North Quincy Crossing

North Quincy Crossing:

Where Communities and Cultures Intersect

Table of Contents 2

Team and Acknowledgements

3

Executive Summary

4

Neighborhood Context

10

Community Outreach

14

Framework

18

Design

43

Project Delivery

44

Finances

54

Resources

North Quincy Crossing

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Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Acknowledgements

Team Members

We would like to thank the following people for their support and assistance throughout this process. We could not have completed this work without their guidance.

Elizabeth Bacon Master of Architecture, 2010 Harvard Graduate School of Design

Mark Dickinson, Dickinson Development

Virginia Flores Master in City Planning, 2009 MIT School of Architecture and Planning

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North Quincy Crossing

Taryn Warren, Dickinson Development Tim Doherty, Asian Community Development Corporation Design Advisor: JB Clancy, Albright, Righter, & Tittmann Architects

Jesse Kanson-Benanav Master in City Planning, 2009 MIT School of Architecture and Planning

Finance Advisor: Peter Macero, Citizens Bank Faculty Advisor: Terry Szold, MIT School of Architecture of Planning Kim Ackert, Harvard Graduate School of Design Buzz Constable, Transit Realty Associates

D. Benjamin Power Master in City Planning, 2009 MIT School of Architecture and Planning Caitlin Swaim Master of Architecture, 2009 Harvard Graduate School of Design

Greg Dicovitsky, Transit Realty Associates Rayna Rubin, Transit Realty Associates

Ming Thompson Master of Architecture, 2010 Harvard Graduate School of Design

Sean Glennon, Quincy City Planning Department Ed Marchant, Havard Kennedy School Councillor Brian McNamee, Quincy Ward 6

Costell Walton III Juris Doctorate, 2008 Harvard Law School Kate Wittels Master of Science in Real Estate Development, 2008 MIT School of Architecture and Planning

The Story of North Quincy Crossing

Programmatic Components

Development Goals

North Quincy Crossing is a transit-oriented, mixed-income, mixed-use development located on the current parking lot of the North Quincy T Station. Quincy, a city rich in American history, is experiencing a growth in the number of its Asian-American residents, many of which choose to reside in North Quincy. North Quincy is particularly appealing due to its close proximity to public transportation and quality schools, as well as its being a safe residential neighborhood.

The current Massachusetts Bay Transportation Authority parking lot will be transformed into a new center of activity and life.

The development plan of North Quincy station addresses the following goals:

After completion of a three-phase development timeline, North Quincy Crossing will include:

Site Context: A 10-acre site in close proximity to Boston, with the potential for redesign into a residential and commercial development;

North Quincy Crossing’s two residential areas, Squantum Place and Hancock Heights, contain 214 units, 47 percent will be affordable. Squantum Place, consisting of one, two, three, and four bedroom apartments, aims to serve households with children; while Hancock Heights, consisting of one and two bedrooms, is targeted towards the hip and healthy: young singles and couples with no children. These residents will enjoy amenities such as a fitness center and roof garden. The households in Squantum Place will benefit from a day care located on the first floor of the building.

Residents of both buildings will be able to chat or host barbeques in the light-filled courtyards of their respective buildings.

The commercial space of the development will create a new civic center for North Quincy. A portion of the commercial space will be dedicated to local community organizations. Residents and visitors will find the development both transit and pedestrian friendly. On a nice day, one can stroll the shops in the retail area or listen to a favorite local town musician play in the public plaza. After school, North Quincy High School students will be able to use the parking garage’s 125,000 square foot rooftop recreational fields to practice sports such as basketball or soccer. The community center located on the ground floor of Squantum Place will provide a venue for residents to host community meetings, bingo nights, and other social events. North Quincy Crossing will be Quincy’s intersection of age, income, and culture.

(1) Two residential buildings with 214 units, 47 percent affordable; (2) 116,000 square feet of neighborhood servicing commercial/ retail space; (3) 250,000 square feet of open space, including a 125,000 square foot recreational field; (4) 1,200 parking spots, including a 1,033-spot T park-n-ride garage, increasing the MBTA’s current 848 spaces while accomodating for new uses.

Community Outreach: Consider stakeholders’ interests, including North Quincy residents, need for affordable housing and amenities, and their concerns about traffic and pedestrian safety; Framework: Provide a high percentage of quality, affordable housing within a mixed-income environment while also creating a new civic center for North Quincy by providing amenities and services to residents and surrounding community, activating the site throughout the day; Design: Create model of sustainable LEED-certified development, that supports the MBTA system’s regional success, while creating a strong transit-oriented center of activity; Project Delivery: Establish 3 phased develoment structure to address site, community and programing requirments, and utilize modular construction for Hancock Heights residential Finance: Capitalize on available state and local transit-oriented, smart- growth, and affordable housing related funds for affordable housing component.

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Executive Summary

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Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Context

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North Quincy Crossing

History Quincy, Massachusetts is a town with deep historical roots. It is perhaps most famous for being home to the Adams presidential family. However, it can also boast the architecturally renowned Thomas Crane Library, Marina Bay, the largest marina in the Northeast, and a vibrant downtown.

This town is now becoming home to a diverse array of residents. Many of the area’s new residents are choosing to settle in North Quincy, a neighborhood just seven miles south of central Boston.

Adams Homestead, built in 1731

During the late 1800s, North Quincy was known as the Billings Plain due to the presence of a horseracing track operated by the Jockey Club of Boston. The local militia also used North Quincy as training and parade grounds during this era. As a result of these uses, North Quincy did not develop a residential community until the early 1900s, much later than other Quincy neighborhoods.

By the 1970’s, North Quincy had grown tremendously due to its flat tracts of land, easily subdivided into residential plots. In 1971 the MBTA built a Red Line transit station to accommodate the increasing number of residents, particularly those employed at the newly built State Street Bank Complex, now shared with Blue Cross. It also purchased the land adjacent to the site in hopes of building a parking structure that would allow increased T usage at this site. The area has continued to see a growing number of residential, office and commercial offerings. As of last year, the North Quincy station handled over 6,500 daily entries.

Thomas Crane Public Library, built in 1882

Sanborn Map, 1906

Quincy Center, 2008

Housing Need

As mentioned earlier, North Quincy is one of the most diverse neighborhoods in Quincy. A quarter of the area’s residents are foreign born. In addition, 25.4 percent of residents are Asian American and 31.3 percent speak a language other than English at home. Asian-Americans find Quincy appealing for a variety of reasons. Adam T. F. Wong, an agent with CityView Real Estate on Billings Road, stated in the Patriot Ledger that Asian-Americans choose to live in Quincy because it has a good school system, a relatively safe environment, and an existing network of Asian-Americans. The paper also states that AsianAmericans particularly value North Quincy for its close proximity to the transit. The city of Quincy is welcoming its new residents by providing CDBG funds to Asian-American programs undertaken by the Asian-American Association and the Atlantic Neighborhood Association, both of which are located in North Quincy.

While the median family income in North Quincy is well above the national average and the vast majority of residents are employed in white-collar occupations, there is still the need for affordable housing in the area. The average listing price of 2 bedroom homes in North Quincy in the last month has exceeded $380,000.

These homes prices in conjunction with the fact that a majority (38 percent) of North Quincy’s housing stock are single family detached units, indicate that affordable housing is not within reach of the 60 percent of residents whose incomes are below the area median.

North Quincy at a glance Population

16,548

Average Family Size

3.08

Median Family Income

$50,999

Racial Makeup White

71.0%

Asian

25.4%

Black

1.0%

Latino

1.4%

Other

0.2%

Occupation Management, Professional

39.4%

Service

14.9%

Sales, Office

30.6%

80.7%

Population over 65

14.6%

Source: U.S. Census

Chinese Signage in North Quincy

Neponset Landing in North Quincy, built in 2007

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A large percentage of the area’s population is between 25 and 54.

Even for those with well paying jobs, affording a home is often out of the questions nowadays. There is a substantial gap between a $51,000 income and being able to afford a home in North Quincy.

North Quincy is therefore in need of more affordable housing for the younger professional on their way to buying a home but not quite there yet. Wong also noted that Asian-Americans will rent for five to eleven years to save enough for a down payment.

While the market was recently flooded with luxury developments to cater to this demographic, we see from the example of Neponset Landing (recently constructed in North Quincy just off the Neponset River and Bridge) that this kind of development has yet to be successful in the area. The building’s affordable units were snatched up before the building’s completion while the market-rate units remain vacant.

The regional need for affordable housing must also be discussed when contemplating a residential development in such close proximity to rail-transit lines. The sub-prime mortgage crisis has caused a flurry of foreclosures forcing those who thought they could afford homes back into the rental market. This has undoubtedly had a large affect in the Boston area.

Age Population over 21

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Current Demographics

Single Family Homes in North Quincy

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Context

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North Quincy Crossing

Site Potential One of the greatest opportunities to cater to these affordability needs and create an innovative transit-oriented development lies in North Quincy. The lot currently owned by the MBTA and operated as a parking lot has exceptional potential for residential and commercial development.

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The site conveniently located seven miles south of downtown Boston and two miles north of downtown Quincy. It is nestled between three Quincy neighborhoods: Montclair, Atlantic, and Norfolk Downs. As illustrated in the the map, there are five schools within a ten-minute walk from the site, demonstrating the large numbers of families in the area and making the case for the need for family housing.

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Although almost 25 percent of North Quincy residents use public transportation to get to work, the mean travel time to work is over 30 minutes. There is room to encourage even more residents to use public transportation and to decrease the amount of time it takes them to get to work. Transit-oriented developments make great advances in both of these areas. Our proposed development has the potential to draw residents from the region.

Its offerings of differing housing options, service provision, and transit proximity would make it attractive to a wide range of users.

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North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Context

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Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Context

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North Quincy Crossing

Site Conditions The site is bounded by Hancock Street to the northeast, Squantum Street to the southeast, and Newport Avenue to the southwest. The site’s neighbor across Hancock Street is North Quincy High School as well as a commercial area.

To the southeast of the site along Squantum lies an area of singlefamily detached homes. To the southwest lies a marsh, which made submerging parking unfeasible. There is also a large office complex (State Street Bank and Blue Cross) to the northwest of the site. .

Located within the site is a McDonald’s and the South Cove Community Health Center, a prominent clinic based in Chinatown with two outposts in North Quincy, in a converted office building.

Further south along Hancock is a fire station as well as a gas station on the northwest corner of Hancock and Squantum. We decided to incorporate the McDonald’s parcel into our proposal in order to improve streetscape along Hancock and make better use of the parking lot that currently services the McDonald’s and its drive-thru. We chose to leave the fire and gas stations intact due to public need and environmental remediation costs, respectively.

Separating the north and south parcels is a large kiss and ride feature, which also incorporates the main parking entrance and a few parking spaces. On the southern edge of the site is the bus drop off and pick up area, serviced by three local bus lines, along with a ramp for disabled access to the T entrance. The other T entrance is near the kiss and ride. There is also a grade change on the site with the southern end being slightly elevated above the northern end. The majority of the site consists of surface-level parking. Parking at this station is in high demand as it is filled in the early morning every work day and often on some weekends.

McDonalds and South Cove Center

Kiss and Ride

Shell Station at Southeast Corner of Site

Surface Parking Lot on Site

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Single-family housing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Context Transportation North Quincy is plagued by heavy traffic. The North Quincy T-Station offers residents a more convenient method of travel to and from North Quincy. Currently on the Red Line, North Quincy is only 4 stops from South Station and Downtown Boston. The presence of the Red Line on the site will offer residents a more convenient, faster mode of transportation into downtown Boston.

Residents will avoid the stress and safety risks that are inherent with traffic congestion.

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North Quincy T-Station provides three main bus connections to its users: 210, 211, and 212. The bus connections can be accessed at street level when exiting the station:

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(1) Via Newport Avenue and Hancock Street, Bus 210 allows users to travel to the following stops: Neponset Circle and Walnut Street, Adams Street and Neponset Avenue, Fields Corner Station, Quincy Center Bus Station, Hancock Avenue opposite Carruth Street, and Hancock Street and Beach Street.

212

210

(2) Bus 211 drives its users to the following places via Montclair: Newport and Beale Street, Quincy Center Bus Station, East Squantum Street and Winslow Road, and East Squantum Street and Quincy Shore Drive.

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North T Quincy

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(3) Via Hancock Street, Bus 212 allows it users to travel to: Quincy Center Bus Station, Hancock Street and Greenleaf Street, Hancock Avenue opposite Carruth Street, and Billings Road and Beach Street.

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210

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Note that the bus routes overlap at some stops providing travelers with multiple options of travel to certain stops. The amount of time between each stop ranges from approximately 3-5 minutes.

There are other Red Line Stations at Quincy Center and Fields Corner. While all buses travel to Quincy Center, only Bus 211 travels to Fields Corner and Wollaston. The buses also drop off travelers directly at the front of the North Quincy Station for easy access to the train, especially for disabled riders.

Valley Road

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Quincy T Center

North Quincy Crossing

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Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

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Community Outreach Plan Building a Relationship with the Community Input from North Quincy residents is an integral part of our development proposal. In the past, Dickinson proposed several plans for mixed-use development of the site; however, little community support for the plans resulted in the plans’ ultimate failure. The previous plans provided little amenities and services to the community and residents felt they had inadequate input in the development process. Residents adamantly opposed one prior proposal because they became aware of the proposal through the newspaper.

As a result, our goal was to create and implement an outreach strategy that would allow us to receive as much community input as possible in developing our proposal, as well as provide Dickinson with a general plan that it could use in the future. Our original outreach plan included canvassing North Quincy residents, holding community meetings and charettes with major stakeholders, including local politicians and major community organizations, as well as with North Quincy residents.

Yet because Dickinson was concerned that implementing a wide-reaching outreach plan at this time may jeopardize community reception of future development proposals, we limited implementation of our outreach plan to meetings with local officials and major community organizations.

Phase 1: Assessing Community Needs Phase 1 Plan (1) Determine major community groups and relevant local officials (2) Establish relationships with local community groups and relevant local officials (a) Identify key allies and opponents of proposed development; reevaluate allies and opponents frequently and work on improving relationships with opponents (b) Research community wants and needs through these relationships, newspaper articles, census data, etc

(3) Hold a meeting with all interested stakeholders, including residents (a) Meeting will not discuss a plan or specific proposal; will focus on gathering information on the community’s interests, needs, and concerns about development within the community (b) Format of the meeting should be focus group style with groups of ten or less, led by facilitators

Implementation After extensive research on North Quincy, particularly the neighborhood surrounding the site, and consideration of how development on the site would affect North Quincy, we determined that the major stakeholders groups are the MBTA, particularly its Transit Realty Associates division (TRA), residents of North Quincy, especially those that use the North Quincy T-Station, and North Quincy High School. Since the site is located in Ward 6, we identified the local Quincy government, Ward 6 Councillor Brian McNamee, and the Quincy Planning Department as the relevant local officials.

