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Walden Woods Boston Properties (BP)

Walden Woods Boston Properties (BP). REAE 5314 Janelle Broyles Michael Catterton Prescott Nunley. Boston Properties (BP). Known for quality building design & management. Owned commercial office & industrial buildings in numerous Metropolitan markets including Boston.

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Walden Woods Boston Properties (BP)

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  1. Walden WoodsBoston Properties (BP) REAE 5314 Janelle Broyles Michael Catterton Prescott Nunley

  2. Boston Properties (BP) • Known for quality building design & management. • Owned commercial office & industrial buildings in numerous Metropolitan markets including Boston. • Acquired 25 acres of Woodlands in 1984 for $3.1 million • New development in heavily vegetated are near Brister’s Hill(Walden Woods)

  3. The Development • High quality 148,000/SF office development • High quality building materials and architecture • The buildings would be in earth tones • Wherever possible, existing knolls and mature trees would be kept • Building profile would be kept low and screened by existing and newly planted trees • Easy access to major highways and thoroughfares • A natural jogging trail would surround the perimeter • Multiple measures were taken to reduce construction and tenant traffic

  4. The Development (continued) • BP “hoped to develop a property of which Concord would be proud.” • Walden Recreation Area (Walden Woods) • The site where Henry D. Thoreau had lived in 1845 • Across from the 25-acre site: • A 35-acre town dump • Walden Breezes Trailer Park

  5. Concord & The Market - 1984 • Boston economy was booming • “Super high growth” • Unemployment virtually disappeared • Housing values were going up at 20-30% a year • Office vacancy rates were 7% • $23.50/SF rents were achievable

  6. What happened here?Timeline – Exhibit 8 (pg. 21)

  7. Exhibit 8 • March 9, 1987 – • Concord Planning Board issued special permit allowing sewage disposal of 793 gpd/acre in Ground Water Conservancy District and Board of Appeals issued site plan approval and earth removal special permit. • March 18, 1988 – • MDPW issued permit to Town of Concord for traffic improvements at Walden Street/Route 2 intersection to be constructed by Boston Properties. • June 8, 1988 – • Disposal Works Construction Permit issued by Concord Board of Health. • June 15, 1988 – • Building Permit issued by Town of Concord. • August 4, 1988 – • As a result of a request submitted by the Thoreau Country Conservation Alliance to the Secretary of Environmental Affairs asking that Boston Properties be required to prepare an Environmental Notification Form (ENF) under the “Fail Safe” provision of MEPA, Boston Properties voluntarily agreed to submit an ENF for Concord Office Park.

  8. October 11, 1988 – • Boston Properties’ ENF is filed with MEPA (EOEA No. 7417). Noticed in Environmental Monitor - November 14, 1988. • October 12, 1988 – • Concord ZBA voted to grant extension of time for exercise of site plan approval and earth removal special permit to September 8, 1990. Decision filed with Town Clerk on November 7, 1988. • November 15, 1988 – • Planning Board voted to grant extension of time for exercise of sewage disposal special permit to September 8, 1990. Decision filed with Town Clerk on January 24, 1989. • December 14, 1988 – • Secretary of Office of Environmental Affairs issued certificate with respect to ENF requiring Boston Properties to submit an EIR. • July 10, 1989 – • Draft EIR filed with MEPA (Noticed in Environmental Monitor July 26, 1989). • August 18, 1989 – • Secretary of Environmental Affairs issued Certificate (Decision) approving Draft EIR. • October 31, 1989 – • Final EIR filed with MEPA. Noticed in Environmental Monitor on November 10, 1989.

  9. December 18, 1989 – • Secretary of Environmental Affairs issued Certificate finding that Final EIR adequately and properly complies with MEPA. • June 13, 1990 – • Concord ZBA voted to grant extension of time for exercise of site plan approval and earth removal special permit to June 1, 1992. Decision filed with Town Clerk on July 26, 1990. • June 19, 1990 - • Planning Board voted to grant extension of time for exercise of sewage disposal special permit to June 1, 1992. Decision filed with Town Clerk on June 29, 1990. • July 2, 1990 - • Section 61 Finding issued by MDPW. • March 28, 1991 - • Access Permit pursuant to MGL Chapter 81, Section 21, as amended by MGL Chapter 15, Section 60 of the Acts of 1988 issued for Concord Office Park by MDPW-District 4. Permit No. 4-4928A • May 7, 1991 – • TCCA requests an adjudicatory proceeding for reconsideration of issuance of Access Permit. • June 18, 1991 – • MDPW-District 4 denied TCCA request for adjudicatory hearing. • June 19, 1991 – • New Building Permit issued by Concord Building Department.

