Development plan and business outline for historical redevelopment in the City of Cambridge

Development Plan and Business Outline for Historical Redevelopment in the City of Cambridge by Francesca B. Cooke B.A., Economics, 2010 Dartmouth College and James R. Scott B.A., Economics, 2002

University College Dublin Master's in Business Studies, 2004

Smurfit Graduate School of Business, University College Dublin J.D., 2010

Incorporated Law Society of Ireland, Dublin, Ireland

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Massachusetts Institute of Technology September, 2016

@2016 Francesca B. Cooke & James R. Scott All rights reserved

The author hereby grants to MIT permission to reproduce and to distribute publicly paper and electronic copies of this thesis document in whole or in part in anytedium now know4'or hej.apLceated.

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Development Plan and Business Outline for Historical Redevelopment in the City of Cambridge by

Francesca B. Cooke and James R. Scott

Submitted to the Program in Real Estate Development in Conjunction with the Center for Real Estate on July 29, 2016 in Partial Fulfillment of the Requirements for the Degree of Master of Science in Real Estate

Development

ABSTRACT

This thesis explores the redevelopment potential of a historically landmarked church building in Cambridge, MA. The building is in a rapidly developing area in constant need of new housing. The proposal is bound by the constraints mandated by the building's historical designation, a ground lease payment to its owner, and a new chapel to serve the local community. The development plan must be sensitive to a number of stakeholder concerns, which are addressed through conscious design interventions, programmatic elements, and stress-tested financial projections. This document is divided amongst market and site context, a program and design outline, and a financial proposal reflecting nuanced market assumptions. It is prepared from the perspective of the developer / general partner. The thesis concludes with the overall feasibility of redevelopment on the site and demonstrates why the authors and their vision are uniquely suited for this redevelopment.

Thesis Supervisor: Andrea M. Chegut, PhD

Acknowledgements

I would like to extend a special thank you to the cast of people who helped bring this thesis to fruition.

First, thank you everyone at the Center for your dedication and assistance throughout the year. To all of my professors and lecturers, especially Gloria and Tod, thank you for challenging me and preparing me for success.

Thank you, Andrea, for sticking with me through my endless thesis topic iterations, accommodating our vacations (I mean service trips and family obligations), and imparting on us an eye for the next big thing.

Peter, our pseudo-advisor, thank you for your advice and help, which you offered up generously at every stage of this process. Borrowing from your practical industry knowledge and local connections made this experience all the more valuable.

To my partner James, thank you for embarking on this journey with me. It wasn't until we brainstormed the idea for a development plan that I really got excited about the thesis, and it's been a joy ever since. Not only have we managed to emerge from the thesis process unscathed, but we have learned so much along the way and enjoyed every stride. You may have missed your calling as an architect (or career advisor), but you are for certain an incredible teammate and friend. I truly could not have asked for a better partner.

And finally, thank you, Mom and Dad for supporting my interest in real estate since day one. From taking me to open houses as a child to all of your encouragement and advice this past year, you have been with me at every step along the way.

-Francesca

This project did not come about by chance and there are a number of people I would like to thank without whom it would not have been possible.

First and foremost, I would like to thank Barbara for her unending support and advice. You were always there, not only throughout this project but also throughout this entire year.

I would also like to thank my parents for all their help with a special acknowledgment to Dad who may

never recover from his international phone bills.

I would like to thank my good friends Rory Clune and Paul Breen. You used all of your resources and put

your reputations on the line to introduce me to the necessary people in the city. I would also like to thank XXX for her assistance and for entrusting us with this plan.

A special mention must be given to Peter Roth. Your guidance and advice proved invaluable. As one of

the busiest men I know you always had time to assist us and your dedication to your students is unparalleled.

To Dr. Andrea Chegut, what can I say? From our time in class we developed a great working relationship and through this process you were able to pass on your incredible knowledge while instilling in us a meticulous attention to detail. I can't thank you enough for taking on the supervision of this development and for always keeping us pointed in the right direction.

My final acknowledgement must go to my brilliant partner in this whole endeavor, Francesca Cooke.

When we started out I had no idea where it would take us and I was sure we would have our ups and downs along the way. How wrong I was. I can honestly say that this entire process has been the most rewarding and educational of my life. Our skill sets completely complemented each other in every aspect of the venture and only proved that we were the perfect team. Thank you.

