How many units of housing will be incentivized by the Consensus Warrant Article?
According to analysis done by the Planning Department, the Harvard Street zoning proposal would lead to approximately 800 additional housing units. According to our 15% inclusionary zoning, this would incentivize 120 affordable units. This new housing would be built over time on parcels currently containing one story retail buildings.
A property owner considers many factors when deciding whether to redevelop a one or two story commercial building as a four story building, such as:
- What are their short- and long-term financial goals?
- Is the revenue from existing tenants lucrative?
- Could they bear the loss of revenue from existing tenants?
While the initial estimate for additional housing units unlocked by the MBTA Multifamily Overlay District was a number less than 500, that upper limit was based on all of the M districts in the town. The current MBTA Multifamily Overlay District is smaller and excludes all M1 zones, which contained most of the development potential. For all practical purposes, the number of additional housing units unlocked by the MBTA Multifamily Overlay District is close to zero.
The Walnut High Overlay district is expected to be redeveloped by the Brookline Housing Authority and could yield up to 120 affordable units more than the current site as well as renovating or replacing the existing units. If the Walnut High Overlay district is not approved by Town Meeting, then the BHA will redevelop the site under Chapter 40B, which will increase their costs, but likely have a similar outcome.
The changes to the Emerald Island Overlay District will relieve one burden preventing development there, but it is unclear whether it is sufficient for development to proceed. In the last 6 years, there has been no development and significant obstacles remain, including parking requirements, small lot sizes and an easement on the site that requires open access to a sewage line.
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How many units of affordable housing will the Harvard Street zoning proposal?