Coolidge Corner Study Committee May 3 2017 1

Coolidge Corner Study Committee May 3, 2017 1

Pam Mc. Kinney, MAI, CRE Professional Experience • 35+ Years Experience in Real Estate Consulting & Valuation • President - Byrne Mc. Kinney & Associate • Senior Vice President - Leggat Mc. Call Advisors • Senior Vice President – Minot De. Blois & Madison Certifications • CRE Designation - Society of Real Estate Counselors • MAI Designation – Appraisal Institute • Qualified Expert Witness – Norfolk & Suffolk Counties, Mass Land Court Brookline Consulting Assignments • River Road Study Committee • Davis Path Study Committee • Two Brookline Place Study Committee • Residential Market Study • Family Ties – Dad Lives in Coolidge Corner

Committee Process/Timeline Update Jan Feb Mar Apr May June July Aug Sept Oct Nov Committee Established Developer Presentations Revised Developer Presentations Kick-off Meeting Neighborhood Issues Identified Committee Goals Refined Review Previous Studies Committee Goals Discussed Site Walks Project Subcom Feasibility Questions Goals Explored Established Financial Feasibility Questions & Issues Identified Revised Developer Presentatio ns Preliminary Discussion of Zoning Criteria Results of Preliminary Analysis Revised Developer Presentations Neighborhood Meetings Check In/Public Hearing Revised Developer Presentations Final Analysis Results Refine Draft Zoning Continued Discussion/ Refinement of Zoning Criteria Town Meeting Review Hearings Town Meeting Vote Finalize Zoning Criteria Vote To Submit WA 3

Project Feasibility Analysis Quantitative Analysis - Key Questions: • Scale required to make redevelopment of the site financially feasible? • Uses that can afford new construction rents? • Required parking ratios - impact on project cost and scale? • Public benefits the development could support? • Off-site improvements, civic uses, etc. • Projected tax revenues from the new development? • Comparison to existing use and 40 -B option • Fiscal impact on Town • Alternative funding sources to subsidize Affordable Units?

Project Feasibility Analysis Qualitative Considerations - Key Questions: • Impact of new commercial development on existing Brookline businesses? • Impact of new residential development on Town services? • Value of additional Affordable Units – SHI threshold? • Impact on surrounding neighborhoods (during and post construction)?

Parcel Summaries

Projects Summaries Proposed Parcel SF Building GSF Hotel SF Residential SF Retail SF Units Rooms Parking Floors FAR Resi Parking Ratio Hotel Parking Ratio Affordable Units (15%) Waldo/Durgin Totals 57, 622 300, 000 115, 000 185, 000 retail included in resi SF 160 244 6 to 18 5. 21 1. 0 0. 50 Holiday Inn Totals 69, 418 470, 000 288, 000 166, 000 142 390 224 8 to 16 6. 77 0. 50 0. 35 24 21

Market Conditions and Parameters for New Development Uses: • • Multi-Family Residential Apartments Condominiums Hotels Restaurants Retail Other uses (office, civic, etc. ) Parking: • How much and where? Height & Mass: • How Tall • How Many Square Feet? • Number of Keys • Amenities