Table of Contents

Chapter 1 - Introduction ... 7

Chapter 2 - Idea Inception... 11

A . Site M otivation ... 11

B. M ission Statem ent ... 22

C. Executive Sum m ary ... 22

D . Letter of Interest ... 24

Chapter 3 - Site A nalysis... 27

A . City and N eighborhood Context... 27

B. Im m ediate Site Context ... 31

C. Zoning A nalysis ... 32

D . Precedents for Church Conversion... 34

Chapter 4 - Design Proposal... 39

A . Developm ent Description... 39

B. Draw ings and Site Plans... 43

C. Unit Layouts and Flavor Crystals... 50

D . Design A pproach ... 57

E. Traffic, Parking, and Access ... 61

F. Entitlem ent Strategy and Process ... 61

Chapter 5 - Financial Proposal ... 64

A . Financial Overview ... 64

B. A ssum ptions ... 64

C. Option I ... 64

D . Option 2... 75

E. Financial Sum m ary... 78

Chapter 6 - Conclusion... 81

A . Program Recom m endation ... 81

B. Com m unity Benefits... 81

C. Church Benefits ... 82

D . Equity Partner Benefits ... 82

E. Conclusion... 83

References... 84

Appendix A - Apartm ent Com parables ... 86

Appendix B - Recent Supply and Pipeline... 88

Appendix C - Site Inform ation ... 92

Appendix D - H istoric Tax Credits ... 98

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Chapter 1 - Introduction

The Owner has requested that Brompton Developments assesses the redevelopment options

available for a particular site it owns in Cambridge, MA. The site is currently home to St. Peter's Church,

which has seen its congregation shrink dramatically over the years due to demographic and societal

changes. As a result, it is currently running into financial difficulty and may not be able to sustain itself

going forward. However, the church is located in a highly amenitized area surrounded by expanding

employment nodes, which has created an ever-growing need for housing in the neighborhood.

Any redevelopment proposed on this site presents a number of potential challenges. The Owner

will not sell its freehold and will only enter into a 99-year ground lease with the developer. The building

is also historically landmarked, meaning very few changes can be made to its exterior. As such, the

development faces a two-staged entitlement process, with any changes requiring approval from both the

Cambridge Historical Commission and the Cambridge Redevelopment Authority. Another consequence

of embarking on an historic rehabilitation project is that the project would incur significantly higher

development costs than the costs associated with typical ground-up development.

In addition to challenges associated with historical preservation, a proposal on this site faces a

number of sensitivities from its many stakeholders. While small, the church's existing congregation has a

strong standing within the community and is expected to vehemently oppose the church's closure.

Furthermore, the local community is very invested in preserving historical elements of its neighborhood

and will need to be consulted on any changes to its local landscape.

Many attempts have been made to reconfigure underutilized churches in recent years. They most

often involve a one-time sale of the property for conversion into residential condominiums. However, this

solution is not optimal for the Owner because it involves permanently closing the church and absolving

land ownership. Furthermore, while this involves a large upfront payment, it does not result in a

sustainable return to the Owner. Anecdotally, within 18 months of a sale, 50% of the proceeds have

Church conversion precedents in the area have addressed landmark regulations in two major

ways. The redevelopment designs have either minimized visible changes to the site (as was the case of the

additional story added to St. Augustine's)' or made them the defining feature of the project (as was the

case of the glass box addition to The Lucas).2 (For more information on church conversion precedents, see Chapter 3.D.)

Brompton Developments' proposal integrates the best aspects of church conversion precedents,

while remaining uniquely sensitive to all of the stakeholders' needs. The proposal is structured with a

99-year ground lease from the Owner, which guarantees the future financial sustainability of St. Peter's.

Brompton Developments employs innovative techniques to restore and preserve the existing facades and

salvage the historically significant interior features. The project includes an additional floor of residential

space, but this extra floor is cleverly designed to integrate seamlessly with the existing property and

roofline.

The needs of the existing congregation are addressed with the inclusion of a new chapel, offered

to the Owner rent-free. Brompton Developments plans to work with the larger community throughout the

predevelopment process to incorporate neighborhood feedback and alleviate any fears about the

redevelopment.

Brompton Developments is uniquely positioned as the only developer to propose a redevelopment

scheme that addresses all community issues and provides the Owner with a secure financial future.

The design process is an iterative one, sensitive to finances, market context, design constraints,

and regulation.

'St. Augustine's, http://bostonredevelopmentauthority.org, accessed 7/24/16.

Figure A -Development Analysis Cycle

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The diagram represents the iterative process of development.

Brompton Developments started with market and competitive analysis, followed by regulations, design schemes, and financial feasibility. Market analysis consisted of local real estate data collection

(recent and future supply, rents and vacancies, pricing) and area economics and logistics (employment, transportation, amenities). Regulatory analysis included a zoning and entitlements overview, research into

previous church conversions, and a study of Cambridge Historical Society's approval processes.

Brompton Developments evaluated a number of different design programs. The biggest variables were the

number and size of units, the inclusion of duplex units, the positioning of the chapel, and the offering of

amenity space. Each scheme was modeled for its financial feasibility from development through

stabilization and tested for viability under different property and debt pricing scenarios.

The redevelopment delivers to the community 39 new apartment rental units, of which six are

affordable, providing the area with much needed housing stock. The design embraces the historic legacy

of the site and creates a new sense of place in the immediate surroundings. The structure of the ground

lease provides the Owner with a total income stream of over $XX million, and the development creates a

new chapel for the existing parish. The developer's equity partner secures an 11% return, and the City of

Developments receives a 3% development fee for its services throughout the predevelopment,

Chapter 2 - Idea Inception

A. Site Motivation

a. The Site

i. Land

The entire site includes 10,220 square feet of land area comprising three parcels at

123 Beacon Street in Cambridge (henceforth together known as the "Site"). There are

currently three separate structures on the Site that have been interconnected over the course

of the years.

