at the heart of six Boston neighborhoods including Mattapan, Dorchester, Roxbury, Jamaica Plain, Hyde Park and Roslindale.
It is a rare instance when a city has the opportunity to create a new community without disrupting or displacing existing neighborhoods. Olmsted Green has the potential to uplift the entire community by providing a space that can build upon the strengths of each of its surrounding neighborhoods.
Currently the development team is investigating the site for environmental issues and refining the design plans. This planning phase covers all aspects of the development and marketing processes in order to identify the overall requirements to achieve success. As an example and in the interest of full disclosure to the reader, my firm has been engaged to identify and facilitate the use of low-cost mortgage options for potential homebuyers in order to increase accessibility and affordability to residents from the neighborhoods that surround the development.
The public approval process should begin this fall with a series of community meetings. Assuming that all goes well with the environmental and public approval process, construction could start in the fall of 2005. By the end of 2006, Olmstead Green could be the new home for about 200 residents, including homeowners and renters.
While it is extremely important that the developers of Olmsted Green get it right, it is equally important that the process for getting it right moves quickly. The real estate capital markets will be watching this development unfold with great interest. In the real estate game, time is money. Therefore, the developers need to quickly find the sweet spot that assures affordability and profitability over the long term. The future of sustainable development serving Boston’s moderate-income communities depends on finding the right formula to serve these too often competing interests.
