Thursday, January 12, 2017

Nobscot Plaza

Last night in a packed house at the Heritage Village the Town's administration presented a plan to build 156 unit upscale apartments and retail space on the property. While the idea of talking with residents about the plan was a good one, the meeting was not managed well. The biggest issue was the sound. Most could not hear what the speakers were saying and the residents who are already upset with the owners started shouting out questions. These types of community meetings need to be better produced and managed.

So I think I heard that the property owner pays around 180,000 in  taxes. If built up with apartments and retail space, the property would bring in around 400,000 in taxes. The concerns over traffic are real considering all the new housing being built down the street.

So we are dammed if we do and dammed if we don't. Are we better off just letting the property sit there as is collecting 1800,00 in Taxes with no added traffic and no new influx of kids for our schools or building up that corner with housing, increased traffic and more kids in our schools collecting 400,000 in taxes.

3 Comments:

At January 13, 2017 at 6:22 PM , Blogger Jim Pillsbury said...

This is from the Town:

Thank you to all those to attended the Nobscot community meeting at the Heritage on Wednesday, January 11. To view the presentation slides from this meeting, including proposed conceptual plans for Nobscot Shopping Center, please visit www.framinghamma.gov/villages.

If you have comments related to the community meeting, presentation, or plans for Nobscot, please email the Community & Economic Development Division at villages@framinghamma.gov.

 
At January 16, 2017 at 4:01 PM , Anonymous Anonymous said...

The wonderful thing about commercial real estate ownership is that your tenants pay all the expenses, and this should include real estate taxes.

 
At January 16, 2017 at 4:22 PM , Blogger Deborah Butler said...

Apartment complexes although run as businesses are taxed as residential property. In a split rate Town such as Framingham apartments get a second break in that they are assessed as commercial property. What a bargain! This why Benchmark Senior Living can operate a multi million dollar assisted living complex with 116 beds and only pay Danvers $40,000 in property taxes per year. I would not accept $400K as an accurate number in potential taxes without in depth study.

 

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