Will the Harvard Street zoning proposal lead to massive redevelopment?

The proposed zoning of Harvard Street allows redevelopment up to the predominant 4-story pattern of existing historic buildings. This will allow larger buildings than what present zoning provides for.

However, many guardrails prevent “massive redevelopment” from occurring. First, it is generally not economically feasible to tear down an income-producing building unless it is replaced by one of at least 3 times the size. Thus, redevelopment beyond existing one-story buildings is unlikely. Redevelopment of any existing income-producing buildings generally takes years due to tenancy and ownership constraints, and is more subject to capital markets than a smaller residential teardown. Today’s high interest rate environment and inflated construction costs, as an EDAB member who is an experienced mixed-use housing developer and planner has shown, are big guardrails. A new four-story building is presently not financeable despite our high market rents.

Our present zoning has been well demonstrated by the Planning Department to inhibit Harvard Street redevelopment. For decades, there has been no development other than recent 40B projects and the unusual variance to make possible the Coolidge Corner Theater expansion. As a result, since the inclusionary zoning by-law was established in the early 1990s, zero inclusionary zoning units have been created along Harvard Street. Town wide, only 104 on-site inclusionary zoning units have been produced.

Redevelopment guided by form-based codes will ensure outcomes consistent with what everyone likes about what is there now – historic, similarly-sized buildings constructed before zoning was established in the 1920s and downzoning of the 1970s.