The St. Peter's church building stands on the parcel at 123 Beacon Street (henceforth

known as the "Church") and fronts on to Beacon Street, a busy commercial artery of

Cambridge. The Church is approximately XX feet long and XX feet wide and stands XX feet

at its highest point. The church steeple is XX feet high. The nave of the Church is housed on the second floor of the building, while the first floor is used for congregation meetings and

social gatherings.

The adjacent parish house building (henceforth known as the "Rectory") was

originally the city's XXX house. The Rectory is a three-story over basement redbrick building

and measures approximately XX feet long and XX feet wide. The building is currently used as lodgings for visitors and guests of the church. Unlike the other buildings, the Rectory has a

full-height basement spanning the building's entire floorplate.

The Rectory connects to a parcel at Newbury Street (henceforth known as the "Coach House"). Newbury Street is primarily residential, though a school and convent associated with St. Peter's were once located on this road. The Coach House is a two-story redbrick building and measures almost XX feet long and XX feet wide. The interior of this building does not appear to be used except for storage and is in need of repair.

The freehold of all three buildings is held by the owner (previously and henceforth

The Site is predominately flat with a slight downwardly sloping topography from

Beacon Street to Newbury Street.

ii. Site Stakeholders

1. Owner, Landowner

The freeholder of the Site is the Owner, a major landowner in the Boston metro

area. Its ownership dates back to XX, and the party's main requirement for any proposal

is maintaining its land ownership by entering into a 99-year ground lease with the

development entity. Currently, St. Peter's is located on the Site, but the Owner

acknowledges that today's congregation is too small to continue supporting the entire

Site. The Owner proposes a residential or mixed-use development that incorporates a

small chapel through a ground lease agreement in order to maintain the current parish and

produce a steady income stream securing its economic future.

2. Brompton Developments, Developer

Brompton Developments is a boutique developer out of Cambridge. Its principals

are James Scott and Francesca Cooke, both graduates of MIT's Master of Real Estate

Development department. Combined, the team has 20 years of experience in real estate,

law, finance, economics, and research. Brompton Developments is an entrepreneurial

firm specializing in midsized, mixed-use and residential urban infill developments. Since

its inception in 2015, the firm has developed or consulted on projects totaling 725,000

square feet. Brompton Developments is seeking a rare opportunity to partner with a major

stakeholder in the community to repurpose a historically landmarked underutilized

property into creative, desirable residential space to be named Scholars' Lofts.

3. Eagle Star Investments, Equity Partner

Eagle Star Investments is a multifamily investor that focuses on midsize urban

infill projects. Eagle Star has invested over $60 million in Greater Boston multifamily

historic rehabilitation projects in the area, the firm is comfortable expanding into the

church conversion market for a reasonable return.

4. Community of Cambridge

The community of Cambridge has several objectives concerning redevelopment

on the Site. One aspect of the community is the existing St. Peter's congregation, who

does not want to lose its neighborhood church. The immediate neighbors and those in

close proximity to the Site, mainly smaller two- and three-family residential homes, want

to ensure development is in line with the physical scale and character of the

neighborhood. The entire local community also wants new affordable development to

support the existing population, many of whom would be priced out of new market-rate

apartments.

5. Stakeholder Agreement

A central component of the predevelopment stage involves listening to and

informing the various Site stakeholders about the vision for the Site. This first starts with

open negotiations with the Owner to document its needs, both programmatically and

financially. Brompton Developments will also meet regularly with representatives from

the surrounding residents, shops, and local community groups. The development team

and its architects will additionally need to consult the Cambridge Historical Commission

and the Cambridge Redevelopment Authority throughout the design phase, so all parties

can learn and incorporate each other's goals and concerns for the Site.

The Site's renovation and repurposing is sensitive to all stakeholders' objectives.

Satisfying the neighbors, community groups, and Cambridge Historical Commission, the

development remains inside the buildings' existing frame, enhances the exterior of the

structure to reflect its historical significance, and improves the aesthetics of the

intersection at Cambridge and Boylston streets. The program includes a new chapel to

local populace, appeasing the Owner, St. Peter's congregation, the City of Cambridge's

planning goals, and the current residents of Cambridge. In total, the area will gain 39

residential units, easing the housing pressure in the immediate surroundings and

generating demand for local shops and services along Beacon Street. The ownership

structure aligns with the Owner's proposal for a 99-year ground lease, which provides St.

Peter's with a much needed steady income stream to secure its future. The financing

structure provides attractive returns for both developer and equity partner and

incentivizes quality construction and management as Brompton Developments will hold

the asset for a period of time.

iii. Historical Significance

The Site is an historical landmark in the community and a living time capsule of

Cambridge. Churches of XX denominations have stood on the parcel fronting Beacon Street

since XX, and the brick structure remaining today was erected in XX. Originally the Rectory

accommodated the XX house until the Owner purchased it for St. Peter's meeting and

recreation space in XX (XXX).

