News
AFFORDABLE BROOKLINE CONDOS
July 18, 2011
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| We snapped CBT Architects? Richard Bertman relaxing in Charles Square as he told us about his Olmsted Hill Condominium project on exclusive Fisher Hill in pricy Brookline. The 24 townhouses are likely to sell in minutes when they go on sale by lottery next winter because of their amazing prices: $144k for a two-bedroom to $255k for a three-bedroom. (Pigs must have grown wings.) At market rate, they?d be $475k to $800k, says land and multifamily developer New Atlantic's Peter Roth. Preference goes to Town workers and current residents. So how's this possible? The Town owns the land and is putting in subsidies, along with federal money and some proceeds from the land sale for the 10 market rate single-family home lots around the condo site for $750k to $1.2M. |
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| Peter (above) tells us that the Town spent eight years planning to redevelop the site originally designed by Frederick Law Olmsted. The CBT created condo complex replicates a turn-of-the-century estate, with 16 units in a main house and four units each in the smaller ?gate house? and ?guest house? buildings. Construction, started in June, will be completed next summer. The main house is a three-story shingle-style home with an outdoor porch. Also on the development team: CBA Landscape Architects, Samiotes Consultants (civil engineering), and McPhail Associates (environmental and geotechnical consulting). Peter says that when the single-family homes are completed, the houses and land will probably be valued at $1.5M to $2.5M each. |
