"We're trying to come up with a conceptualization process as to what kind of density project would be most efficient and most attractive to neighbors," Peter Hollands, project director of TeleCom City, tells GlobeSt.com. The idea to develop housing near the project evolved from a study done at Northeastern University supported by a grant from Fannie Mae that examined the impact TeleCom city would have on the area housing market. The study concluded that the area would need 525 more units to accommodate the influx of new employees once TeleCom City was developed.
Everett city planners, says Hollands, suggested that this parcel next to TeleCom City was an "area in transition" and could possibly be used as a site for housing. A team of consultants have started gathering data about the site. "It's an intensive process, trying to understand what might fit there," points out Hollands. Ten different private owners own the site.
One option for TeleCom City is that its boundaries could be extended one block to put the parcel in the TeleCom City project area. The Mystic Valley Development Commission, which was created y the legislature in 1996 to develop TeleCom City, has the power of eminent domain, which would allow the land to be taken by the project. "We hope to talk to businesses and property owners," says Hollands. "Some might be interested in selling or converting the site to other uses, like new housing."
Another possibility is for the city to consider the area an urban renewal location and then invoke the powers of eminent domain. But the city would have to start from scratch in this process whereas the MVDC has already done a lot of work on the process. Also, TeleCom City involves three cities, which makes it easier to raise funds and it could organize federal support for designated projects.
The first phase of the project is underway on the Medford side where 440,000-sf is being developed into four buildings. The buildings are permitted and, says Hollands, "we are hot and heavy in the site preparation stage. If the economy show signs of life, we'll begin in 2002, but chances are we'll start development in 2003." TeleCom City is one of only 12 communities like it in the country under the Environmental Protection Agency's brownfields program.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