The Site itself is a record of Cambridge's social evolution. Generally church

formation in New England settlements indicated the maturity of a community. The

construction of the XX Church in XX is a valid illustration of the neighborhood's growth and

strength. Its location also provides evidence of the early settlement pattern of Cambridge in a

grid pattern with most of the substantial early buildings being located within a few blocks of

the courthouse (XX).

The church's transition from XX to XX congregations mirrors the demographic shift

of Cambridge during the second half of the nineteenth century and first quarter of the

twentieth century. The neighborhood's American-born founders eventually died or moved

away from Cambridge, and a more diverse immigrant population moved into the

immigrant groups to suit their own traditions and spiritual needs. The Italian population was

becoming prominent in the area, and the XX, which up until this point had been concentrated

in the North End, expanded into Cambridge to serve its growing congregations (XX).

Today, church attendance at the Site has declined to about 40 parishioners, and the

original population St. Peter's was built to serve has largely been either displaced or absorbed

into other churches in the area, such as XX and XX. While the original use of the Site is

fading in relevance, the Site itself remains symbolic of the area's history. The time has come

to reimagine the Site to serve the next generation of the community.

iv. Off-market Opportunity

The property and land markets in Greater Boston face stiff competition as the

region's economic growth and educated population attract investors and developers. Sales of

multifamily assets in Boston and Cambridge topped $1.4 billion in 2015, twice the previous

annual record set in 2007, while the average price per unit grew nearly 30% to $370,000 over

the same period.3 Additionally, Boston's image as an international city has risen in recent years, and interest from foreign investors has created another level of competition in the

market. One way to counter these forces is sourcing off-market land parcels for reuse.

Only off-market opportunities were considered for the purposes of this project. Large

landowners in urban areas of Boston and Cambridge were approached to see what parcels

they hold and which they felt may be currently underutilized. These landowners included the

Massachusetts Bay Transportation Authority (henceforth known as the "MBTA") and the

Owner, as well as local developers with projects seeking distinct perspectives. The projects

provided an opportunity which allowed the landowners to explore numerous options for such

sites without having to initiate any preliminary development costs, while also not alerting the market to the prospective site's potential development.

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v. Other Sites Considered

From discussions with various landowners, a number of other sites were

evaluated for their redevelopment potential. They included:

1. XX - The Star Market spanning the Massachusetts Turnpike is an ambitious

redevelopment. It is located in very close proximity to the Newtonville commuter rail station,

has the scale required for a large mixed-use property, and has a built-in retail tenant (XX).

This site involves exercising existing air rights, a clever tool in today's development

landscape, as the property is partially raised above the highway. The engineering behind

renovating a project spanning above a highway is complicated and requires a great deal of

coordination with civil engineers and the transit authorities. For these reasons, the project

would likely require a larger development team.

2. XX - This property is currently a one-story 5,500 square foot gourmet grocer on a 13,500 square foot lot in the XX. There is real opportunity to create an infill mixed-used

development, However, the total square footage may not be of sufficient size for a viable

conversion project.

3. XX - One of the several surface parking lots owned by Boston Medical Center, XX is ripe for redevelopment, as that swath of the XX is transforming. There are precedents for

midrise development on adjacent sites, and the site is large enough for a mixed-use property.

However, there is already a proposal moving forward on this site.

4. MBTA-owned sites - The MBTA proposed several sites it currently owns in Greater Boston, but most of the sites were very large (30 acres) and a significant distance from

b. The Structure

i. Current Conditions

The Site is comprised of three interconnected buildings: the Church, the Rectory and

the Coach House. The buildings front to three streets and have entrances on each.

The Church is a brick, two-story building constructed in XX in XX. It measures XX

feet wide and XX feet long with a XX-foot steeple. The main building houses a large

sanctuary space on the second floor, and a raised basement houses a small chapel and large

auditorium.

In XX, the congregation made repairs to the building and added a baptistery. Further

modifications were made to the Church after the Owner purchased the property in XX.

Further alterations were made in XX and again in XX. However, these alterations mostly

focused on the interior (XX).

The Rectory was constructed in XX and used for many years as a XX. A XX was

added to the back of the XX with its entrance on Newbury Street, now the Coach House.

Both of these buildings were acquired by the Owner and adaptively used by the parish as

offices, meeting rooms, and recreation space. The Rectory is currently configured into a

number of bedrooms and a living area, mainly used as housing for volunteers of the church.

The Rectory is a three-story brick, XXX and features a round window in a central

gable that projects through the heavy wood cornice. It measures approximately XX feet long

and XX feet wide.

The Coach House consists of a brick two-story building. It was built in XX on

Newbury Street and is connected to the Rectory. It measures XX feet wide and XX feet long. The Coach House remains in substantially original condition, except that the large stable door was bricked over in XX (XX). Its original form is still clearly visible from the street. The

ii. Future Reuse

The structure is a prime candidate for redevelopment following the trend of several

church conversions in Boston and throughout the country. While Beacon Street is a

commercial strip with small- to medium-sized office and retail spaces, the area is

predominately residential, dominated by two- and three-family homes.

