Mike Durand
Principal, Back Bay Development Group
Age: 57
Industry experience: 30 years
The son of a homebuilder, Mike Durand got his start in the construction industry during the 1980s building single-family subdivisions in wealthy suburbs. Noticing the resurgent popularity of urban living, Durand shifted gears toward condominium developments in Boston and Brookline, where the bulk of his Back Bay Development Group’s activity is taking place.
Steve Adams
The company recently opened a sales gallery for The Vita, an 82-unit development that will be the first major ground-up condo development in Jamaica Plain since the housing downturn. Approximately 30 percent of the units are reserved or under agreement. Durand’s firm has completed more than 250 single-family homes and condos and over 250,000 square feet of commercial space.
Q: What was your first ground-up development project?
A: Probably from 1985 out in Metrowest. We were just doing single-family subdivisions in towns such as Weston and Wayland until 2004 or 2005. We were finishing up a few subdivisions and started looking at the 7,000- and 8,000-square-foot homes and we were saying, “Who the hell is going to buy these in the future?” The demographics didn’t work.
We came into urban building with 20 units in Brookline toward the end of 2006, and some brownstones on Marlborough Street in Boston. That was the beginning of moving into this area.
Q: How did you identify the opportunity in Jamaica Plain at The Vita?
A: It was originally designed as an apartment project. SSG Development was the master developer. There were three parcels, one with self-storage on it, and the Boston Planning and Development Agency approved it as an apartment project and then I joined.
I knew Bryan Rich (an SSG Development director) for a few years. We looked at was going on in the apartment market in town and the big players working on limited margins and long-term holds. We’re more organized short term and we thought there is a market in J.P. for condos, and we’re starting to find out that there is. It started from Back Bay and then Southie and then it’s, “OK, where is it going to go next?”
Q: What neighborhoods beyond Jamaica Plain are you keeping an eye on now?
A: There’s a few parcels in Southie we’re looking at, and a few other sites in J.P. because we’re pretty bullish on the area. The Dorchester Avenue corridor is going to go. We’re looking at a couple of pieces there currently. With (National Development’s) Ink Block seven years ago, people said, “You’re going to build right on the Expressway? What are you guys doing?” I don’t think this location would be any different.
Q: How difficult is it to build single-family homes in Greater Boston?
A: It’s very difficult. With all of the land trusts, they do a wonderful job of protecting these towns. It’s teardowns on smaller parcels. I’m seeing a trend that I think you’re going to see some migration back out to the suburbs for the quality smaller product. The big stuff is gone. The towns have to understand you can’t have 1- and 2-acre zoning. Nobody’s looking for that anymore.
People have to work with planners and bring in some developments where it’s picking up the burden of snowplowing and maintenance, so there’s limited exposure to the towns. And that’s something they may be receptive to.
We’ve started poking around in some suburban towns. We just finished a product in Newton on Court Street, right behind Cabot’s Ice Cream. That was a huge success. We sold that out, 36 condos with garaged parking under for 45 cars and 30 cars on the surface. We were in the high $500s to the mid $600s. It was a Chapter 40B that worked out. It was a struggle getting it through (permitting), but it turned out really nice. Instead of cutting corners, we went over the top. But Newton is difficult. There’s really nothing in zoning by right.
Durand’s Five Favorite Automobiles:
- 1963 Chevrolet Corvette
- 1966 Shelby Cobra
- 1957 Mercedes 300SL Gullwing
- 2011 Porsche 997 GT2 RS
- 1936 Duesenberg SSJ Speedster