We established a relationship with these stakeholders by having individual meetings with them regarding their thoughts, concerns, and suggestions about development in North Quincy and in particular, the MBTA site. While we would have like to implement step 3 by hosting a charette with the interested stakeholders, Dickinson was concerned about the political ramifications of involving the interested stakeholders in the design process at this point. We did, however, show TRA conceptual plans as their opinion on parking design and location of the bus turnaround was critical.

Findings In a meeting with TRA, the corporation that handles real estate for the MBTA, we learned that our site was purchased with the intention of expanding parking and hence, the MBTA would be interested in how our proposal would affect North Quincy T-stop parking and bus procedures. TRA informed us that MBTA wants any development proposal for the site to include additional transit parking spaces beyond the 848 that are already on site.

Design Process

North Quincy Crossing

Full Parking Lot at North Quincy T Station

Parking is a very important consideration of MBTA in granting rights to develop on the site because MBTA’s interest is in enhancing public transportation (i.e., increasing the amount of residents that can feasibly utilize transit). MBTA wants more parking to encourage North Quincy residents to utilize the North Quincy T-stop rather than be forced to use an alternative

North Quincy residents were identified as major stakeholders because any new development on the site would affect the general population of the neighborhood, traffic, usage of the train, competition for services, etc. While we could not directly poll residents nor the administration and students of North Quincy high school, the relevant local officials informed us of North Quincy residents’ major concerns about proposed development in North Quincy.

Our conversation with Councillor McNamee revealed that North Quincy residents are wary of any development in the area. Both Councilman McNamee and Quincy planner Sean Glennon stated that the most prevalent concern of residents is that new development will increase congestion. According to Glennon, North Quincy is plagued by heavy traffic, especially on Hancock and Squantum. Traffic is horrendous during both the mornings

and evenings, increasing the amount of time it takes for residents to get to work and school, as well as access to transit.

signals on all traffic lights and thinks that the crosswalk by the McDonald’s on the site is a hazard.

Similar to the TRA and the MBTA, residents are concerned with how a development on the site would affect usage of the transit, and particularly parking. The heavy traffic has created serious concerns about safety, particularly pedestrian safety as there have been several accidents on Hancock.

Because of the significance of the traffic concerns among North Quincy residents, McNamee stated that residents would probably be skeptical of a proposed development plan without major traffic mitigations and improvements to road infrastructure.

After a pedestrian was killed last year crossing Hancock, the city made several major improvements including more visible crosswalks, new turning signals, a school safety officer directing morning traffic, and a student drop-off area. However, residents, especially parents, are still concerned about pedestrian safety since three pedestrians, at least one of which was a North Quincy High student, have been hit on Hancock Street in the past sixteen months since the city made the improvements.

The Mayor’s office has stated that the “roughly one-block stretch from the North Quincy MBTA station and North Quincy High across Hancock to the often-jammed intersection of Hancock and Squantum” is its number one target for improving pedestrian safety. The North Quincy High Parents Group wants turn

The local Quincy government identified housing affordability as a problem in its Action Plan for 2007-08. It specifically stated that one of its housing strategies is to “foster and maintain affordable housing for households at or below 80% of the median income through non-profit and for profit developers.” The City is implementing strategies to overcome barriers to building affordable housing, particularly rental housing. Quincy “has approved several large housing rental and condo developments in order to expand supply.”

In regards to developing the site, both Glennon and Councillor McNamee recommended mixed-use development. McNamee suggested that the residential development be targeted towards households that use public transit or have only one vehicle.

Glennon stated that any proposed development on the site should be majority residential with light commercial. He noted that a resident’s concern with commercial development is the potential that loitering around the site would develop.

One of Dickinson’s prior proposals consisted of a movie theater and residential apartments. The proposal failed to gain community support because residents were concerned that the movie theater would attract loitering teenagers from outside of the area. Glennon suggested that some of the commercial space be reserved for organizations that provide community services such as after-school activities for high school students. McNamee informed us that the community would likely not favor an office development because there are currently many vacant office developments near the site.

Traffic on Hancock Street

Crosswalk across Hancock Street from North Quincy High School

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

transportation mode, due to lack of parking. In the meeting with TRA, they cautioned us that our proposal would have to be sensitive to ADA issues in designing how far the bus turnaround would be from the transit entrance. Also, while Dickinson originally only had air rights to parcel B, TRA agreed that providing a ground lease would be feasible

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Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Community Outreach

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North Quincy Crossing

Phase 2: Creating Viable Options

Phase 3: Revising to a Final Plan

Phase 2 Plan

Phase 3 Plan

(1) Use information from meeting with interested stakeholders to create viable development proposal options

(1) Second community meeting presenting development proposal options to interested stakeholders

(a) Determine service provision in each of the proposal options

(a) Format of the meeting should be focus group style with groups of ten or less, led by facilitators

(b) Selected service providers then become stakeholders

(2) After meeting, create final plan that addresses interested stakeholders’ interests, needs, and concerns

Implementation Due to the time constraint of the competition, we were forced to implement Phase 1 concurrently with Phase 2. However, our original outreach plan assumes that under normal development time constraints, the developer would not create proposal options until Phase 1 has been completed.

Prior to our individual meetings with interested stakeholders, we developed three different development options based upon preliminary research and surveying of the site and the neighborhood surrounding the site. The options were: one hundred percent residential, office-residential, and commercialresidential. We noted the financial and design advantages and disadvantages of each option. As we met with stakeholders, we revised and narrowed down our proposal options.

We determined that we would include community ammenities in our proposal. These benifits include spaces for a day care because we knew we would be creating residential area for households with children; a community center along with office space for community organizations; and a large sports facility to be utilized by the neighboring high school and community organizations. It is important to include the users of these community ammenities in the development process to ensure that the spaces designed best meet their needs.

(3) Present final plan to local community groups and the relevant local officials (a) Establish guaranteed support from these stakeholders (e.g., letters of support from city officials on official letterhead) (b) Step 3 may need to be repeated before guaranteed support from these stakeholders is established

(4) Community meeting with all major stakeholders including North Quincy residents to present final plan

We decided against an office/residential mix because we discovered from canvassing the site as well as through meetings with stakeholders that there were a substantial amount of office vacancies in the area. Building office space would not have been financially sound.

After speaking with Councillor McNamee and Sean Glennon, we decided that a commercial/residential mix would be more beneficial to the area because the residents want more services in the area and because of the need for affordable housing.

Furthermore, the site is zoned for retail and hence, the local government would favor a development with some commercial aspects versus a completely residential development. Also, a completely residential development would likely only enhance resident concerns about increased congestion. Our commercialresidential plan was revised as needed after meetings with stakeholders.

(a) Before meeting, distribute information packets to residents that include development proposal and the aforementioned official letters of support (b) Format of the meeting should be focus group style with groups of ten or less, led by facilitators; repeat step if major modifications to the proposal are necessary

Implementation While we wanted to present our proposal options to the interested stakeholders in a focus group charette meeting as our plan contemplates, we wanted to be sensitive to Dickinson’s concerns about a wide-reaching outreach strategy. We therefore implemented Phase 3 by incorporating stakeholder concerns and needs into our proposal. We took into consideration as many stakeholder concerns as was feasible from both a design and financial standpoint.

Office Complex adjacent to Site

We recommend that Dickinson implement our proposal by returning to Phase 1 and hosting a community meeting with all of the major stakeholders, particularly North Quincy residents.

Councillor McNamee suggests working closely with the relevant Ward councillor(s) and having frequent meetings with the public.

The purpose of an initial community meeting should not be to develop a design plan, but rather to receive a more detailed assessment of the varying interests, needs, and concerns of all the major stakeholders.

As described in the Phase 1 Chart, the meeting should have small focus groups led by a facilitator. Many people do not feel comfortable talking in front of large groups. A focus group format would ensure that every stakeholder receives an opportunity to speak candidly.

planning department, and representatives of North Quincy High School and other local schools.

During this meeting, Dickinson should attempt to obtain official letters of support from these stakeholders. The official letters can be used to convince residents of the benefits that the proposed development would have on the North Quincy neighborhood.

Note that this step may need to be repeated if the meeting results in needed modifications to the plan.

After these stakeholders accept the final development proposal, it can be presented to North Quincy residents in a community meeting. If modifications to the proposal are necessary, this step will likely need to be repeated.

When all stakeholders have accepted the final development proposal, outreach to potential residents can begin.

Special Recommendation on Traffic Mitigation: A major concern was that of increased congestion and traffic problems caused by development. The aforementioned recent pedestrian injuries on Hancock have only served to increase this concern. Councillor McNamee was adamant in his belief that any major development would need to be accompanied by improvements to surrounding road infrastructure.

We would propose furthering the recent traffic mitigation measures on Hancock and Squantum with additional measures such as raised intersections and speed humps. Dickinson should also work with the City’s traffic engineer to encourage and support measures to ease traffic and improve safety on Hancock.

Schools should also become part of this process by having students participate in safety seminars that stress the importance of obeying and using designated crosswalks and obeying traffic instructions.

After the community meeting, Dickinson should enter Phase 2 by revising our proposal and incorporating the stakeholder interests, needs, and concerns voiced at the meeting that are not addressed in the proposal. If there is new feedback to incorporate into this proposal, Dickinson should consider developing at least three different options instead of attempting to incorporate all of the feedback into one proposal. If the stakeholders do not like one option, they will have more options to consider.

Furthermore, the stakeholders can state what they like from each option, allowing Dickinson to combine the most liked parts of each proposal into a final proposal. After creating the various options, Dickinson should enter Phase 3 by hosting a charette with all the major stakeholders. The format of the meeting should be focus group style similar to the first community meeting.

Following the charette meeting, Dickinson should use the results of the meeting to create a final development proposal. After the final proposal is created, it should be presented to the major North Quincy community organizations and relevant local officials, particularly TRA, the Mayor’s Office, Ward Councilors, the Quincy

Focus Group Community Meeting

Raised Crosswalk

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Recommendations for Further Community Outreach

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Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Framework

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North Quincy Crossing

Proposal Objectives (1) Provide a high percentage of quality, affordable housing within a mixed-income environment (2) Create a new civic center for North Quincy by providing amenities and services (3) Facilitate increased access to public transportation (4) Create a LEED-certified development The principles of smart-growth seek to create communities that are pedestrian-oriented, offer convenient access to public transportation, and contain a mix of residential, retail, commercial uses. We intend to make North Quincy Crossing a smart-growth development by ensuring that it offers social, economic, and environmental benefits to the entire North Quincy neighborhood.

In designing North Quincy Crossing, smart-growth principles heavily influenced the development of our proposal objectives.

We decided upon these objectives after meeting with stakeholders and our own evaluation of the site. We felt these objectives would address a large number of community concerns and needs as well as create the most appropriate development for the site.

Provide a high percentage of quality, affordable housing within a mixed-income environment Our proposal will include two separate residential areas, one that aims to house families, including intergenerational families, and another targeting households with no children. Structures will include units that are affordable at 60 percent of the median income and those affordable through permanent rental vouchers.

Our rents will average $2.50 per square foot per month, while new construction in Boston averages $0.50 to $1.00 more.

The family structure, Squantum Place, will be a low-rise structure facing the single-family homes on Squantum. We wanted the scale and feel of these buildings to more closely resemble those across the street since this is the only side of the site that will be directly fronting current residents. Squantam Place will have one, two, three and four-bedroom apartments. It will also house a day care center on the first floor. The purpose of these larger units is to house larger families, particularly intergenerational ones. Since we are aware that Asian families tend to have multiple generations under one roof, we thought this was an important element to include in an affordable housing development in North Quincy.

Elder residents of the development will benefit from being close to services provided on-site and nearby. Proximity to the T will also make it easier from them to travel independently.

The structure targeting households with no children, Hancock Heights, will consist of only one and two-bedroom apartments.

It will be located on the northern end of the site. This building will be more appropriate at this end of the site because it will be surrounded by office and commercial uses as well as the bridge over the rail tracks. Targeted residents for this structure will be the “hip and healthy� - young singles and couples that are attracted by its features, such as, an in-house fitness center. These are individuals that are employed and have incomes close to the area’s median-income but are still years away from being able to afford purchasing a home.

In creating two distinct residential areas with a variety of housing configurations, we are creating housing options that are suitable for a wide variety of users. Young singles, families with and without children, and elder residents can all find a home in North Quincy Crossing. By mixing the levels of affordability of the development, we will also be providing options to those at many income levels.

Facilitate increased access to public transportation

Create a LEED-certified development

In communities where development is regarded with skepticism, it is especially important to give them the opportunity to craft a vision and set standards for development and construction.

When development adheres to a community’s values, it is much more likely to strengthen community identity and effectively serve residents’ needs. While the proposed names of our residential areas, Squantum Place and Hancock Heights, aim to create communities with unique identities, both residential areas will compose a community with a shared vision and strong sense of place. Prior development proposals failed in large part because they did not provide substantial services and amenities to current neighbors. Our proposal includes below market-rate spaces for community organizations, small retail stores, a gym, and numerous open spaces.

A transit-oriented development should encourage as many users as possible to reduce their dependence on individual automobiles. In our discussions with TRA, it became apparent that the MBTA wanted increased parking spaces to be a priority in development. They saw this as a way to increase transit ridership in the area. The City of Quincy also has residential and commercial parking requirements that exceed our provision.

In order to create an environmentally sustainable project that offers improved quality of life to its residents and users, we are relying on the LEED checklist as a guideline.

Both residential areas will contain courtyards. In addition the proposal includes a public plaza at the main entrance to the development, off of Hancock near the current kiss and ride area.

The most exciting open space in our proposal is the parking structure rooftop recreational area that will include soccer fields and tennis and basketball courts. We envision this space being used by the high school and other students in the area afterschool and on the weekends. We would also look into creating a partnership with the local YMCA to establish a joint-use agreement that would help to cover operation and maintenance costs. Not only will these spaces be great resources to residents, but to all community members as well.

In creating walkable communities, there needs to be a mix of uses so that people can have all necessary and desirable services within walking distance. We chose to mix residential, retail, recreational, and community service uses to create a vibrant community. By including retail and services within our development, we are increasing the number of amenities that are within walking distance. A supermarket and numerous restaurants are already within half a mile of our site. Residents and community members could complete many of their weekly errands without needing to use their car.

While we are increasing total parking spaces on site from 848 to 1,214, including 1,000 spaces designated for T users, we thought it was important to strike a balance between encouraging increased driving to the T station and encouraging higher rates of local use. Our deliberate decision to provide fewer spaces than those desired by the MBTA and those required by the City hopes to encourage local use of the T and reduce automobile dependence. To help offset the reduced parking, we are increasing the number of Zipcars available on-site from two to six.

Increased Zipcar Spaces on Site

By utilizing a previously developed site and attempting to enhance an existing transit stop, we are mitigating potential negative environmental effects. The project includes the following components meant to address environmental concerns: (1) utilization of efficient energy systems; (2) collection of rainwater for use in landscaping; (3) careful attention to issues of indoor air quality; (4) use of renewable and recycled construction materials; (5) creation of amenities for alternative transportation users.