There is a strong market for residential units in former church buildings, as the

history of these structures and the unique spaces they contain help drive marketability. The

architectural features of churches and their centrality in the neighborhood facilitate high

ceilings, large windows, attractive views, historical touches, and innovative layouts such as

loft apartments. While Boston and Cambridge have witnessed a wave of apartment

construction in the past five years, the majority of new units have been in ground-up

developments that cannot offer the charm, history, and location in the heart of an existing

community that the redevelopment of this Site can.

Redeveloping the Church requires the most significant structural changes. What is

currently the double-story interior will be divided into two stories to accommodate loft style

apartments that take advantage of the building's large windows and high ceilings. The

outward-facing section of the units will be double-height living spaces allowing natural light

to penetrate throughout the unit. Repurposing the Church in this manner creates the greatest

opportunities for the creative spaces tenants are seeking. The Rectory and Coach House do

not require the same degree of structural changes as the existing floorplates accommodate

residential units.

An additional benefit of redeveloping the Site within its existing shell is the extra

FAR and height the development can achieve compared to the zoning limits that would apply

to ground-up construction. The Site has an FAR of XX and a height of XX feet. Current

zoning regulations allow for a maximum FAR of 1.34 on the Site (a weighted average of 1.75

FAR of 1.34, the project could only accommodate 13,700 square feet (plus basement area),

which is just 38% of what the existing buildings contain. The height restrictions are 45 feet

and 35 feet, respectively. By redeveloping the existing structures, the project is able to

achieve much higher density than would otherwise be allowed for a new development on the

Site.

While Beacon Street is a commercial corridor, certain attributes for a retail scheme

would be quite cumbersome to provide, including service access, proper signage, and

storefronts. In conversations with the Cambridge Historical Commission, changes to

accommodate retail are discouraged on the Site.

iii. Church Partnership

With the congregation at St. Peter's is shrinking in numbers and unable to sustain the

parish, both St. Peter's and the Owner are interested in pursuing development opportunities.

A willing partnership between vendor and buyer will help facilitate a smooth and successful

deal.

Anecdotally, successful proposals involving redevelopment on Owner-owned land

must have the support of the presiding pastor. The approvals process within the Owner is

multifaceted and unique to each project. The length of this procedure ranges from weeks to

months depending on the size and complexity of the project, community outcry, political

support within the Owner, and whether the plan involves the closing of a church (as opposed

to its integration or development on other sites, such as a surface parking lot). The process

involves numerous stages of signoff by various committees, and the pastor is often leading

the charge throughout the process. Therefore, including the pastor throughout the

predevelopment stage is essential to gaining traction within the Owner.

Additionally, the support of St. Peter's pastor will help rally community support in an

c. The Neighborhood

Cambridge is bounded by the Charles River on the east, the Somerville border on the

north, Broadway and Main streets on the south, and railroad tracks on the west. Cambridge has

experienced a significant transformation in the past twenty years as old factory buildings have

been converted into offices and residential space, and 80% of commercial development in

Cambridge is located in this neighborhood.4

The Site is a XX walk to Lechmere Station (MBTA Green Line), which is slated for

expansion north to Somerville and Medford over the next five years. There are also numerous

retail clusters in the area, starting with Beacon Street itself, XX two blocks west, and XX within a

XX-minute walk to the southwest.

Several employment centers are located in close proximity to the Site. The distance to

Kendall Square is less than XX; to Harvard Square and Downtown Crossing, Boston XX; and to

Back Bay, Boston XX miles. The main industries these neighborhoods serve are life science,

biotechnology, information technology, medicine, finance, education, and law. Kendall Square,

Cambridge, is the main technology hub of the metropolitan area, with the likes of Facebook,

Biogen, the Broad Institute, Google, Novartis, and Genzyme all located in the neighborhood. The

diversity of industries supports a range of professional and service roles.

These industries provide a solid and growing base to Cambridge, and the city is adapting

to accommodate future growth. North Point, approved for 4.5 million square feet of mixed-use

development adjacent to Lechmere Station, Kendall Square, and the 14-acre Volpe Site are three

of the largest development initiatives in the metro, all located in Cambridge. (For more

information on planned developments in the area, see Chapter 3.A.)

As more businesses locate in the area, Cambridge's housing stock will become even more

strained. Demand stems from graduate students, young single professionals, starter families, and

4 "Boston at Front of Multifamily Wave," http://www.jllblog.com/boston/2014/06/01/boston-on-front-end-of-multifamily-wave/, accessed 7/05/16; Marcus & Millichap Multifamily Research Report, 2016.

empty nesters. With this sort of diverse demand base, strong employment drivers in the area, and

an expanding transportation network, the outlook for residential properties in Cambridge is

positive.

d. Motivation Summary

Taking into account the scale, location and historical significance of the building, this

Site has enormous appeal as a redevelopment opportunity. The property is in close proximity to

Lechmere Station, is in walking distance to Kendall Square, and is located in an established

neighborhood. Residents can walk to a large Star Market in XX and the XX in less than XX. The

property has frontage and access from three streets and has three green spaces within a XX

minute walk. Cambridge is a community with an ever-increasing demand for housing, and the

