Community Housing Goals Stoughton has recently conducted a detailed community housing report, which set the dual goals of revitalizing the downtown area.

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Presentation transcript:

Community Housing Goals Stoughton has recently conducted a detailed community housing report, which set the dual goals of revitalizing the downtown area while increasing home ownership opportunities for residents of all income levels. Further, the report recommended exploring opportunities to revise zoning through smart growth, overlay districts and transit oriented development, while preserving the unique character of the community. Meeting community goals is the MISSION of MSC DEVELOPMENT LLC

The View “Before” Stoughton Downtown Overlay District The View “Before”

“Before” Conditions Rose Street, Stoughton

“Before” Conditions Rose Street, Stoughton

“Before” Conditions Stoughton Town Hall from Rose Street

The View “After” Stoughton Downtown Overlay District The View “After”

Front View, Rose Street

Side View, Porter Street

Front Elevation, Rose Street

Interior Photos, Rose Street

Mixed Use Overlay District - Stated Goals - MSC DEVELOPMENT LLC Downtown Redevelopment Higher & Better Use of Blighted Parcels Targeted Demographics A Vibrant, Mixed Use District Affordable Housing Component

Affordable Component - Regional Comparison - Canton: 10% Milton: 10% Westwood: 12% Walpole: 10% Needham: 10% Hingham: 10% Holbrook: 10% Quincy: 10% Stoughton: 20%-25%??? MSC DEVELOPMENT LLC

PROJECT ECONOMICS - 4 Story Limit - 4 Units x 20% Affordability = 0 Units Milton: 10% Westwood: 12% Walpole: 10% Needham: 10% Hingham: 10% Holbrook: 10% Quincy: 10% Stoughton: 20%-25%??? MSC DEVELOPMENT LLC

Additional PARKING AREA on Rose Street

ECONOMIC REALITY - Developer Loss Per Unit - Market Rate Sales Price:$320,000 - $340,000 per unit Affordable Rate Pricing: $140,000 per unit 1 Affordable Unit: Developer Lost Revenue: $180,000 - $200,000 2 Affordable Units: Developer Lost Revenue: $360,000 - $400,000 3 Affordable Units: Developer Lost Revenue: $540,000 - $600,000* 4 Affordable Units: Developer Lost Revenue: $720,000 - $800,000* * Project is NOT Economically Feasible MSC DEVELOPMENT LLC