Urban Green Roof and Public Open Space

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Create a new civic center for North Quincy by providing community amenities and services

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Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Framework

16

North Quincy Crossing

Innovative Zoning Potential

Additional smart-growth principles addressed in our proposal Encourage community and stakeholder collaboration Our community outreach plan acknowledges the importance of involving stakeholders in the development process. In order to create a successful development that will be supported by the community, it needs to be developed with their input.

Dickinson can gain many useful insights from a community-driven development process in the future.

Strengthen and direct development towards existing communities We are capitalizing on North Quincy’s strength by developing a currently underutilized lot near existing public transportation infrastructure. Not only are we conserving the area’s open space by developing a site already in use but we are also creating additional open space through the residential courtyards, public plaza, and rooftop recreational facilities.

Provide a variety of transportation choices Our site includes numerous transportation choices for a range of users. The T services the site as well as three local bus lines that travel between Fields Corner, Squantum, and Quincy Center.

We are also providing an increased number of Zipcars as well as continued access to parking spaces for those that choose to continue use of individual cars.

Compact Building Design The density of the site will be dramatically increased in our proposal. Compact building design will allow for 214 residential units in addition to a parking structure, retail and community services to stand on a site that currently only houses surface-level parking.

In addition to these principles, we will also propose taking advantage of a Massachusetts law that encourages innovative zoning. As a sustainable, transit-oriented development, our proposal has the potential to provide an innovative funding source to the City of Quincy through State Chapter 40R. State chapter 40R grants funds to Massachusetts cities if they adopt land use policies that adhere to state sustainability guidelines and provide a minimum of 20 percent of affordable housing.

Therefore, we recommend that the City of Quincy adopt a floating TOD planned-unit development that can be applied to parcels of a minimum of 100,000 square feet within 1/4 mile to transit stations that allows for greater residential density and FAR, greater building heights, reduced parking requirements, and a required minimum of 40 percent affordable units. When adopted, this TOD PUD will allow our development to proceed and result in a 40R grant of $350,000 to the City of Quincy based on the number of units in the proposal. This will provide Quincy with an incentive to work in collaboration with Dickinson to develop a proposal as well as establish the city as state leader in sustainable TOD.

Proposed PUD Guidelines Minimum Site Size

100,000 sf

Maximum distance from transit .25 mile station FAR Range

2-4

Minimum Average Building Heights

3

Minimum Percentage Affordable Housing Units

40

Maximum Parking Requirements

1 space per residential unit 1 space per 1,000 net sf of commercial space

Site and Form Explorations Struggling with Market and Community Variables The previous development proposals were limited due to many factors. In creating an agreement with MBTA, Dickinson was only given air rights to the northernmost parcel of the site and required to build a larger parking structure on the southern portion of the site that kept intact the bus area along Squantum. The uses proposed in past plans varied from high-rise residential, a movie theater complex, and commercial space.

2002 Residential - 4 Stories

2003 Residential - 11 Stories Lower Floor

2003 Residential - 12 Stories

2003 Residential - 11 Stories Upper Floor

2004 Retail - 2 Stories

2006 Cinema and Residential 2 Stories

The air rights constraint posed particular problems in design.

Most of the designs feature very small footprints on the first floor in order to preserve much of the surface-level parking. This created very tall buildings on the site that had no relation in scale to their surroundings. Other proposals included residential buildings that backed up against the train tracks. Ideally, residential units should be buffered from infrastructure such as railways and highways.

The hierarchy of parking is evident in all of the previous proposals. The parking structure figured prominently on the site. No attempts were made to shield neighboring residents and pedestrians from its bulk. According to these designs, Squantum residents facing the site would be condemned to a view of a massive parking structure across the way. Even though parking was a major consideration in these plans, a large middle section of the site was not built up and was left for additional surface parking.

Uses were also inappropriate for the surrounding community.

Many of the proposals brought in high-density residential or commercial uses that provided no services for existing neighbors. The movie theater plan saw its demise mainly because current residents saw it as a use that would solely serve to bring in outsiders and aggravate congestion without sufficient mitigation or attention to community needs or concerns.

Our design resolves many of these issues by incorporating appropriate uses and scale as well as the provision of tangible benefits to the surrounding community.

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Previous Proposals for the Site

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Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Site Strategies

18

North Quincy Crossing

Developing the Community Edge

Due to the restrictions imposed by the rail line, our site possesses only one shared street edge with the community. By folding the building forms deep into the site, our scheme lengthens this edge, developing a more interesting character for the street and significantly increasing the amount of public open space available to the community. A secondary set of folds creates courtyards along the buildings’ back faces, providing a semi-public space for the development’s residents.

With its main entrance facing Squantum Street, Squantum Place mirrors the existing residential surroundings on Squantum. Moreover, Squantum Place’s close proximity to the T-station entrance makes the residence transit friendly and particularly accommodating to elderly and disabled residents. Because Squantum Place is targeted at families with children, it is built on the portion of the site closest to the schools.

Hancock Heights, however, is designated to lie in the triangular portion of the site. The building fronts the smaller Sagamore Street to reference the Atlantic neighborhood across the bridge.

We know that this street is a common shortcut under the bridge for Atlantic residents. Hancock Heights is designed so that there will be no housing along the railway. Its design provides residents with the essential peace and quiet of a home while still maintaining close proximity to the train.

All street frontages along Hancock Street were reserved for the commercial/retail portion of North Quincy Crossing. Not only does this maintain the residential feel of Squantum Place and Hancock Heights, but will entice profitable vendors to rent space in North Quincy Crossing. By directly facing Hancock Street, the commercial development reflects the commercial character that the existing restaurants (i.e., Panera, Applebee’s) already create along the street.

The 3-story parking garage is built on the southwest portion of the site, hidden from the view of passersby and users of the development. The garage lies between Squantum Place and Hancock Heights to provide residents with easy access to parking; however, residents of both buildings will be shielded from a view of the parking garage. Furthermore, since the garage will house 497 new parking spaces, the garage’s central, southwest location on the site will provide additional commuters with convenient access to the T-station entrances and bus connection area.

Greening North Quincy

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Bird’s Eye View of Site

North Quincy Crossing 19

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Program Mix

20

North Quincy Crossing

Transit-oriented, Mixed-use, Mixed-income

North Quincy Crossing presents an aggressive but feasible proposal converting a currently underutilized transit-related commuter parking lot into an innovative transit-oriented development. After completion of a three-phase development timeline, North Quincy Crossing will include: 214 new housing units of which 101 will be subsidized units with different levels of income-based affordable rents; 116,000 gross square feet of commercial/retail space; 250,000 square feet of open space; and 1,200 parking spots. Our financing plan draws from a range of private equity, debt, and grant funding sources, geared towards a development plan that achieves the following goals: (1) A mix of unit types that cater to the living needs of various family sizes and individual residents; (2) Over 47 percent of units of all residential types are affordable to low and moderate-income families; (3) 125,000 square foot open-air, garage-top sports fields available for use by the adjacent public high school and other community organizations; (4) Commercial space programmed for a mix of uses that serve residents, neighbors, and office workers and activate the site throughout the day; (5) A model of sustainable development, that supports the MBTA system’s regional success, while creating a strong transit-oriented center of activity; (6) Providing Asian CDC with the opportunity to engage with the North Quincy community at-large, and specifically the area’s Asian population, beginning a relationship that supports their mission in the community, while also providing Dickinson Development with a fair market development opportunity.

Overall Program Residential Squantum Place Market Rate Affordable Total Units Parking Spots

Units

Gross Sq. Ft

32 48 80 32

79,463 115,718 195,181

49,380 71,910 121,290

Hancock Heights Market Rate Affordable Total Units Parking Spots

81 53 134 83

128,086 81,444 209,530

80,325 51,075 131,400

Total Residential Total Market Total Affordable Total Residential Units Total Parking

113 101 214 115

207,549 197,162 404,711

129,705 122,985 252,690

Gross Sq. Ft 94,871 21,015 115,886

Net Sq. Ft 85,384 18,914 104,297

Gross Sq. Ft 445,506 14,702 460,208 43,564 60,927

Net Sq. Ft 200,000 6,600 206,600 13,200 23,000

Retail Market Rate Commercial Space Below Market Community Space Total Retail Parking MBTA Spots Additional Spots Structured Garage Retail Parking Residential Parking

Units 1,000 33 1,033 66 115

Total Parking

1,214

Open Space Public Plaza Playing Field Squantum Place Yard Hancock Heights Yard Total Open Space TOTAL TOTAL (less parking & Open Space)

564,699 Gross Sq. Ft 62,123 124,666 27,312 33,806

Net Sq. Ft

242,800 Net Sq. Ft NA NA NA NA

247,907

247,907

1,539,803 520,597

1,307,902 356,987

Residential Composition The project’s residential units are located in two L-shaped buildings, which anchor the southeastern and northwestern edges of the site. Overall, approximately 47 percent of the 214 units at North Quincy Crossing are affordable rental units. In total, the two buildings combined offer (35) 1-bedroom, (149) 2-bedrooms, (4) 3-bedroom duplexes and (26) 4-bedroom duplexes. Table 2 contains a detailed breakdown of the unit mix for the two buildings.

Squantum Place, located along Squantum Street, on the southeastern edge of the site, contains approximately 80 residential units and is comprised of approximately 60 percent affordable units. Of the 80 units, 32 are market rate units while 48 affordable units, 10 of which are Section 8 project-based units.

The building’s residential units have 1-bedroom and 2-bedroom single story layouts and 3- and 4-bedroom duplex layouts.

Included in the building are 32 dedicated residential parking spots, first floor retail catering to Squantum Place’s resident needs, and a central courtyard green space offering families a safe place to recreate.

Hancock Heights is the second residential building within North Quincy Crossing, located at the northwestern edge of the site.

The 134-unit Hancock Heights building is comprised of 1- and 2-bedroom single floor units. Approximately 40 percent of the units in Hancock Heights are affordable units. The bottom floors of the building are retail spaces that will accommodate a gym and healthy eating establishments.

Commercial/Retail Composition We have programmed for approximately 116,000 gross square feet of retail throughout the whole project site, strategically located in areas that serve the needs of the on-site residents, along with being in locations that help activate spaces used by

The street front retail along Hancock Street contains two levels of commercial units, in which first floor spaces will be destination retail while second story spaces will cater to small offices and community uses, with some units being rented on a permanent basis by the neighboring high school or other community groups.

Two of the Hancock-oriented retail spaces will serve as anchor sites for the project, offering two-storied spaces for large regional tenants that will attract strong retail traffic.

Parking Element The site is currently the location of approximately 850 parkand-ride transit parking spots for the North Quincy T Station.

A requirement of the development’s land use agreements with the MBTA is to provide an additional of 1,000 spots for T-related parking, increasing the station’s regional system role as a commuter station.

Overall, there will be 1,214 parking spots at North Quincy Crossing, distributed between 1,033 spots located in an elevated structured parking garage that contains the T-related parking and ancillary site parking needs, 32 spots dedicated to Squantum Place residents, 83 spots dedicated to the residents of Hancock Heights, and 66 kiss-and-ride and short-term surface parking spots. Any increased parking needs that might result from successful retail traffic, or heightened residential needs can be accommodated through shared use parking arrangements with the T-related parking.

Open Space Elements North Quincy Crossing brings a unique and ample amount of open space to what has been for many years a large swath of unusable asphalt. At the heart of North Quincy Crossing is a 62,000 square foot public plaza, located in front of the main entrance to the train platform, and designed to be surrounded by retail uses while also serving as the site’s bus drop off area. The plaza will be an informal activity space for local residents, while also serving as a venue for organized activities like concerts, art fairs, and farmers markets.

Additional open space has been designed and programmed in relation to each of the Crossing’s residential communities.

Hancock Heights has 34,000 square feet of open green space located in back of its buildings, and Squantum Place has 27,000 square feet of open green space in the form of a central courtyard around which its building is wrapped.

The roof of the parking garage is the site of a 125,000 square foot area programmed for sports and recreational fields and a field house. We envision the field will be an artificial turf rented on a permanent basis by the high school for its sports activity needs, while other community groups and local recreation leagues will also have arrangements for times to use the fields.

Family Oriented Residential

T-Stop

Community Center and Day Care High School Classrooms and Offices

Playing Fields Family Orien Residential

Field House

T-Stop Green Space

Gym

Community Residential Commercial

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

transit commuters and pedestrians. Service-related retail located near the MBTA train platform’s entrance will provide commercial activity geared towards daily commuters, while destination retail along Hancock Street and neighborhood-oriented retail along Squantum Street will contribute to the Crossing’s attraction as a center of local activity.

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Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Site Plan

22

North Quincy Crossing

Level 0 Plan

HANCOCK STREET

HANCOCK HEIGHTS LOBBY

RESIDENT PARKING

COMMERCIAL PARKING AND KISS & RIDE

GRO

UND

LEVE

L CO M

MER

CIAL

GYM

M STREET

RESIDENT PARKING

SQUANTU

MBTA PARKING

SQUANTU M PLACE BASEMEN T LEVEL

T STO P ENTR ANCE

HANCOCK STREET

LEAS

ED C

OMM

GYM

UNIT

Y SPA

CE

COMMUN ITY CENT ER AND DAY CARE

MBTA PARKING

SQUANT UM PLAC E FAMILIY UNITS GROUND FLOOR CO MMERCIA L

HTS HEIG OCK OMS C N A H O BEDR 1&2

T STOP ENTRANCE

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Level 1 Plan

23

24 North Quincy Crossing M STREET

COMMUNITY PLAYING FIELDS

SQUANTU

SQUANT UM PLAC E FAMILIY UNITS

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Site Plan

Level 3 Plan

HANCOCK STREET

S IGHT K HE S C O C HAN EDROOM B 1&2

FIELD HOUSE

Offering athletic facilities and open space to North Quincy High students and residents The North Quincy Crossing parking garage’s large site footprint reduces the flexibility of land use layouts that can be developed on our site, and the design of the garage’s rooftop as a series of sports and recreation fields is an initial response to these site constraints. However, the primary programming drive for the rooftop fields is to increase the project’s interconnectivity with the North Quincy area’s resident needs.

The fields will allow North Quincy High School to reallocate its sports activities from the existing interspersed neighborhood playing fields students play on now to these newly engineered

playing fields located right across from the school. The Hancock commercial frontage will include an official field entrance that will provide elevator access directly to the rooftop. The fields will also be leased to local community recreational groups and sports leagues.

The activation of the parking garage rooftop helps reduce the negative aesthetics of a flattop garage roof visible by the surrounding buildings’ residents. The artificial playing surfaces will also increase the sustainable qualities of the site by reducing the amount of heat reflection coming off of rooftop surfaces.

North Quincy High School Playing Fields

Field House

High School Classrooms and Offices

Commercial

Hancock Street

0

20 ft

40 ft

80 ft

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Rooftop Playing Fields

25

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Public Plaza

26 North Quincy Crossing

North Quincy Crossing 27

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Squantum Place

28

North Quincy Crossing

Family oriented building featuring two and three-bedroom apartments in an intimate cluster arrangement In keeping with the single family residences located across Squantum Street, we designed this building to cater to family living. Two, three, and four-bedroom apartments allow for a diversity of family arrangements and an open courtyard in the rear of the building provides a safe place for children to play. A unique cluster arrangement allows for a more intimate, neighborly community. Community services in the base of the taller tower will provide activities and services for all members of the family.