Site is in a very desirable location to provide it. Because of the Site's potential, and because the

landowners are willing to explore potential redevelopment, the Site has a distinct advantage over

B. Mission Statement

The redevelopment of the Site will transform what is currently an underutilized asset into a

first-class residential conversion serving the ever-evolving population of Cambridge. Churches were

once the center of the community, and the church's erection symbolized the rising prominence and

livelihood of the area, with its close proximity to downtown Boston. While pockets of Cambridge in

nearly every direction are undergoing a period of rapid investment, growth is threatening to leapfrog

this particular area of Cambridge. However, the Site has the location, amenities, and charm that, if

brought into the 21s' century, would make a very attractive development. The redevelopment

proposed preserves the Site's original fagade and character but modernizes the interiors, blending

historic Cambridge with the contemporary forces shaping the broader neighborhood. The units are

designed to appeal to the employees in life science and high-tech firms clustered in the area and will

include modern, innovative, green features to suit today's lifestyle. The program also incorporates a

new chapel for the existing parish community and reserves 19% of its units for low income tenants in

the area. This development proposal provides the Site with an opportunity to thrive and reinvigorate

the neighborhood while providing St. Peter's with a sustainable income stream to secure its future.

C. Executive Summary

Brompton Developments is proposing a mixed-income residential redevelopment on the

quarter-acre Site currently serving as a historically landmarked XX at 123 Beacon Street in

Cambridge. The proposed project, Scholars' Lofts, is a $13.8 million development that will include

39 rental apartments over 37,660 square feet. (The landowner's primary motivation in the project is

securing a steady income stream, limiting the viability of condominiums on the Site.)

Cambridge is experiencing a period of rapid growth and development stemming from

located within a XX-minute walk from key employment, transit, and retail amenities benefiting from recent renewal.

The property has frontage on three surrounding streets, Boylston and Newbury Streets, in

addition to Beacon Street, at a vital intersection in the community. Its current use is becoming less

relevant in the neighborhood as demographics shift and other churches attract parishioners. With the

employment base continuing to expand in the area and housing options limited, residential conversion

is a logical solution for the Site.

Scholars' Lofts will be comprised of three connected brick buildings dating back to XX. The

Church and Rectory will contain four stories of residential units, and the Coach House will contain a

relocated chapel and one story of apartments. Six of the 39 units will be affordable under

Cambridge's Inclusionary Zoning Ordinance. The program is a mix of studios, one-bedrooms, and

two-bedrooms. Certain one- and two-bedroom units will be loft style, taking advantage of the large

windows in the Church.

Amenity space includes a roof deck, a fitness room, and a large bike room. The Site also

encompasses a parking lot that accommodates 18 spaces, for a parking ratio of 0.5.

The redevelopment of the Site will rejuvenate the intersection of Beacon and Boylston streets

by returning the historical structures to their intended glory and extending the investment from the

surrounding neighborhoods farther into the residential areas of Cambridge. Residents at Scholars'

Lofts will enjoy living in a beautifully restored, amenitized historic building with unique living spaces

D. Letter of Interest July 29, 2016

Eagle Star Investment Committee

1 Federal Street, Boston MA

02110

To Whom It May Concern,

Please accept the following document to serve as our formal proposal and funding request for

Scholars' Lofts, a mixed-income apartment community in Cambridge. Brompton Developments is

proposing the 37,660 square foot redevelopment of the existing historically landmarked church

buildings into a 39-unit rental apartment building with 18 parking spaces. The project is 19%

affordable (six units) to the standards defined by the Cambridge Inclusionary Zoning Ordinance. We

are seeking a limited partner equity commitment for the project of $4,587,738. The project supports

an IRR of 12% for the limited partner.

Brompton Developments is committed to the revitalization of the church buildings, which will

bring life, activity, and improved aesthetics to the intersection of Beacon and Boylston streets.

Scholars' Lofts will create custom, historical yet modern living accommodations in a rapidly

expanding neighborhood of Cambridge. The property spans three original buildings fronting Beacon,

Boylston, and Newbury Streets which range in height from two to four stories. The program is a mix

of studios, one-bedrooms, and two-bedrooms, with a selection of the one- and two-bedroom units in

the loft style, taking advantage of the large windows in the Church. The target demographic is young

professionals, both singles and couples, working in the neighboring technology hub and universities.

The property offers high-end amenity spaces, such as a roof garden, fitness room, and secure

bike room. It is also within a XX walk from Lechmere Station, which will benefit from the upcoming

property is located on a retail corridor offering neighborhood amenities and conveniences and has

three public green spaces within two blocks.