  10. Why did BP buy in the first place?Was it a good deal? Before Tax Cash Flow Statement 1984

  11. SFFA Front Door 1984

  12. Why did BP delay when it finally got the building permit in 1991? Before Tax Cash Flow Statement 1993

  13. Concord & The Market - 1993 • Office market rents fell to ≈$14/SF • Tenant demand disappeared • Suburban office building sales fell 65%-75% in value • New project financing was nonexistent • Capital markets had no interest in real estate

  14. SFFA Front Door 1993

  15. What process did BP have to go through to obtain the permits and approvals?

  16. Departments/Alliances • Building Department – • Issued building, occupancy, sign and “Use” permits • Conservation Commission • Protected wetland area • Enforced “no build buffers” around wetlands • Health Department • Reviewed soil tests to ensure suitable septic disposal • Granted permits for septic and eating facilities • Planning Department • Oversaw zoning bylaw, groundwater protection, and all planned unit developments

  17. Engineering Department • Oversaw roadway issues, parcel boundaries, curb cuts, flood plain regulations, and location for water and utility lines. • Board of Appeals • Special Permit Granting Authority for Concord • Regulated Zoning Bylaws • State Department of Environmental Affairs • Reviewed and evaluated the environmental impact of proposed projects. • Review process: • Environmental Notification Form (ENF) • Environmental Impact Report (EIR)

  18. When did things go wrong?

  19. Opponents of the development • Thoreau Country Conservation Action Alliance (TCCA) • Headed by Ed Schofield & Tom Blanding • Committed a lifetime to the study and preservation of Walden Woods • Wanted to purchase either the rights of Walden Woods or the land itself • Stated that BP’s build was: • “Too close to a historic site… that is a historic site!” • Concord Historical Commission • Headed by Susan Dean • In charge of preserving Concord’s historic assets

  20. TCCA & Historical Commission • March 1987 • Launched lawsuit to stop the development • Circulated maps and memorandums to all of Concord to inform public of the threatened land • The Boston Globe started to focus attention on this • Further increased public awareness • November 1989 • CNN ran a segment on the issue

  21. The Housing Developer • Phillip DeNormandie sought to construct 251 Townhouses on 25 acres in 1986 • Development delayed by Concord authorities • November 1988: • Chapter 774- Allowed bypass of zoning restrictions • Concord officials approved a 139-unit project • 42 must be affordable units • 7 for low income families

  22. Public Hearing Process • Seven public hearings were held in early 1987 • Approvals were given for: • On-site disposal of domestic sanitary sewerage • Earth material removal • Site plan under zoning bylaw • June 1988- • Building permit was issued by Concord Building Dept. • All permits were approved except for: • Removal and planting of shade trees to allow for road and sightline improvements

  23. ENF & EIR • BP’s development did not require either of these state permits. • Secretary of Environmental Affairs could require EIR if 10+ written request were submitted. • July 1988 – TCCA submitted this request

  24. Walden Woods Project • Don Henley – Famous Singer-songwriter • Raised money through donations, concerts, and marches to stop the development • Heaven is Under our Feet • Supported the preservation of land • Henley edited this book • Filled with essays by: • Whoopi Goldberg • Sting • Bonnie Raitt • U.S. Senators • Gandhi’s Grandson • Tom Cruise

  25. The Resolution • Sell for $10,000,000 or • Continue to engage in The Walden Woods Project • Negotiate the development of a Henry D. Thoreau Park • Sell to The Walden Woods Project/Town of Concord (Public Land) • Park includes: • Natural jogging trail made of crushed granite • Thoreau quotes engraved in weather resistant material, placed along trail • Social Responsibility • Public Image

  26. What else does this case tell us about the development process?What kind of skills should a developer have to have?

  27. Developer - Skills Needed • Excellent communication • Negation • Persuasion • Public relation • Ability to “put yourself in their shoes” • Many connections (Large network) • Market analysis • Quantitative • Conflict management • Patience • Deep pockets • Ability to “wear many hats”

  28. What are the legitimate concerns of a community? • Harm to Walden Woods • Thoreau: • had lived in these woods • conducted observations about forest succession here • The type/use of facility being built

  29. Overview • The permit process can be very challenging and time consuming • Be able to work with community to resolve issues • Allow for some “losses” in exchange for a positive increase in companys public image • Exercise through data analysis in the feasibility phase

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