The building is divided into three sections, separated from each other by stair halls and each clustered around a small elevator lobby. Along Squantum, the front half of the building consists of small-scale retail stores which define the street face and provides services to both building and neighborhood residents.

Within this longer block, two residential entries are set back into the mass of the building. The entry leads into a small lobby flanked by two-bedroom apartments on the courtyard face. By setting these entries back, we broke up the building’s longest facade, allowing light deeper into the building to illuminate the corridor.

On the floors above this entry space is occupied by a small winter garden, shared among each floor’s residents. The four floors above are occupied by duplex apartments clustered in groups of six. We think this smaller grouping of apartments will provide a safe and communal feel to the building, more suitable to growing families. The three and four bedroom apartments that form these clusters permits large or extended families to find comfortable and convenient housing. Additionally, the duplex arrangement allows for a more efficient use of space, as the areas that would ordinarily be used for circulation on the third and fifth floors can actually be turned over to residential occupation.

The ground floor of the taller section at the corner of Hancock and Squantum Streets is occupied by a community center with day care facilities. These facilities have access onto the rear courtyard, providing children with a safe place to play away from the street, and activating what would otherwise be a dead part of the site during the day.

Duplex apartments occupy the second through fifth floors of this building. Geared towards younger couples and families, floors six and seven have the character of a more typical apartment building, with two bedroom apartments flanking a double loaded corridor. One end unit on the fourth floor of this building is removed to make way for a small athletic facility, providing a link to the field house and playing fields on the roof of the garage next door.

In the basement of all three sections, residents can access laundry and storage facilities. Garage access is also available on this level. Within the MBTA’s structured parking facility, we have sectioned off a private parking area for the building’s occupants, available by card access.

Squantum Place Unit Mix Squantum Place Affordable Units Section 8 Units Market Rate Total

1-BR 4 4 0 8

2-Br 20 2 20 42

Duplexes Percent 3-Br 4-Br Total Affordable 4 10 38 60% 0 4 10 0 12 32 4 26 80

North Quincy Crossing 29

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Squantum Place

30

North Quincy Crossing

Two Bedroom Duplex Commercial Community Green Space

0

20 ft

40 ft

80 ft

Ground Floor

Second Floor

Duplex Commercial Community Green Space

0

20 ft

40 ft

80 ft

Third Floor

Fourth Floor North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Two Bedroom

31

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Hancock Heights

32

North Quincy Crossing

A building featuring one and two-bedroom apartments targeted to young couples and singles Hancock Heights introduces a new opportunity in Quincy for singles and couples whose community interests and needs overlap with those of families, but are sometimes overlooked in outer-metropolitan development. Drawing on the energy and convenience of the public transportation immediately available on the site, Hancock Heights provides a comprehensive set of amenities and services – such as a large gym, a well-being center, a variety of restaurants, access to outdoor recreational facilities, and extensive lawn – aimed at both young professionals who might otherwise settle closer to the city, and those already living in Quincy.

The building itself mitigates the multiple activities and orientations on the site, aligning at its upper floors with garage and commercial structures, while cutting back from the plaza at the ground level to increase sheltered public space for both community and commercial uses. Here, outdoor cafes overlook the sunken plaza and commercial pedestrian traffic is set apart from the commuting rush hour traffic moving across the plaza at peak hours. This provides the building with ownership of active public space, while providing some separation from the hurried traffic of non-residents.

This setback at the plaza level furthers the overall site concept of increasing community edges to create spaces of interaction and increased public potential. This advantage of the increased edge is articulated at the private scale in all the building unit plans through the L-shaped balcony.

This unconventional feature allows for a somewhat private outdoor space between the living room and bedroom, which connects to the balcony along the façade, allowing for additional connection between living spaces in warm seasons. The deep balcony space also breaks up the face of the building façade,

creating shadows of varying depth which reduce the overall reading of the building as a massive form, minimizing its visual impact on the surrounding neighborhood.

The main entrance of the residential building is located toward Hancock St., while a covered core of vertical circulation connects each floor directly to both the covered parking lot and the T-station itself, a convenience for residents and gym members during snowy winter months.

An expansive lawn above the parking area allows for flexible, much-needed green space, connecting directly to both the lower-level balconies of north side units and to the second floor of the gym, providing opportunity for outdoor exercise classes and private community functions. The spirit of integrated outdoor space is further articulated in the rhythm of terraces which overlook these areas, as well as the larger outdoor space on the roof of the lower building bar, which may be used for outdoor parties and potentially a resident-advocated green roof.

Overall, Hancock Heights contributes to the diversity of the Quincy Crossing Project and the larger community as a starting point for a young a vibrant user group, both bringing together current Quincy residents and providing space for new residents to establish roots.

Hancock Heights Unit Mix Hancock Heights Affordable Units Section 8 Units Market Rate Subtotal

1-BR 10 4 13 27

2-Br 30 9 68 107

Duplexes Percent 3-Br 4-Br Total Affordable NA NA 40 40% NA NA 13 NA NA 81 NA NA 134

North Quincy Crossing 33

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Hancock Heights

34

North Quincy Crossing

One Bedroom Two Bedroom Commercial Community Green Space

Ground Floor 0

20 ft

40 ft

80 ft

Second Floor

Two Bedroom Commercial Community Green Space

Third Floor 0

20 ft

40 ft

Fourth Floor

80 ft

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

One Bedroom

35

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

One-Bedroom Units

36

North Quincy Crossing

These light-filled apartments offer a simple living space for singles and couples.

The one-bedroom unit offers a flexible space for living, working, and entertaining. Upon entering from the corridor, the occupant is met with a view out on to the balcony and to the cityscape beyond. The entry is placed adjacent to the kitchen, which is separated from the living room by a half wall and a spacious countertop. The living room can accomodate a typical furniture arrangement, or can be customized to incorporate a small home office.

From the entry, one can also choose to turn into the private wing of the apartment, which includes a storage closet, a full bath, and a bedroom with closet. The L-shaped balcony, which maximizes the surface area of exterior surfaces, can be accessed from the living area or the bedroom area, and allows light to fill the whole apartment.

We employed a modular grid in the creation of our units, and this unit’s layout is the basic building block of all others. This modularity allows for an efficiency in construction and allows the units to aggregate in a simple and standardized fashion. In designing the units, we were careful to place the bathrooms and kitchens in consistent location so as to concentrate the placement of wet walls, therefore reducing costs during construction.

The apartments have a constant depth of thirty feet from the front door to the far wall, which permits all regularly occupied spaces access to light. The one-bedroom unit is twenty-five feet from side wall to side wall.

Bedroom Storage/Utility Shared Space 0

5 ft

10 ft

20 ft

Bathroom

This unit builds upon the one-bedroom module to include an extra bedroom, a dining nook, and an expanded balcony.

As in the one-bedroom unit, the occupant entering the apartment is first met with a view through the glass wall of the balcony and to the vista beyond. Like in a single family home, the entry is placed at the heart of the family’s communal space - the kitchen and eating area. When entering the main door, one enters into the space between the kitchen area and the dining nook. The kitchen is spatially connected to the living room but separated by the countertop.

Bedroom Storage/Utility Shared Space Bathroom

0

5 ft

10 ft

20 ft

In order to enter the private wing of the house, one circulates in a hallway around the dining nook that goes to the two bedrooms and the full bathroom. The slightly larger bedroom is intended to be the master bedroom, and the smaller could be used for children, a roommate, or an aging parent. The L-shaped balcony is accessible from the living room and the two bedrooms, and admits abundant natural light to those spaces.

This unit is shaped by adding one modular bay to the basic onebedroom unit. Like the smaller apartment, this unit is thirty feet from front door to back wall. The ten-foot module, calibrated to allow for an extra bedroom, is added to the side wall of the onebedroom, and creates additional spaces for the increased family size, including the dining nook.

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Two-Bedroom Units

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Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Duplex Units Designed for maximum flexibility, these family units incorporate visual connections and rich spatial layering.

The duplex units of the East Building are arranged in small clusters around cores. When exiting the elevator, the occcupant is not confronted with a hotel-like double loaded corridor, but rather with an intimate cluster of a few front doors. By using duplexes, we hoped to create an atmosphere like a single family home within an efficient and cost-effective apartment building.

The duplex also allows for an inventive use of space within the overall building: on entry floors, much of the floor plate is consumed by hallway space, but on non-entry floors, that space can be taken over by the apartments.

Because of the variation in the overall floor plate, including placement of fire stairs and elevators, the duplexes vary in size and shape. There are both three and four-bedroom units, though this page describes the more common four-bedroom type. Entry, as in the other two-unit types, allows the occupant to immediately view the balcony ahead. The main door opens into a double height space that allows for a visual connection to the landing above.

The first floor contains a bathroom, a coat closet, a large open kitchen, living/dining space, and a bedroom. This entry-floor bedroom may be used by an aging parent, who may be unable to climb stairs.

The second floor includes a master bedroom with balcony access, two smaller bedrooms, two bathrooms, and a laundry/ storage room.

Bedroom Storage/Utility Shared Space Bathroom 0

38

North Quincy Crossing

5 ft

10 ft

20 ft

North Quincy Crossing 39

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

LEED Certification

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North Quincy Crossing

By implementing sustainability strategies at all scales of the project, North Quincy Crossing can achieve LEED Gold certification.

Our project encourages use of public transportation by creating a vibrant plaza fronting the T stop, by offering sufficient car parking and bicycle storage for commuters, and by establishing a commercial and community center at the previously existing T stop.

We hope to employ a number of sustainability strategies in our project, including use of green roofs on top of the residential buildings, water collection for landscape uses, more efficient and environmentally friendly energy systems, recycled, local, and rapidly renewable construction materials, and careful attention to issues of indoor air quality. Not only will these strategies help our building to have a smaller negative impact on the local and global environment, but they will also help to improve quality of life for the people living in and using these buildings.

LEED Point Calculation Sustainable Sites Water Efficiency Energy & Atmosphere Materials & Resources Indoor Environmental Quality TOTAL

10/14 points 4/5 points 7/17 points 6/13 points 14/15 points 41/69 points

Pre-Certification Estimates:

LEED Gold

Following is a LEED Checklist and a brief explanation of how we aim to meet each credit. While we currently estimate that we will attain LEED Gold, our point calculation is, of course, based on assumptions and conjectures; our project might also score within the Silver range.

Modular Construction While LEED does not specifically address modular construction, we found that it could offer a number of benefits, including environmental advantages. Modular construction is being used for the construction of Hancock Heights, primarily because the phasing of our site’s development results in Hancock Height being the last section of the site to be developed, leaving little area for construction staging. Modular construction provides us with an efficient construction method that helps reduce the amount of staging area needed.

However, modular construction also brings other added benefits to our development project: (1) Modular construction increases the efficiency of building processes by developing building components in a controlled and regulated factory environment, thus shortening overall construction timelines. Shorter development timelines help alleviate the burden of construction financing and allow revenuegenerating operation to begin sooner.

(2) The controlled factory environment also helps reduce overall materials and labor costs, thus lowering the total project development’s cost, and in the case of affordable housing projects these cost savings make the project feasible despite lower revenue streams.

(3) Current modular building technologies are capable of constructing buildings around 10 stories high, as a result of the need for crane heights to be able to successfully position modular pieces, and thus Hancock Height’s 7 stories should not be a problem for the technology.

The use of modular construction will also help ensure the strength of our subsidy applications as it gives our project a unique approach in the development of affordable housing.

MHP and DHCD have been working on modular housing infill programs throughout the state, and thus a project like North Quincy Crossing would support a similar initiative that MHP and DHCD would be excited to financially support. Modular built housing presents an innovative, low cost, efficient, and reliable construction method that can help promulgate the successful development of affordable housing throughout the state.

Prereq 1

Construction Activity Pollution Prevention

In order to reduce and control waterway sedimentation, soil erosion, and airborne dust generation, we plan to create and implement an Erosion and Sedimentation Control Plan for the construction activities associated with all parts of the project.

Our ESC Plan will conform to both local standards and codes, as well as the relevant EPA Construction General Permit. The phasing of the construction of the project will result in phased site disturbance, and will require modifications to the ESC suitable to each stage.

Credit 1

Site Selection

Our project is being developed on a site previously occupied by a paved surface parking lot and a number of small buildings. It does not violate any of the following prohibited criteria: development on prime farmland; on previously undeveloped land lower than 5 feet below floodplain; on land that is habitat for endangered species; on land within 100 feet of wetlands; on previously undeveloped land within 50 feet of a water body; on land that was formerly public parkland.

Credit 2

Development Density & Community Connectivity

Our project satisfies both Option One for Development Density and Option Two for Community Connectivity. The first option requires that our project reach a density based on a typical two-story downtown development. The second option requires that we develop our project on a previously developed site and within a half mile of a residential zone with an average density of 10 units per acre. The second option also requires that our project is located within a half mile of at least 10 basic services and is connected to those services with pedestrian access.

Our project has access to the following, most of which are located within the project: convenience grocery, day care, cleaners, fire station, hardware, laundry, pharmacy, restaurant, school, and fitness center.

Credit 4.3

Alternative Transportation – Fuel-Efficiency

Credit 4.4

Alternative Transportation – Parking Capacity

Credit 6.1

Stormwater Design – Quantity Control

Credit 6.2

Stormwater Design – Quality

Our project includes preferred parking for low-emitting and fuel-efficient vehicles for 5% of the total parking capacity. The site includes about 1600 parking spaces; 80 spaces on the first floor are designated as preferred parking.

Our project provides preferred parking for carpools. The site includes about 1600 parking spaces; 80 spaces on the first floor are designated as preferred parking.

Because the existing site is more than 50% impervious, our project will satisfy Option 2, which requires that we implement a stormwater management plan that results in a 25% decrease in volume of stormwater runoff from a two-year 24 hour design storm. We will promote infiltration through the use of vegetated roofs and pervious hardtop surfaces. We plan to collect stormwater for non-potable uses throughout the project.

We plan to create and implement a stormwater management plan that reduces impervious surfaces, promotes infiltration, and captures and treats the majority of stormwater runoff. We will accomplish this through the use of alternative surfaces, including vegetated roofs and pervious hardtop, which will reduce imperviousness, promote infiltration, and reduce pollutant loadings.

Credit 7.1

Heat Island Effect – Non-Roof

Our project meets the criteria of Option 2. The vast majority of our parking spaces are under cover. We plan to shade constructed surfaces and utilize high-reflective surfaces; most of the exposed constructed surfaces of the project will feature vegetated or turf roofs that will reduce heat absorption.

Water Efficiency

significant, long-term financial and environmental savings. According to our rough estimates, we will meet the 30% reduction of water use. See table below for predicted usage.

Energy & Atmosphere Prereq 1

Fundamental Commissioning of the Building Energy Systems

In order to verify that the building’s energy systems are installed, calibrated, and perform according to the project requirements and constructions documents, we are required to commission the building’s energy systems. This process includes: the designation of an individual as a Commissioning Authority; the creation of documents describing the owner’s project requirements and the basis of design; the development and implementation of a commissioning plan; and the completion of a summary report.

