CRE Firm Works to Proactively Ensure Affordable Housing Supply Stays Above 10 Percent
BURLINGTON, MA, December 7, 2016 – The Town of Burlington’s Zoning Board of Appeals today heard The Davis Companies’ friendly 40B proposal for a 270-unit, class-A residential rental building at Corporate Drive. The Davis Companies (TDC) has been working closely with the Board of Selectmen, the 40B Ad Hoc Committee, Planning Board, and Land Use Committee for months to proactively devise a solution to ensure Burlington’s affordable and workforce housing supply remains above 10 percent as the town’s population and business community grows.
Burlington’s current affordable housing stock is 10.2 percent of its total housing inventory; the town anticipates that by the time the 2020 Census takes place, its affordable housing supply could dip below the required 10 percent if not for the addition of TDC’s project at Corporate Drive.
“Burlington’s current housing supply meets the 10 percent affordable requirement, although it would be ideal to proactively deliver another housing option to increase our stock, in anticipation of future growth,” said Town of Burlington Affordable Housing Coordinator James Doherty. “Working with a seasoned real estate firm such as The Davis Companies, that has improved the Burlington area for years and understands the community, has brought tremendous value to this project. Negotiating a friendly 40B is more beneficial to us than confronting a hostile 40B if the Town’s affordable housing stock fell below the 10 percent threshold.”
TDC is proposing a five-story building over a two-level parking garage that will include one, two and three-bedroom residences. The building has been designed to appeal to a diverse demographic, including young professionals and empty nesters, and will feature three courtyards with interior and exterior amenity spaces, including a two-story clubhouse, fitness center, business center and swimming pool. Of the 270 units, 75 percent will be market-rate, and 25 percent will be affordable to people earning up to 80 percent of the Area Median Income (AMI) based on the Massachusetts Department of Housing and Community Development’s (DHCD) guidelines. Construction on the proposed building is scheduled to begin in 2017 and be completed in 2019.
“Our friendly 40B plan is a compelling example of how public and private entities can work together toward a shared purpose for the betterment of a community,” said Chris Chandor, Senior Vice President at The Davis Companies. “TDC has played a role in energizing Burlington’s office market with The Center at Corporate Drive and multiple other projects, and has formed a strong partnership with the Town of Burlington to deliver a sound solution for the area’s residents.”
Ideally located on 47 acres off of Route 3A, the proposed residences are on a parcel adjacent to The Center at Corporate Drive, TDC’s four-building, Class-A office campus with refined landscaping, views of Boston’s skyline, and ample parking and amenities. The location provides direct access to Route 128, and is minutes from the Burlington Mall, Lahey Medical Center, and a variety of hotels, retail and restaurants. The Center at Corporate Drive reflects the town’s robust, multigenerational workforce; tenants include: Robert Half International, Consolidated Edison, Knowledge Path, Microfocus, CSC Service Works, Eascorp, Ryan Company, Everbridge, Click Software and Endurance International Group.
TDC has an impressive history of transforming outdated office parks into dynamic environments that have attracted pioneering companies to the Route 128 area, helping to form a concentration of talent and innovation in Greater Boston. Thanks to TDC’s capital improvements, The Center at Corporate Drive now offers a 4,700-square-foot fitness center and yoga studio with showers and locker rooms; a dynamic 7,300-square-foot, full-service, WiFi-enabled café; a 3,500-square-foot outdoor patio with fire pit, and 5,200 square feet of green space. TDC also revitalized One and Three Burlington Woods and 67 South Bedford Street in Burlington, totaling approximately 475,000 square feet in three buildings, as well as The Xchange at Bedford, an eight-building, approximately 475,000-square-foot campus with modern amenities that is home to Joule, Multiplan, Datawatch, and iRobot.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.
Contact: Lauren Michaels