With Cambridge's economy booming in recent years, the local housing stock has not been

able to keep pace with demand, creating a landlord-friendly environment. Cambridge apartment rents

increased 5% in 2015 despite a record 1,050-unit increase in stock.5 Many of the units delivering are Class A and commanding rents greater than four dollars per square foot.6 The wave of completions in

2015 did send vacancies in the submarket to nearly 10%, but they have since fallen nearly 3

percentage points and are expected to continue falling.7 The development pipeline remains relatively limited in comparison to the previous couple of years - there are no apartment properties under construction within three-quarters of a mile from the Site - and the life science, biotechnology, and information technology industries continue to expand and attract new residents to the Cambridge

neighborhood.8 Part of the slowdown in supply stems from the relative scarcity of untapped development sites and stiff competition from office and lab developers (who can pay two to three

times more for land) for the sites that do come to market.9 This shortage of sites underscores how desirable the opportunity is.

The anticipated opening of Scholars' Lofts is August 2019, which allows for nine months to

negotiate and close the agreement with the land owner and another 12 months for construction with a

three-month window for delays. With trends indicating prolonged apartment demand growth and the

currently quiet supply pipeline (especially for historical, one-of-a-kind units in the heart of an

established neighborhood), the project is well timed to take advantage of these landlord favorable

market conditions.

5 "Boston at Front of Multifamily Wave," http://www.jllblog.com/boston/2014/06/01 /boston-on-front-end-of-multifamily-wave/, accessed 7/05/16; Marcus & Millichap Multifamily Research Report, 2016.

6 "Boston at Front of Multifamily Wave,"

http://www.jllblog.com/boston/2014/06/01/boston-on-front-end-of-multifamily-wave/, accessed 7/05/16; Marcus & Millichap Multifamily Research Report, 2016.

7 "Boston at Front of Multifamily Wave,"

http://www.jllblog.com/boston/2014/06/01/boston-on-front-end-of-multifamily-wave/, accessed 7/05/16; Marcus & Millichap Multifamily Research Report, 2016.

8 "Boston at Front of Multifamily Wave,"

http://www.jllblog.com/boston/2014/06/01/boston-on-front-end-of-multifamily-wave/, accessed 7/05/16; Marcus & Millichap Multifamily Research Report, 2016.

We appreciate your consideration of our proposal and funding request. Your investment is

vital to the success of Scholars' Lofts and provides you with an opportunity to secure a steady return

and contribute to the neighborhood's future growth.

Sincerely,

James Scott, Principal, Brompton Developments

Chapter 3 - Site Analysis

A. City and Neighborhood Context

The Site is located in the Cambridge neighborhood of Cambridge, MA, in the Boston

metropolitan area. Boston is the capital of and the largest city in Massachusetts. Greater Boston,

containing 4.7 million people, is the tenth-largest metropolitan statistical area in the United States.10 Boston, founded in 1630 by Puritan settlers from England, has a rich history and was pivotal

in the American Revolution. Boston is home to the country's first public school, first subway system, and first public park. It also has the first neighborhood to be added to the National Register of

Historic Places, Back Bay."

The city is known internationally for its caliber and concentration of higher education. Over

100 colleges and universities are located in Greater Boston with an enrollment of 250,000 students.'2

Boston has the highest concentration of college students of any major city in the United States.13 _Two

of the most esteemed universities in the world, Massachusetts Institute of Technology and Harvard

University, are located in Cambridge.

In addition to higher education, the Boston area is known as a leader in innovation and entrepreneurship. The main industries are life science, biotechnology, information technology, medicine, finance, and law. Kendall Square, Cambridge, is the main technology hub of the area, with

the likes of Facebook, Biogen, the Broad Institute, Google, Novartis, and Genzyme all located in the neighborhood.

Cambridge, north of Boston across the Charles River, is a city of 1i0,000.4 _{It is an education}

and innovation mecca. The city is sometimes called the "City of Squares," with major commercial

districts forming at the intersections of major streets such as Massachusetts Avenue, Main Street, and

10 "Boston," https://en.wikipedia.org/wiki/Boston, accessed 7/16/16. "Boston," https://en.wikipedia.org/wiki/Boston, accessed 7/16/16.

1 "Boston," https://en.wikipedia.org/wiki/Boston, accessed 7/16/16. ' Boston Multifamily Report 2016Q2, CoStar Portfolio Strategy.

Beacon Street. The city is serviced by the MBTA Red and Green Lines, the latter of which is slated

for imminent expansion, and numerous bus lines.

As of the 2010 Census, Cambridge was 66.60% white (62.1% non-Hispanic), 15.10% Asian,

11.70% black, 0.20% Native American, 0.01% Pacific Islander, 2.10% other, and 2.30% of mixed

racial background.5 There were 44,032 households, of which 60.4% were non-families, 28.9% were married couples, and 16.9% had children under the age of 18 living with them.'6 The average household size was 2.00, and the average family size was 2.76."1 According to the 2009-2013

American Community Survey 5-Year Estimates, the median household income for Cambridge was

$72,529 (compared to $66,866 for Massachusetts and $53,046 for the country).'8

Cambridge is bounded by the Charles River on the east, the Somerville border on the north, Broadway and Main streets on the south, and railroad tracks on the west. Cambridge has experienced

a significant transformation in the past twenty years as old factory buildings have been converted into

offices and residential space. Eighty percent of commercial development in Cambridge on a square

footage basis is located in this neighborhood, including the largest single area slated for

redevelopment, North Point.19

a. Surrounding Uses

The Site is located on Beacon Street, a commercial street with small scale retail and

service space. To the north and south are primarily residential areas with single family, duplex, and small apartment buildings. Larger scale businesses are concentrated to the east of

the Site along Hereford Street and to the north in the Kendall Square area. There is a major

retail destination, the XX on Hereford Street.