Prereq 2

Minimum Energy Performance

Prereq 3

Fundamental Refrigerant Management

Credit 1

Optimize Energy Performance

Credit 3

Enhanced Commissioning

Enhanced Refrigerant Management

We are required to design the building to comply with the mandatory provisions and prescriptive requirements of ASHRAE/IESNA Standard 90.1-2004.

We are prohibited from using any CFC-based refrigerants in the building’s HVAC&R systems.

This section awards up to 10 points based on percentage improvement of proposed building energy performance. Because it is not feasible for us to make any accurate prediction about our project’s baseline and adjusted energy usage, we estimate that we will score 3 out of 10 points. We will achieve this 17.5% improvement in energy performance using the following practices: the selection of a more efficient building envelope and appropriate HVAC system, optimization of the building form to account for daylighting, use of compact fluorescent bulbs instead of incandescent, installation of Energy Star appliances, use of operable windows to allow for non-mechanical ventilation and cooling in the summer, and through reduced roof heat gains from green roof technology.

Credit 1.1

Water Efficient Landscaping – Reduce by 50%

Because our site has been used as a transit stop for many years, it is necessary to perform some remediation at areas immediately adjacent to the train line.

We plan to limit the use of potable water for landscape irrigation on the site. We plan to use captured rainwater and recycled wastewater along with high-efficiency equipment.

Credit 4.1

Credit 1.2

Water Efficient Landscaping – No Potable Use

Because we have a relatively low ratio of planted areas to overall surface area, we plan to use only captured or recycled water for landscape irrigation.

We plan to execute an enhanced commissioning process by beginning early in the design process and by performing additional commissioning tasks after initial systems performance verification is completed.

Credit 3.1

Water Use Reduction – 20% Reduction

Credit 4

Credit 3.2

Water Use Reduction – 30% Reduction

Credit 3

Brownfield Redevelopment

Alternative Transportation – Public Transportation Access

Our project includes a subway station and a number of bus stops, and its design is meant to facilitate and encourage use of public transportation.

Credit 4.2

Alternative Transportation – Bicycle Storage

Our project includes secure bicycle storage and shower and changing facilities for the public. Bicycle storage is located at the T entrance within the commercial zone and at entrances to the residential buildings.

See Below

We plan to incorporate high-efficiency fixtures into all bathrooms in the project.

While these fixtures may have a slightly higher cost initially, they will result in

We plan to select refrigerants and HVAC&R that will minimize the emission of compounds that lead to global warming and ozone depletion. Building management will maintain equipment to prevent leakage of refrigerants.

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Sustainable Sites

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Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

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LEED Certification

Credit 5

Measurement & Verification

Credit 6

Green Power

For one year following building occupancy, we will implement a measurement and verification plan to evaluate the building’s energy performance.

We plan to engage in a renewable energy contract that will provide at least 35% of the building’s electricity from renewable sources. In the state of Massachussetts, we can select a certified power provider for our electricity purchases.

Massachusetts Electric offers a number of different options for this program, including power generated from biomass, hydroelectric, wind, and solar.

Materials & Resources Prereq 1

Storage & Collection of Recyclables

We are required to provide a space in our project for the collection and storage of recyclable materials. In the residential buildings, this takes place on the building’s service level. In the commercial spaces, this takes place at the rear alley.

Credit 2.1 Credit 2.2

Construction Waste Management – Divert 50% from Disposal Construction Waste Management – Divert 75% from Disposal

We plan to recycle and/or salvage at least 75% of non-hazardous construction and demolition. This will be accomplished by developing a construction waste management plan that identifies suitable materials and places them at an appropriate on-site storage area. This can be accomplished at a very low additional expense, and is now common practice among many construction companies.

Credit 4.1

Recycled Content – 10% (post-consumer and ½ pre-consumer)

We plan to use building materials with recycled content such that the sum of post-consumer recycled content plus one-half of the pre-consumer content is 10% of the total value of materials in the project. We plan to achieve this goal through the use of recovered materials in the concrete used extensively in the project (including coal fly-ash, GGBF slag, or cenospheres), through the use of recycled rubber flooring for some parts of the project, through the use of recycled steel for reinforcement, and through the use of insulation material composed partially of recycled slag or post-consumer paper products.

Credit 5.1 Credit 5.2

Regional Materials – 10% Extracted, Processed & Manufactured Regionally Regional Materials – 20% Extracted, Processed & Manufactured Regionally

We plan to use building materials that have been extracted, harvested, recovered, or manufactured withing 500 miles of North Quincy. At least 20% of the total

North Quincy Crossing

cost of materials will be dedicated to these materials. Some examples of these materials include: granite from quarries in New Hampshire, recycled steel from Nucor in New York, recycled content drywall from National Gypsum in Pennsylvania, and recycled content fireproofing from W.R. Grace & Company in Massachusetts.

materials, we can limit the quantity of irritating, odorous, and harmful substances that may negatively affect the health and well-being of building occupants and users.

Credit 5

Indoor Chemical and Pollutant Source Control

We plan to use rapidly renewable materials in the finishing of our residential units, including bamboo and cork flooring.

We plan to minimize exposure of building occupants to potentially harmful particulates and pollutants in the air. We plan to use under-foot entryway systems at major building entry points that will capture dirt and particulates as occupants enter. We also plan to use sufficient exhaust systems in areas including the garage and laundry areas.

Indoor Environmental Quality

Credit 6.1

Controllability of Systems – Lighting

Credit 6.2

Controllability of Systems – Thermal Comfort

Credit 6

Rapidly Renewable Materials

We plan to provide individual lighting controls (including dimmers and task lighting) for building occupants, thus enhancing user comfort and potentially decreasing energy usage from lighting.

Prereq 1

Minimum IAQ Performance

Prereq 2

Environmental Tobacco Smoke Control

We plan to prohibit smoking in all common areas of the residential buildings and to prohibit smoking in all parts of the commercial and community spaces.

Through the use of operable windows and communal space comfort system controls, we plan to provide a high level of thermal comfort to building occupants.

Credit 1

Outdoor Air Delivery Monitoring

Credit 7.1

Thermal Comfort – Design

Credit 7.2

Thermal Comfort – Verification

Credit 8.1

Daylight & Views – Daylight 75% of Spaces

Credit 8.2

Daylight & Views – Views for 90% of Spaces

Our project is required to meet the conditions of ASHRAE 62.1-2004 Ventilation for Acceptable Indoor Air Quality.

Because of the inclusion of a large parking component in the project, it is particularly important that we monitor carbon dioxide concentrations at particular points on the site. We will install some monitoring systems that provide feedback on ventilation systems performance to ensure that they meet minimum ventilation requirements.

Credit 3.1

Construction IAQ Management Plan – During Construction

We plan to reduce indoor air quality issues that result from the construction process. We will accomplish this goal by developing and adopting a Management Plan that meets relevant standards and by avoiding contamination of absorptive materials, including insulation and gypsum wallboard.

Credit 3.2

Construction IAQ Management Plan – Before Occupancy

We plan to develop and adopt a post-construction Management Plan that requires a flush-out during the pre-occupancy phase.

Credit 4.1 Credit 4.2 Credit 4.3 Credit 4.4

Low-Emitting Materials – Adhesives Low-Emitting Materials – Paints & Coatings Low-Emitting Materials – Carpet Systems Low-Emitting Materials – Wood & Agrifiber Products

We plan to meet the requirements of these four credits by reducing the amount of indoor air contaminants related to these products. By choosing appropriate

We intend to design both the project’s building envelopes and HVAC system to meet the requirements of ASHRAE Standard 55-2004, Thermal Comfort Conditions for Human Occupancy.

We plan to carry out a survey of building users and occupants within a period of 6 to 18 months after occupancy in order to assess the success of building thermal comfort systems.

Our project will achieve a goal of providing natural light to 75% of regularly occupied spaces (defined as excluding bathrooms and storage rooms in residential units). We will do so through the use of building orientation to minimize shadows cast on glazed spaces, through the use of shallow floor plates, and particularly through the use of increased building perimeter.

We will provide a visual connection between the interior and exterior by providing views to the outside from 90% of regularly occupied spaces in all parts of the project. We will do so through the use of shallow floor plates, increased building perimeter, and through low partition heights in shared spaces within residential units.

Land Acquisition and Project Phasing

Construction on the site will begin within one year of the predevelopment phase commencing. Construction has been scheduled to occur in three phases. The motivations for the project development’s phasing are:

The North Quincy Crossing predevelopment design and acquisition processes will begin with a thorough community outreach process, during which the needs, concerns, and site interest of the surrounding and affected community will be gauged, with the intent of guiding the final design of the site.

(4) On-site construction staging needs are taken into account in the phasing strategy by scheduling construction from Squantum Street inwards through the site, so that the site can serve as the staging area most of the time without negatively encroaching on surrounding areas.

(1) Reduce the negative noise and traffic impact on the community that would result from building on the whole site all at once.

Land acquisition processes will involve finalizing the land lease arrangements with the MBTA and acquiring the ancillary privately owned parcels located in the southeastern corner of the development site, along with offering the existing McDonald’s tenant the opportunity to continue their lease within one of our comparable commercial units. It is anticipated that the land entitlement work, coupled with financing and contractor preparation work, will take one year to complete.

(5) Construction of Hancock Heights using modular building technologies ensures that the 6-month build time for the building is realistically achievable.

(2) Provide the community with affordable family housing as soon as possible by developing Squantum Place in the first phase of development.

(6) The playing fields located atop the parking garage will be completed in the second phase, so that they are ready for use by the community as soon as possible.

(3) Reduce the negative impact on MBTA commuter ridership by providing surface parking on unbuilt portions of the site during the first phase of construction.

Project Development Schedule

Predevelopment Site Control Community Outreach Design Contractor Negotiations Permitting Financing Applications Site Acquisition Construction Site Preparation Work Phase I: Squantum Place Phase II: Parking Garage Phase II: Playing Fields Phase II: Commercial Phase III: Hancock Heights Absorption Squantum Place Hancock Heights Commercial/ Retail

Start Date

End Date

Duration

May 2008 May 2008 May 2008 July 2008 July 2008 Oct 2008 April 2009

June 2008 July 2008 Oct 2008 Oct 2008 Feb 2009 May 2009 May 2009

2 months 6 months 6 months 5 months 8 months 8 months 2 months

June 2009 June 2009 March 2010 July 2010 March 2010 Sept 2010

Sept 2009 Feb 2010 June 2010 Aug 2010 June 2010 Feb 2010

4 months 9 months 4 months 2 months 4 months 6 months

March 2010 March 2011 July 2010

Feb 2011 Feb 2012 Sept 2010

12 months 12 months 4 months

5

6

7

2008 8 9 10 11 12

1

2

3

4

5

2009 6 7

8

9 10 11 12

1

2

3

4

5

2010 6 7

8

9 10 11 12

1

2

3

4

5

2011 6 7

8

9 10 11 12

2012 1 2

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Project Delivery

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Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Financial Analysis

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North Quincy Crossing

Leveraging Private Equity with Grants and Debt Uses: Development Costs Subsidies The transit-oriented, mixed-use characteristics of North Quincy Crossing provide the basis for an intricate funding plan that takes into account the marketability, risk characteristics, and subsidy availability for each of the project’s uses. When determining the financial feasibility of a project, there are many assumptions that must be made and agreed upon by the different programmatic and investment stakeholders, and many numbers in our financial model are open to debate and should be considered a variable.

The inaccuracy of even one of our financial variables could potentially have a severe impact in changing the financial viability of our development project, albeit the viability could just as well be lessened as it could increase. All numbers should be rigorously and continually double checked and revised, but what we present here is the most accurate model we could establish at this point in our design and community outreach schedule.

The following is a discussion of our uses and sources for the development of North Quincy Crossing.

Total Development Cost for North Quincy Crossing Total Land Percent of Land Costs Per GSF Cost

$7,200,000

Hard Costs Contingency Subtotal Hard Costs Percent of Hard Costs Per GSF Cost

$79,964,734 $6,397,179 $86,361,913

Soft Costs Developer Fee & Overhead Contingency Subtotal Soft Costs Percent of Soft Costs Per GSF Cost

$20,285,369 $6,015,006 $1,014,268 $27,314,643

Total Development Costs Percent of Total Per GSF Cost

$120,876,556

$7.38

$88.57

$28.01

$90.67

The following are key highlights of the total development costs:

Hard Costs Overall hard costs will comprise 71 percent of the total development costs. An 8 percent contingency has been applied to all construction costs. A detailed table on the following page, contains a breakdown of the hard costs for each element of the project.

Land and General Project Costs Land costs include the $2.17 million payment involved with the 99-year lease negotiated with the MBTA for the use of their land, and acquisition costs of the exiting retail properties located along Hancock Street. There is also an assumed line item cost of $3 million meant to fund the traffic mitigation improvements required by the impacts our project will have on the surrounding streets.

The traffic mitigation budget is based on the cost-estimated improvements recommended for the site during one of Dickinson Development’s previous design proposals, and the developer has confirmed that mitigation needs should be the same.

Residential Hard costs for Squantum Place are $17.5 million and for Hancock Heights are $23.1 million. The per unit costs for Squantum Place is $275,000 for market rate units and $225,000 for affordable units. We are planning on utilizing modular construction for Hancock Heights and as such the per unit costs is significantly lower than that for Squantum Place, as a result of the cost reductions possible with the increased efficiency of modular construction techniques. Hancock Heights’ modular per unit construction costs are $170,000 for market rate units and $140,000 for affordable units.

Based on our development goals and program mix, we estimated that the project’s total development cost (TDC), including land acquisition, will total approximately $121 million or $91 per gross square foot, as indicated in the table below.

Residential

Retail

Parking

% of TDC

$3,725,843 52% $7.62

$1,847,273 26% $9.66

$1,626,885 23% $4.91

6%

$41,055,000 $3,284,400 $44,339,400 51% $97.44

$20,584,734 $1,646,779 $22,231,513 26% $116.27

$18,325,000 $1,466,000 $19,791,000 23% $59.74

66% 5% 71%

$10,831,019 $3,113,161 $541,551 $14,485,731 53% $31.84

$5,134,145 $1,543,133 $256,707 $6,933,985 25% $36.26

$4,320,204 $1,358,712 $216,010 $5,894,927 22% $17.80

17% 5% 1% 23%

$62,550,974 52% $137.47

$31,012,771 26% $162.19

$27,312,812 23% $82.45

100%

Commercial/Retail Retail will command a hard cost of $175 per square foot.

Parking Market rate construction costs will be $25,000 per spot. We anticipate that negotiations with the MBTA will result in a contractual arrangement through which they contribute a portion of the proportional hard costs for their portion of the parking spots. Thus, for the 1,000 MBTA spots the hard costs are underwritten at $15,000 per spot.

Soft Costs and Development Fee As indicated in the table on the following page, we anticipate soft costs to be about $27.5 million, approximately 23 percent of total development costs. Included in the soft costs is a 3 percent premium for LEED Gold project elements and development techniques. The developer fee and overhead is $6.02 million for the entire project.

Cost per Unit

Squantum Place Market Rate Affordable Parking Lobby Subtotal

Detailed Soft Costs for North Quincy Crossing Total

32 Units 48 Units 80 Units 15,000 gsf

$275,000 $125,000 $25,000 $45

$8,800,000 $6,000,000 $2,000,000 $675,000 $17,475,000

81 Units 53 Units 83 Spots 7,000 gsf

$170,000 $140,000 $25,000 $45

$13,770,000 $7,420,000 $2,075,000 $315,000 $23,580,000

115,886 gsf 104,297 gsf

$115 $60

$13,326,890 $6,257,844 $1,000,000 $20,584,734

1,000 spots 33 spots

$15,000 $25,000 $2,500,000

$15,000,000 $825,000 $2,500,000 $18,325,000

Hancock Heights Market Rate Affordable Parking Lobby Subtotal Retail Building Structure Build Out Public Plaza Subtotal Parking MBTA Spots Additional Spots Playing Fields Subtotal Contingency Total Hard Costs

8%

$6,397,179 $86,361,913

Soft Costs Architecture & Engineering Survey and Permits Clerk of the Works Legal Title and Recording Accounting & Cost Cert.

Marketing and Rent Up Real Estate Taxes Insurance Appraisal/Mkt Studies Construction Loan Interest Fees to: Construction Lender Fees to: MHP - SP Building Fees to: MHP - HH Building Fees to: HFS Fees to: Market Rate Loans Fees to: Bond Financing - Parking MIP Community Outreach LEED Premium Subtotal Soft Costs Developer Fee & Contingency Fee Overhead Contingency Subtotal Total Soft Costs

4.0% 3.0% 0.5% 2.0% 0.1% 0.1% 4.0% 0.4% 0.2% 0.10% 6.3% 0.6% 1.0% 1.0% $300

1.0% 1.0% 0.4% 0.5% 3.0%

of hard costs of hard costs of hard costs of hard costs of hard costs of hard costs of hard costs of hard costs of hard costs of hard costs of hard costs of hard costs of loan amount of loan amount per project of loan amount of loan amount of hard costs of hard costs of hard costs

4.0% of soft & hard costs 2.0% of soft & hard costs 5.0% of soft costs

Residential $1,642,200 $1,231,650 $205,275 $821,100 $36,950 $53,372 $1,642,200 $164,483 $78,952 $41,055 $2,565,938 $233,219 $17,777 $5,404 $600 $246,311 $246,311 $161,299 $205,275 $1,231,650 $10,831,019

Retail $823,389 $617,542 $102,924 $411,695 $18,526 $26,760 $823,389 $82,471 $39,586 $20,585 $1,286,546 $116,934 $0 $0 $0 $290,000 $290,000 $80,874 $102,924 $0 $5,134,145

Parking $733,000 $549,750 $91,625 $366,500 $16,493 $23,823 $733,000 $73,417 $35,240 $18,325 $1,145,313 $104,098 $0 $0 $0 $0 $266,000 $71,996 $91,625 $0 $4,320,204

Total $3,198,589 $2,398,942 $399,824 $1,599,295 $71,968 $103,954 $3,198,589 $320,372 $153,778 $79,965 $4,997,796 $454,251 $17,777 $5,404 $600 $536,311 $802,311 $314,169 $399,824 $1,231,650 $20,285,369

$2,075,441 $1,037,720 $541,551 $3,654,712

$1,028,755 $514,378 $256,707 $1,799,840

$905,808 $452,904 $216,010 $1,574,722

$4,010,004 $2,005,002 $1,014,268 $7,029,275

$14,485,731

$6,933,985

$5,894,927

$27,314,643

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Detailed Hard Costs for North Quincy Crossing

45

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

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Financial Analysis Sources: Construction Loan, Equity, Debt, and Subsidies The construction financing consists of four different loans for the development of each phase’s individual project uses. The loans will have 6.25 percent financing, .6 percent fee, and 75 percent LTC ratio. Each project’s equity investment will fund the remaining 25 percent of costs. The interest and equity payments made at the end of the construction phases will be covered with the permanent loan funds dispersed at the beginning of each project’s operations.

To cover the $121 million development costs, we anticipate utilizing a combination of equity investment, permanent market rate debt financing, low income housing tax credits, subsidized below market interest rate debt financing, bond financing and grant subsidies. As indicated in the Sources and Uses table to the right, our funding plan includes the following: Equity $29 million, applied to the market rate residential, retail and parking components Low Income Housing Tax Credits $17 million, applied to the development costs of the affordable housing units Grants $5.85 million, applied to the development costs of the affordable housing units Debt $68.9 million, of which $7.1 million will be subsidized loans applied to the affordable housing units’ development costs, $20.5 million will be bond financing applied to the parking structure’s development costs, and $41.3 million will be market rate loans applied to the market rate residential and commercial development costs Approximately 52 percent of the project will be financed through debt. This translates to approximately $68.9 million in a combination of subsidized, market rate and bond financing debt.

North Quincy Crossing

Sources and Uses for North Quincy Crossing Sources of Funds Total Units/NSF/Spots Equity Equity Contribution Low Income Housing Tax Credits Equity Subtotal Grants TOD Bond Program Quincy HOME Quincy Affordable Housing Trust Fund Quincy Community Development Block Grant Grants Subtotal Loans MHP Permanent rental Financing Housing Stabilization Fund Affordable Housing Trust Fund Commercial Areas Transit Node Housing Program Bond Financing Market Rate Loan Loans Subtotal

Residential 214

Retail 104,297

Parking 1,033

Total

$11,407,991 $17,000,000 $28,407,991

$10,854,470 $0 $10,854,470

$6,828,203 $0 $6,828,203

$29,090,664 $17,000,000 $46,090,664

$5,000,000 $250,000 $500,000 $100,000 $5,850,000

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$5,000,000 $250,000 $500,000 $100,000 $5,850,000

$2,106,714 $1,500,000 $2,000,000 $1,500,000 $0 $21,186,269 $28,292,983

$0 $0 $0 $0 $0 $20,158,301 $20,158,301

$0 $0 $0 $0 $20,484,609 $0 $20,484,609

$2,106,714 $1,500,000 $2,000,000 $1,500,000 $20,484,609 $41,344,570 $68,935,892

Total Sources Per Unit/NSF/Spot

$62,550,974 $292,294

$31,012,771 $297

$27,312,812 $26,440

$120,876,556

Uses of Funds Land Costs Hard Costs Soft Costs Developer Fee & Overhead Contingency (Soft & Hard Costs) Total Funds Per Unit/NSF/Spot

Residential $3,725,843 $41,055,000 $10,831,019 $3,113,161 $3,825,951 $62,550,974 $292,294

Retail $1,847,273 $20,584,734 $5,134,145 $1,543,133 $1,903,486 $31,012,771 $297

Parking Total $1,626,885 $7,200,000 $18,325,000 $79,964,734 $4,320,204 $20,285,369 $1,358,712 $6,015,006 $1,682,010 $7,411,447 $27,312,812 $120,876,556 $26,440

The housing component of North Quincy Crossing will command a TDC of $62.5 million. As indicated in the Sources and Uses table for the Residential elements, Squantum Place will cost approximately $25.5 million while Hancock Heights will have a TDC of $37.1 million. The affordable and market rate components will be owned and operated under different legal entities, and thus they will be financed separately. The distribution of sources between the two buildings is illustrated on the following page.

The market rate units will be funded utilizing a combination of equity and market rate debt. The affordable units will represent $30 million, or 47 percent, of the residential component’s TDC, and 25 percent of the project level TDC. As stated previously, we propose financing the affordable units in both residential buildings with Low Income Housing Tax Credits, grants and subsidized loans.

TOD Bond Program The Commonwealth of Massachusetts’ TOD Bond Program supplies grants to projects that improve pedestrian access, bicycle facilities, housing projects, and parking facilities within a ¼ mile of public transit stations and that work in conjunction with a public entity. North Quincy Crossing achieves each of these purposes, and will partner with the City of Quincy in helping bring unique transit-oriented development to the city, and thus we expect to receive the maximum allowed $2.5 million allocation for each development project for a total development funding subsidy of $5 million.

City of Quincy HOME Program Grants In recent fiscal years, the City of Quincy has received an allocation of about $600,000 in Federal HOME funds available for affordable housing development. Since North Quincy Crossing will have a major impact in expanding the stock of affordable housing in the city, we expect to receive a $125,000 grant for both residential phases of the project, for a total of $250,000.

City of Quincy Affordable Housing Trust Grant The City of Quincy’s inclusionary housing ordinance allows developers to forgo the construction of affordable units in exchange for payments to the city’s Affordable Housing Trust Fund. Recent development along the Quincy waterfront has contributed to the expansion of this fund, and officials predict it will continue to take in about $2.5 million each fiscal year. We expect to receive a grant of $250,000 for each residential project, for a total of $500,000.

Quincy Community Development Block Grant The Community Development Block Grant program funds projects that improve conditions for low and moderate-income residents. Although the federal government continues to reduce CDBG funding for municipalities, we expect to receive a modest $100,000 grant from the Quincy funds because of the significant benefits that our affordable housing and recreational facilities will bring to low and moderate-income communities in the city.

Massachusetts Housing Stabilization Fund The Housing Stabilization Fund targets the redevelopment of blighted and underutilized properties for redeveloped or new affordable housing. Our revitalization of an underutilized parking lot will utilize two $750,000 loans for each residential project.

Massachusetts Affordable Housing Trust Fund Both residential development phases will utilize the maximum $1 million loan from the state Affordable Housing Trust Fund.

Program guidelines require financed housing to assist families below 110 percent AMI, a goal that all of our affordable units achieve.

Commercial Area Transit Node Housing Program (CATNHP) CATNHP is a state funded bond program that funds low and moderate-income housing development in commercial areas located no more than a ¼ mile from a transit station. Our development expects to receive the maximum $750,000 grant for both residential projects, for a combined total of $1.5 million.

Low Income Housing Tax Credits (LIHTC) We anticipate the use of the 9 percent tax credits as one source of equity funding for the development of affordable residential units in both buildings. With total development costs averaging about $62.5 million, each project easily reaches the maximum $1 million qualified basis. Although the recent market changes in tax credit syndication have forced DHCD to apply extra scrutiny to applications, we believe our project remains highly competitive, in strong part because of its unique combination of affordable housing within a transit-oriented development. North Quincy Crossing’s residential projects satisfy the following important criteria outlined in the Massachusetts Qualified Allocation Plan, including, but not limited to: (1) An experienced and financially viable development team including both non-profit and for-profit developers; (2) Affordable units targeted to a range of incomes; (3) Inclusion of market rate units; (4) Commitment to energy-efficient design.

Despite current low and unstable syndication rates, Asian CDC expects that transit-oriented development brings an added investment value to investors and presents a secure investment whose credits can be resold for $0.85 to the dollar. This results in a LIHTC contribution of $17 million total, or $8.5 million per residential project.

Low Income Housing Tax Credit Calculation Total Development Cost Non-Depreciable Expenses Less Non-Depreciable Expenses Total Units Affordable Units Applicable Fraction Qualified Basis Applicable Percentage Maximum Tax Credit Qualified Tax Credit 10 Year Eligibility Syndication Net Syndication Yield

Squantum Place

Hancock Heights

$25,510,878 $1,392,838 $24,118,040 80 48 60% $18,812,071 9.00% $1,693,086 $1,000,000 $10,000,000 $0.85 $8,500,000

$37,040,096 $2,333,004 $34,707,091 134 53 40% $17,845,661 9.00% $1,606,110 $1,000,000 $10,000,000 $0.85 $8,500,000

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Financing Sources for Residential Component

47

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

48

Financial Analysis Financing Sources for Residential Component Sources and Uses - Residential Component Sources of Funds Number of Units Market Units Affordable Units Total Units Equity Equity Contribution Low Income Housing Tax Credits Equity Subtotal Grants TOD Bond Program Quincy HOME Quincy Affordable Housing Trust Fund Quincy Community Development Block Grant Grants Subtotal Loans MHP Permanent rental Financing Housing Stabilization Fund Affordable Housing Trust Fund Commercial Areas Transit Node Housing Program Market Rate Loan Loans Subtotal

Residential Funding Sources Squantum Place

Hancock Heights

Total

32 48 80

81 53 134

113 101 214

$3,571,523 $8,500,000 $12,071,523

$7,836,468 $8,500,000 $16,336,468

$11,407,991 $17,000,000 $28,407,991

$2,500,000 $125,000 $250,000 $0 $2,875,000

$2,500,000 $125,000 $250,000 $100,000 $2,975,000

$5,000,000 $250,000 $500,000 $100,000 $5,850,000

$1,431,527 $750,000 $1,000,000 $750,000 $6,632,828 $10,564,355

$675,187 $750,000 $1,000,000 $750,000 $14,553,441 $17,728,628

$2,106,714 $1,500,000 $2,000,000 $1,500,000 $21,186,269 $28,292,983

Total Sources Per Unit

$25,510,878 $318,886

$37,040,096 $276,419

$62,550,974 $292,294

Uses of Funds Land Costs Hard Costs Soft Costs Developer Fee Overhead Contingency (Soft & Hard Costs) Total Funds Per Unit

Squantum Place $1,392,838 $17,475,000 $4,048,979 $775,866 $387,933 $1,430,262 $25,510,878 $318,886

Hancock Heights $2,333,004 $23,580,000 $6,782,040 $1,299,575 $649,788 $2,395,689 $37,040,096 $276,419

North Quincy Crossing

Squantum Place 14% 26% Equity LIHTC

Grants Subsidized Loans

33%

15%

Market Rate Loans

11%

Hancock Heights 21% Equity LIHTC

Total $3,725,843 $41,055,000 $10,831,019 $2,075,441 $1,037,720 $3,825,951 $62,550,974 $292,294

33% Grants Subsidized Loans Market Rate Loans

23%

8%

8%

Bird’s Eye View of Squantum Place

Bird’s Eye View of Hancock Heights

MHP Permanent Rental Financing With the contribution of the previously described equity, grants, and 0 percent interest loans, the remaining funding gap for each affordable residential project will be covered by an MHP below market interest rate permanent loan, at a 5.5 percent interest rate.

The development costs at Squantum Place will require a $1.4 million loan and Hancock Heights will require a $675,000 loan.

Financing Sources for Commercial Component The commercial/retail space components of the project will require both market rate debt and equity financing. We anticipate utilizing a private loan at 65 percent LTC. This results in a loan of $20.2, with a 7.25 percent interest rate. Dickinson Development, or another equity partner, will provide a $10.9 million equity investment in the funding of the commercial projects.

Market Rate Housing’s Permanent Loan Financing The market rate component of each building will require financing separate from the affordable units’ funding. Both residential buildings will utilize a private loan underwritten at 65 percent loan-to-cost ratio (LTC) and an overall project Debt-to-Service coverage ratio (DSCR) of 1.1, which will be covered in most of the project’s operating years with terms negotiated to allow for lower DSCRs in the first few year stabilizing years. This results in a loan of $6.6 million for Squantum Place and $14.6 million for Hancock Heights, based on a 7.25 percent interest rate.

Financing Sources for Parking Component The 1,033 structured parking garage will also require both debt and equity financing, but we will have funding arrangements with the MBTA that help share the cost of construction for the garage. The MBTA’s requirement of transit parking allocations on the development site as part of the land lease agreement is a fair contractual agreement, but adds high construction costs while reducing the site’s developable area, and bringing little revenue to the project. Thus, land lease negotiations would need to also establish provisions for MBTA assistance in acquiring bond financing in the form of a tax-free revenue backed bond that provides funding for 75 percent of the development costs, resulting in debt of $20.5 million. Comparable bond financing rates of government-backed bonds lead us to believe we can successfully secure a 4.5 percent interest rate on the bond. The remaining $6.8 million in parking construction costs would be financed through equity financing from a private investor.

Market Rate Housing’s Equity Financing Asian CDC’s development partnership with Dickinson Development will include an equity investment from Dickinson or another equity partner, with an expected equity contribution of $3.6 million for Squantum Place and $7.8 million for Hancock Heights.

Housing Affordability’s Permanence The affordable housing component of the residential projects at North Quincy Crossing is one of its strongest defining components. Ensuring the lasting affordability of the rental rates of units is not only a requirement for some of the funding sources we have acquired, but is also elementally part of the mission of the development partnership formed between Asian CDC and Dickinson Development. Thus, all the affordable units will be owned and operated by a separate legal entity, and their deeds will ensure that the affordable characteristics of the units are maintained for 30 years, regardless of sale or transfer of ownership rights.

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Financing Sources for Non-Residential

49

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50

Financial Analysis Financial Model Assumptions: Residential Component In order to create an accurate financial model for this development project, we made a number of assumptions upon which we based our financial feasibility model. The following are the revenue and expense assumptions for each of the three project components:

Residential Operating Expenses As indicated in the table to the right, we estimate our operating expenses for residential buildings in year 2, to be approximately $1.3 million, equivalent to $500 per unit per month. We anticipate that operating expenses will increase 2 percent per year.

Residential Assumptions

Tenant Improvements and Leasing Commissions Based on comparable properties we anticipate to have zero tenant improvements and allocate 2 percent of the net operating income per year on leasing commissions and marketing for the property.

Residential Rental Income For the market rate units, the rents range from $1,600 per month for a 1-bedroom in Hancock Heights to $2,750 per month for a 4-bedroom duplex in the Squantum Place. For the affordable units, the rental income is determined based on the Boston metropolitan area median income and fair market value rent prices. Our development is programmed to include both affordable units targeted for individuals earning less than 60 percent of area median income and project-based Section 8 units.

Residential Pricing Program Hancock Heights Unit Size (nsf) Affordable Units Section 8 Units Market Rate Average

1-BR 765 $917 $1,153 $1,600 $1,281

2-Br 1,035 $1,078 $1,353 $2,000 $1,687

Duplexes 3-Br 4-Br NA NA NA NA NA NA NA NA NA NA

Total 981 $1,038 $1,291 $1,936 $1,605

Residential Income Assumptions For income we have assumed that rent will increase by 2 percent annually, a lease up period of 3 to 6 months for the affordable units and about 12 months for full lease-up of the market rate apartments.

North Quincy Crossing

Residential Capital Reserve As this is new construction, we anticipate allocating only $350 per unit per year to capital reserves. Capital reserve funding will be escalated by 2 percent per year.

Residential Financing For the affordable residential components we are using zero percent interest rate loans and a Massachusetts Housing Program Permanent Rental (5.5 percent interest rate at 30 years). For the market rate units we are utilizing debt to cover 65 percent of the total development costs. The market rate debt has a 7.25 percent interest rate throughout a 30-year loan term. For the residential component we are utilizing a total of almost $28.3 million in debt.

Residential Reversion Based on the operating conditions we estimate the properties to be traded at the end of 15 years at a 7.5 percent cap rate. This translates into a net cash from sale for Squantum Place of $10.4 million and for Hancock Heights of $13.7 million.

Table 11: Residential Operating Budget % of EGI

Amount

Administrative Management Fee Payroll, Administrative Payroll Taxes & Benefits, Admin.

Legal Audit Marketing Telephone Office Supplies Accounting & Data Processing Other: Misc Admin Subtotal

2.75% 1.60% 1.00% 1.00% 0.50% 1.09% 0.18% 0.05% 1.00% 0.29% 9.46%

$97,539 $56,750 $35,469 $35,469 $17,734 $38,604 $6,485 $1,621 $35,469 $10,423 $238,024

Maintenance Payroll, Maintenance Payroll Taxes & Benefits, Admin.

Janitorial Materials Landscaping Decorating (inter. only) Repairs (inter. & ext.)

Elevator Maintenance Trash Removal Snow Removal Extermination Recreation Other: Contract Services Subtotal

2.75% 0.50% 0.05% 0.45% 0.23% 0.50% 0.50% 0.30% 0.33% 0.04% 0.28% 1.00% 6.93%

$97,539 $17,734 $1,930 $15,961 $7,980 $17,734 $17,734 $10,809 $11,581 $1,390 $10,060 $35,469 $245,922

Resident Services

2.00%

$70,937

Security

2.00%

$70,937

Utilities Electricity Natural Gas Water & Sewer Subtotal

1.75% 1.50% 1.00% 4.25%

$62,070 $53,203 $35,469 $150,742

Operating Reserve

1.00%

$35,469

Taxes, Insurance Real Estate Taxes Insurance MIP Asset Management Fee Subtotal

6.27% 2.00% 2.00% 1.00% 11.27%

$222,357 $70,937 $70,937 $35,469 $399,700

Total Operating Expenses

29.98%

$1,309,000

15 Year Pro Forma - Squantum Place Market Rate Section 8 Affordable Less Vacancy-Market Less Vacancy-Affordable Effective Gross Income Less Affordable Utilities Allowance Less Operating Expenses Net Operating Income Less Tenant Improvements Less Leasing Commissions/Marketing Less Capital Reserve Funding Total Capital Expenditures

Year 1 $924,000 $533,885 $173,160 ($369,600) ($8,658) $1,252,787

Year 2 $942,480 $544,562 $176,623 ($235,620) ($8,831) $1,419,215

Year 3 $961,330 $555,454 $180,156 ($96,133) ($9,008) $1,591,798

Year 4 $980,556 $566,563 $183,759 ($98,056) ($9,188) $1,623,634

Year 5 $1,000,167 $577,894 $187,434 ($100,017) ($9,372) $1,656,107

Year 6 $1,020,171 $589,452 $191,183 ($102,017) ($9,559) $1,689,229

Year 7 $1,040,574 $601,241 $195,006 ($104,057) ($9,750) $1,723,014

Year 8 $1,061,386 $613,266 $198,906 ($106,139) ($9,945) $1,757,474

Year 9 $1,082,613 $625,531 $202,885 ($108,261) ($10,144) $1,792,623

Year 10 $1,104,266 $638,042 $206,942 ($110,427) ($10,347) $1,828,476

Year 11 $1,126,351 $650,803 $211,081 ($112,635) ($10,554) $1,865,045

Year 12 $1,148,878 $663,819 $215,303 ($114,888) ($10,765) $1,902,346

Year 13 $1,171,855 $677,095 $219,609 ($117,186) ($10,980) $1,940,393

Year 14 $1,195,293 $690,637 $224,001 ($119,529) ($11,200) $1,979,201

Year 15 $1,219,198 $704,450 $228,481 ($121,920) ($11,424) $2,018,785

Year 16 $1,243,582 $718,539 233,051 (124,358) (11,653) 2,059,161

($20,160) ($480,000) $752,627

($20,563) ($489,600) $909,051

($20,974) ($499,392) $1,071,432

($21,394) ($509,380) $1,092,860

($21,822) ($519,567) $1,114,718

($22,258) ($529,959) $1,137,012

($22,703) ($540,558) $1,159,752

($23,158) ($551,369) $1,182,947

($23,621) ($562,397) $1,206,606

($24,093) ($573,644) $1,230,738

($24,575) ($585,117) $1,255,353

($25,066) ($596,820) $1,280,460

($25,568) ($608,756) $1,306,069

($26,079) ($620,931) $1,332,191

($26,601) ($633,350) $1,358,835

(27,133) (646,017) 1,386,011

$0 ($15,053) ($28,000) ($43,053)

$0 ($18,181) ($28,560) ($46,741)

$0 ($21,429) ($29,131) ($50,560)

$0 ($21,857) ($29,714) ($51,571)

$0 ($22,294) ($30,308) ($52,602)

$0 ($22,740) ($30,914) ($53,655)

$0 ($23,195) ($31,533) ($54,728)

$0 ($23,659) ($32,163) ($55,822)

$0 ($24,132) ($32,806) ($56,939)

$0 ($24,615) ($33,463) ($58,077)

$0 ($25,107) ($34,132) ($59,239)

$0 ($25,609) ($34,814) ($60,424)

$0 ($26,121) ($35,511) ($61,632)

$0 ($26,644) ($36,221) ($62,865)

$0 ($27,177) ($36,945) ($64,122)

PBTCF - Operations

$709,574

$862,310

Debt Service - Market Debt Service - Affordable DSCR Cash Flow After Financing

($539,710) ($180,425) 0.99 ($10,561)

($539,710) ($180,425) 1.20 $142,175

$1,020,872 ($539,710) ($180,425) 1.42 $300,737

$1,041,289 ($539,710) ($180,425) 1.45 $321,154

$1,062,115 ($539,710) ($180,425) 1.47 $341,980

$1,083,357 ($539,710) ($180,425) 1.50 $363,222

$1,105,025 ($539,710) ($180,425) 1.53 $384,889

$1,127,125 ($539,710) ($180,425) 1.57 $406,990

$1,149,668 ($539,710) ($180,425) 1.60 $429,532

$1,172,661 ($539,710) ($180,425) 1.63 $452,526

$1,196,114 ($539,710) ($180,425) 1.66 $475,979

$1,220,037 ($539,710) ($180,425) 1.69 $499,901

$1,244,437 ($539,710) ($180,425) 1.73 $524,302

$1,269,326 ($539,710) ($180,425) 1.76 $549,191

$1,294,712 ($539,710) ($180,425) 1.80 $574,577

Tax Payment Cash Flow After Taxes

$0 ($10,561)

$0 $142,175

$0 $300,737

$0 $321,154

$0 $341,980

$0 $363,222

$0 $384,889

$0 $406,990

$0 $429,532

$0 $452,526

$0 $475,979

$0 $499,901

$0 $524,302

$0 $549,191

$0 $574,577

Net Cash From Sale TOTAL NET CASH

($10,561)

$142,175

$300,737

$321,154

$341,980

$363,222

$384,889

$406,990

$429,532

$452,526

$475,979

$499,901

$524,302

$549,191

$10,354,711 $10,929,288

Year 1 $1,881,600 $201,468 $498,180 ($752,640) ($124,545) $1,704,063

Year 2 $1,919,232 $205,497 $508,144 ($479,808) ($25,407) $2,127,658

Year 3 $1,957,617 $209,607 $518,306 ($195,762) ($25,915) $2,463,853

Year 4 $1,996,769 $213,799 $528,673 ($199,677) ($26,434) $2,513,131

Year 5 $2,036,704 $218,075 $539,246 ($203,670) ($26,962) $2,563,393

Year 6 $2,077,438 $222,437 $550,031 ($207,744) ($27,502) $2,614,661

Year 7 $2,118,987 $226,886 $561,032 ($211,899) ($28,052) $2,666,954

Year 8 $2,161,367 $231,423 $572,252 ($216,137) ($28,613) $2,720,293

Year 9 $2,204,594 $236,052 $583,697 ($220,459) ($29,185) $2,774,699

Year 10 $2,248,686 $240,773 $595,371 ($224,869) ($29,769) $2,830,193

Year 11 $2,293,660 $245,588 $607,279 ($229,366) ($30,364) $2,886,797

Year 12 $2,339,533 $250,500 $619,424 ($233,953) ($30,971) $2,944,533

Year 13 $2,386,324 $255,510 $631,813 ($238,632) ($31,591) $3,003,424

Year 14 $2,434,050 $260,620 $644,449 ($243,405) ($32,222) $3,063,492

Year 15 $2,482,731 $265,833 $657,338 ($248,273) ($32,867) $3,124,762

Year 16 $2,532,386 $271,149 670,485 (253,239) (33,524) 3,187,257

($22,260) ($804,000) $877,803

($22,705) ($820,080) $1,284,873

($23,159) ($836,482) $1,604,213

($23,622) ($853,211) $1,636,297

($24,095) ($870,275) $1,669,023

($24,577) ($887,681) $1,702,403

($25,068) ($905,435) $1,736,451

($25,570) ($923,543) $1,771,180

($26,081) ($942,014) $1,806,604

($26,603) ($960,854) $1,842,736

($27,135) ($980,072) $1,879,591

($27,678) ($999,673) $1,917,182

($28,231) ($1,019,666) $1,955,526

($28,796) ($1,040,060) $1,994,637

($29,372) ($1,060,861) $2,034,529

(29,959) (1,082,078) 2,075,220

$0 ($17,556) ($46,900) ($64,456)

$0 ($25,697) ($47,838) ($73,535)

$0 ($32,084) ($48,795) ($80,879)

$0 ($32,726) ($49,771) ($82,497)

$0 ($33,380) ($50,766) ($84,147)

$0 ($34,048) ($51,781) ($85,829)

$0 ($34,729) ($52,817) ($87,546)

$0 ($35,424) ($53,873) ($89,297)

$0 ($36,132) ($54,951) ($91,083)

$0 ($36,855) ($56,050) ($92,905)

$0 ($37,592) ($57,171) ($94,763)

$0 ($38,344) ($58,314) ($96,658)

$0 ($39,111) ($59,481) ($98,591)

$0 ($39,893) ($60,670) ($100,563)

$0 ($40,691) ($61,884) ($102,574)

15 Year Pro Forma - Hancock Heights Market Rate Section 8 Affordable Less Vacancy-Market Less Vacancy-Affordable Effective Gross Income Less Affordable Utilities Allowance Less Operating Expenses Net Operating Income Less Tenant Improvements Less Leasing Commissions/Marketing Less Capital Reserve Funding Total Capital Expenditures PBTCF - Operations

$813,347

$1,211,337

$1,523,334

$1,553,800

$1,584,876

$1,616,574

$1,648,905

$1,681,883

$1,715,521

$1,749,831

$1,784,828

$1,820,525

$1,856,935

$1,894,074

$1,931,955

($1,184,207) ($129,127) 0.62 ($499,987)

($1,184,207) ($129,127) 0.92 ($101,997)

($1,184,207) ($129,127) 1.16 $210,000

($1,184,207) ($129,127) 1.18 $240,466

($1,184,207) ($129,127) 1.21 $271,542

($1,184,207) ($129,127) 1.23 $303,240

($1,184,207) ($129,127) 1.26 $335,571

($1,184,207) ($129,127) 1.28 $368,549

($1,184,207) ($129,127) 1.31 $402,187

($1,184,207) ($129,127) 1.33 $436,497

($1,184,207) ($129,127) 1.36 $471,494

($1,184,207) ($129,127) 1.39 $507,191

($1,184,207) ($129,127) 1.41 $543,601

($1,184,207) ($129,127) 1.44 $580,740

($1,184,207) ($129,127) 1.47 $618,621

Tax Payment Cash Flow After Taxes

$0 ($499,987)

$0 ($101,997)

$0 $210,000

$0 $240,466

$0 $271,542

$0 $303,240

$0 $335,571

$0 $368,549

$0 $402,187

$0 $436,497

$0 $471,494

$0 $507,191

$0 $543,601

$0 $580,740

$0 $618,621

Net Cash From Sale TOTAL NET CASH

($499,987)

($101,997)

$210,000

$240,466

$271,542

$303,240

$335,571

$368,549

$402,187

$436,497

$471,494

$507,191

$543,601

$580,740

$13,691,246 $14,309,867

Debt Service - Market Debt Service - Affordable DSCR Cash Flow After Financing

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Financial Model Assumptions: 15 Year Pro Forma - Residential Buildings

51

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

52

Financial Analysis Financial Model Assumptions: Non-Residential Components Retail Assumptions Retail Rental Income The commercial rents vary depending on the intended tenants and location for each unit. The large anchor spaces located on the corners have a $35 per square foot rent. Smaller spaces throughout the Hancock Street frontage and the plaza’s frontage are available at rates of $40 and $30 respectively. The smallest kiosk spaces available right at the entrance to the T are priced at $40 per square foot.

Finally, the community oriented spaces located on the second floor of Hancock’s street frontage and within the Squantum Place building are priced at $20 per square foot, so that community groups and small scale commercial endeavors have affordable opportunities to rent space.

Retail Income Assumptions Based on our rental rates we are forecasting that rents will increase by 3 percent annually.

Retail Operating Expenses Rental contracts are setup as NNN leases, and as such the operating expenses will be passed onto the tenants. Initial buildout development costs are planned to cover the initial tenants’ interior needs, and tenant improvements are scheduled at the end of each five year lease period, plus 2 percent of the net operating income per year deducted for leasing commissions and marketing for the property.

Retail Capital Reserve As this is new construction, we anticipate allocating only 2 percent of net operating income per year to capital reserves.

Retail Financing We are utilizing a combination of equity, and market rate debt.

North Quincy Crossing

Retail Income Tax We do not anticipate paying income taxes on the property, as ACDC’s non-profit status as managing owner of the property eliminates the need to pay income tax.

fee less 21 percent for operating expenses and capital funding reserves. We anticipate paying the MBTA $954,000 in year 1.

This is based on a 200-day occupancy schedule, reflecting work commute patterns.

Retail Reversion Based on the operating conditions we estimate the properties to be traded at the end of 15 years at a 7 percent cap rate.

Parking Operating Expenses and Capital Reserve Operating expenses are anticipated to command 20 percent of net operating income, while capital reserve funding will be 1 percent of net operating income per year.

Parking Assumptions Parking Rental Income The parking component will have two revenue generating streams, one from the daily rates received from parking and the other from fees generated from renting the playing fields to community groups. We anticipate achieving $6 average daily revenue per space from the parking garage. This total per space revenue takes into account the fact that the MBTA currently charges $3 per day to park at the garage, and we anticipate increasing this rate to $5, and we assume that the average daily revenue will be higher because there will be turn over within the spaces over the course of the day.

The playing fields should be able to generate $200,000 per year from the high school tenants and an additional $250 per hour from the recreational and community group users, generating an additional $112,500 per year. We anticipate that the playing fields could be rented for 450 hours per year, which translates to 15 hours per week and 30 weeks per year.

Parking Income Assumptions Based on our rental rates we are forecasting that the parking fees will increase by 2 percent annually and the playing field fees will increase by 3 percent annually. As part of the development agreement, the MBTA will collect net revenue on the parking fees collected from their 1,000 spaces. We estimate the net revenue per spot to be $3.98, which is equivalent to the $5 per day parking

Parking Financing As stated previously we will be utilizing bond financing to cover the debt portion of the parking component, which will be paid off as an interest only loan for 15 years.

Parking Income Tax We do not anticipate paying income taxes on the property, as ACDC’s non-profit status as managing owner of the property eliminates the need to pay income tax.

Parking Reversion After a 15 year hold we anticipate that the parking garage component will have a capitalized value of $18.8 million (assumes an 8 percent cap rate).

15 Year Pro Forma - Retail Market Rate Rents Community Space Rents Less Vacancy Effective Gross Income

Year 1 $2,980,122 $378,270 ($1,175,437) $2,182,955

Year 2 $3,069,526 $389,618 ($691,829) $2,767,315

Year 3 $3,161,611 $401,307 ($712,584) $2,850,334

Year 4 $3,256,460 $413,346 ($733,961) $2,935,844

Year 5 $3,354,154 $425,746 ($755,980) $3,023,920

Year 6 $3,454,778 $438,519 ($778,659) $3,114,637

Year 7 $3,558,421 $451,674 ($802,019) $3,208,076

Year 8 $3,665,174 $465,224 ($826,080) $3,304,319

Year 9 $3,775,129 $479,181 ($850,862) $3,403,448

Year 10 $3,888,383 $493,557 ($876,388) $3,505,552

Year 11 $4,005,035 $508,363 ($902,680) $3,610,718

Year 12 $4,125,186 $523,614 ($929,760) $3,719,040

Year 13 $4,248,941 $539,323 ($957,653) $3,830,611

Year 14 $4,376,410 $555,502 ($986,382) $3,945,529

Year 15 $4,507,702 $572,167 ($1,015,974) $4,063,895

Year 16 $4,642,933 $589,332 ($1,046,453) $4,185,812

Less Operating Expenses Less Property Taxes Net Operating Income

$0 ($136,871) $2,046,084

$0 ($139,609) $2,627,706

$0 ($142,401) $2,707,934

$0 ($145,249) $2,790,596

$0 ($148,154) $2,875,766

$0 ($151,117) $2,963,520

$0 ($154,139) $3,053,937

$0 ($157,222) $3,147,097

$0 ($160,367) $3,243,082

$0 ($163,574) $3,341,978

$0 ($166,845) $3,443,873

$0 ($170,182) $3,548,858

$0 ($173,586) $3,657,025

$0 ($177,058) $3,768,472

$0 ($180,599) $3,883,297

$0 ($184,211) $4,001,601

$0 ($40,922) ($40,922) ($81,843)

$0 ($52,554) ($52,554) ($105,108)

$0 ($54,159) ($54,159) ($108,317)

$0 ($55,812) ($55,812) ($111,624)

$0 ($57,515) ($57,515) ($115,031)

($734,099) ($59,270) ($59,270) ($852,640)

$0 ($61,079) ($61,079) ($122,157)

$0 ($62,942) ($62,942) ($125,884)

$0 ($64,862) ($64,862) ($129,723)

$0 ($66,840) ($66,840) ($133,679)

($810,504) ($68,877) ($68,877) ($948,259)

$0 ($70,977) ($70,977) ($141,954)

$0 ($73,141) ($73,141) ($146,281)

$0 ($75,369) ($75,369) ($150,739)

$0 ($77,666) ($77,666) ($155,332)

Less Tenant Improvements Less Leasing Commissions/Marketing Less Capital Reserve Funding Total Capital Expenditures PBTCF - Operations

$1,964,240

$2,522,598

$2,599,616

$2,678,972

$2,760,735

$2,110,881

$2,931,780

$3,021,213

$3,113,359

$3,208,299

$2,495,614

$3,406,903

$3,510,744

$3,617,733

$3,727,965

($1,640,272) 1.20 $323,968

($1,640,272) 1.54 $882,326

($1,640,272) 1.58 $959,344

($1,640,272) 1.63 $1,038,700

($1,640,272) 1.68 $1,120,463

($1,640,272) 1.29 $470,609

($1,640,272) 1.79 $1,291,508

($1,640,272) 1.84 $1,380,941

($1,640,272) 1.90 $1,473,087

($1,640,272) 1.96 $1,568,027

($1,640,272) 1.52 $855,342

($1,640,272) 2.08 $1,766,632

($1,640,272) 2.14 $1,870,472

($1,640,272) 2.21 $1,977,461

($1,640,272) 2.27 $2,087,693

Tax Payment Cash Flow After Taxes

$0 $323,968

$0 $882,326

$0 $959,344

$0 $1,038,700

$0 $1,120,463

$0 $470,609

$0 $1,291,508

$0 $1,380,941

$0 $1,473,087

$0 $1,568,027

$0 $855,342

$0 $1,766,632

$0 $1,870,472

$0 $1,977,461

$0 $2,087,693

Net Cash From Sale TOTAL NET CASH

$323,968

$882,326

$959,344

$1,038,700

$1,120,463

$470,609

$1,291,508

$1,380,941

$1,473,087

$1,568,027

$855,342

$1,766,632

$1,870,472

$1,977,461

$33,288,252 $35,375,945

Annual Debt Service Payment DSCR Cash Flow After Financing

15 Year Pro Forma - Parking Parking Fee Revenue 1 Playing Fields - School Use Playing Fields - Rec Use Less Vacancy Less MBTA Reimbursable 2 Effective Gross Income

Year 1 2,262,270 200,000 112,500 (226,227) (795,000) $1,553,543

Year 2 2,307,515 202,000 115,875 (230,752) (810,900) $1,583,739

Year 3 2,353,666 204,020 119,351 (235,367) (827,118) $1,614,552

Year 4 2,400,739 206,060 122,932 (240,074) (843,660) $1,645,997

Year 5 2,448,754 208,121 126,620 (244,875) (860,534) $1,678,085

Year 6 2,497,729 210,202 130,418 (249,773) (877,744) $1,710,832

Year 7 2,547,683 212,304 134,331 (254,768) (895,299) $1,744,251

Year 8 2,598,637 214,427 138,361 (259,864) (913,205) $1,778,356

Year 9 2,650,610 216,571 142,512 (265,061) (931,469) $1,813,163

Year 10 2,703,622 218,737 146,787 (270,362) (950,099) $1,848,685

Year 11 2,757,695 220,924 151,191 (275,769) (969,101) $1,884,940

Year 12 2,812,848 223,134 155,726 (281,285) (988,483) $1,921,941

Year 13 2,869,105 225,365 160,398 (286,911) (1,008,252) $1,959,706

Year 14 2,926,487 227,619 165,210 (292,649) (1,028,417) $1,998,250

Year 15 2,985,017 229,895 170,166 (298,502) (1,048,986) $2,037,591

Less Operating Expenses Less Property Taxes Net Operating Income

($310,709) ($97,407) $1,145,427

($316,748) (99,355) $1,167,636

($322,910) (101,342) $1,190,300

($329,199) (103,369) $1,213,428

($335,617) (105,437) $1,237,032

($342,166) (107,545) $1,261,120

($348,850) (109,696) $1,285,704

($355,671) (111,890) $1,310,795

($362,633) (114,128) $1,336,402

($369,737) (116,411) $1,362,538

($376,988) (118,739) $1,389,213

($384,388) (121,114) $1,416,439

($391,941) (123,536) $1,444,229

($399,650) (126,007) $1,472,594

($407,518) (128,527) $1,501,546

$0 $0 ($5,727) ($5,727)

$0 $0 ($5,838) ($5,838)

$0 $0 ($5,951) ($5,951)

$0 $0 ($6,067) ($6,067)

$0 $0 ($6,185) ($6,185)

$0 $0 ($6,306) ($6,306)

$0 $0 ($6,429) ($6,429)

$0 $0 ($6,554) ($6,554)

$0 $0 ($6,682) ($6,682)

$0 $0 ($6,813) ($6,813)

$0 $0 ($6,946) ($6,946)

$0 $0 ($7,082) ($7,082)

$0 $0 ($7,221) ($7,221)

$0 $0 ($7,363) ($7,363)

$0 $0 ($7,508) ($7,508)

Less Tenant Improvements Less Leasing Commissions/Marketing Less Capital Reserve Funding Total Capital Expenditures PBTCF - Operations

$1,139,700

$1,161,798

$1,184,348

$1,207,361

$1,230,847

$1,254,815

$1,279,276

$1,304,241

$1,329,720

$1,355,725

$1,382,267

$1,409,357

$1,437,008

$1,465,231

$1,494,038

Annual Debt Service Payment DSCR Cash Flow After Financing

($903,324) 1.26 $236,376

($903,324) 1.29 $258,473

($903,324) 1.31 $281,024

($903,324) 1.34 $304,037

($903,324) 1.36 $327,522

($903,324) 1.39 $351,490

($903,324) 1.42 $375,952

($903,324) 1.44 $400,916

($903,324) 1.47 $426,396

($903,324) 1.50 $452,401

($903,324) 1.53 $478,942

($903,324) 1.56 $506,033

($903,324) 1.59 $533,683

($903,324) 1.62 $561,906

($903,324) 1.65 $590,714

Tax Payment Cash Flow After Taxes

$0 $236,376

$0 $258,473

$0 $281,024

$0 $304,037

$0 $327,522

$0 $351,490

$0 $375,952

$0 $400,916

$0 $426,396

$0 $452,401

$0 $478,942

$0 $506,033

$0 $533,683

$0 $561,906

$0 $590,714

Net Cash From Sale TOTAL NET CASH

$236,376

$258,473

$281,024

$304,037

$327,522

$351,490

$375,952

$400,916

$426,396

$452,401

$478,942

$506,033

$533,683

$561,906

1

Gross Parking Revenue based on 365 days occupancy.

2

MBTA Reimbursement based on 200 days occupancy.

Year 16 3,044,718 232,194 175,271 (304,472) (1,069,965) $2,077,746

($2,653,748) ($2,063,034)

North Quincy Crossing

Executive Summary | Site Context | Community Outreach | Framework | Design | Project Delivery | Finance

Financial Model Assumptions: 15 Year Pro Forma - Non-Residential

53

References

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De Chiara, Joseph, et. al. Eds. Time-Saver Standards for Housing and Residential Development. New York: McGraw-Hill, 1995.

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Hoke Jr., John Ray. Ed. Architectural Graphic Standards. New York: John Wiley & Sons, 2000.

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Mann, Jennifer. “Third person hit in 14 months on Hancock Street near North Quincy High”, Patriot Ledger. 13 January 2008. <http://www.wickedlocal.com/quincy/news/x364311425>.

Massachusetts Bay Transportation Authority. <http://mbta.com/>.

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Smart Growth Online. <http://www.smartgrowth.org/about/issues/default.asp>.

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Trulia Real Estate Search. “North Quincy, MA Real Estate Guide.” <http://www.trulia.com/real_estate/North_Quincy-Massachusetts/>.

United States Census, 2000. <http://factfinder.census.gov/>.

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North Quincy Crossing