15 "Cambridge," https://en.wikipedia.org/wiki/Cambridge, Massachusetts, accessed 7/16/16.

16 "Cambridge," https://en.wikipedia.org/wiki/Cambridge,_Massachusetts, accessed 7/16/16.

17 "Cambridge," https://en.wikipedia.org/wiki/Cambridge,_Massachusetts, accessed 7/16/16.

18 "Cambridge," https://en.wikipedia.org/wiki/Cambridge, Massachusetts, accessed 7/16/16.

'9 "Boston at Front of Multifamily Wave," http://www.jllblog.com/boston/2014/06/01/boston-on-front-end-of-multifamily-wave/, accessed 7/05/16; Marcus & Millichap Multifamily Research Report, 2016.

b. Amenities

With frontage on Beacon Street, the Site has access to numerous restaurants and

community oriented retailers and services. To the south of the Site is XX, which contains Star

Market, Marshalls, Dunkin Donuts, a Bank of America branch, among other retailers. To the

southeast is the XX mall, which has numerous shops (Apple, J.Crew, Macy's), restaurants

(Cheesecake Factory, P.F. Chang's), and conveniences (CVS).

There are several religious organizations (St. Anthony, Sacred Heart, LDS), schools

(Kennedy Longfellow, Beacon Street Upper School, Community Charter), and parks in the

area. Civic institutions such as the courthouse, the Multicultural Arts Center, and the Museum

of Science are also in close proximity.

c. Transit and Access

The Site is XX to Lechmere Station (MBTA Green Line) and XX to Kendall/MIT

Station (MBTA Red Line). The 59, 47 and 84 buses directly service the Site.

Several employment centers are located in close proximity to the Site. The distance

to Kendall Square is XX; to Harvard Square and Downtown Crossing, Boston XX; and to

Back Bay, Boston XX miles.

The properties located within one-quarter of a mile from the Site are mainly

residential and retail, and many of the office blocks closer to Kendall Square are within XX

of a mile.

d. Future Growth

There are three major areas of development in Cambridge. North Point, a 42-acre Site

between 1-93 and the Museum of Science, is approved for 4.5 million square feet, including

2,800 apartments, 2.1 million square feet of commercial space, and 11 acres of park space.

redeveloped Lechmere Station.20 Charles River Conservancy has proposed a permanent floating dock swimming facility near North Point Park, which would help locals take better

advantage of their riverfront setting.

North of Broadway is the 14-acre Volpe site, currently owned by the U.S. Department of

Transportation. Zoning on the site is yet to be determined, but developers have submitted

proposals for the site, some of which contain plans for the tallest tower in New England.

South of Main Street is the heart of the Kendall Square redevelopment plans. The

majority of the plan is part of MIT's Kendall Square Initiative, which calls for 250 housing

units for graduate students, 290 housing units for the general population, 100,000 square feet

of retail space at ground level, and three acres of new and repurposed open space. The project

will add six buildings to the area over the next decade as surface parking lots are

repurposed.

The more western section of the Kendall Square redevelopment area calls for 600,000

square feet of commercial space (10%-20% of which will be designated innovation space)

and 400,000 square feet of housing (25% affordable to low- and middle-income

households).

The city of Cambridge supports development in Cambridge to accommodate future

economic expansion. With the country's medical needs growing, computing and cloud-based

systems becoming more integrated into everyday life, and world-class feeder universities

providing a steady stream of graduates, the industry base of Cambridge has a bright future.

This growth facilitates both commercial and residential demand. If two million square feet of

offices are developed in the area, and assuming a conservative estimate of 200 square feet per

worker, 10,000 new workers will be brought to Cambridge. While the residential pipeline

20 "Huge NorthPoint project advances with $300m deal," https://www.bostonglobe.com, 7/16/16. 21 "Organization proposes permanent swimming spot on the

Charles River," http://www.bostonglobe.com, accessed 7/16/16.

22 https://kendallsquare.mit.edu/, accessed 7/15/16.

seems crowded with some 4,000 units planned, the neighborhood will still need at least 1,000

more assuming each unit houses two workers. Additionally, developments in Kendall Square

and North Point are not direct competition for Scholars' Lofts. They are primarily new

mid-to high-rise buildings in neighborhoods that are not traditionally residential. They lack the

historic characteristics, existing community feel, and charm that Scholars' Lofts provides, and therefore tend to serve a different market segment.

The planning board in Cambridge understands that the housing supply is already strained

and will welcome thoughtful residential additions to the neighborhood. Companies will only

continue to locate in Cambridge if it has the infrastructure, including housing, to attract talent.

On the downside, the wave of projects coming through the early development process will

put pressure on the planning phase timeline.

B. Immediate Site Context

The Site is located at the north corner of the intersection of Cambridge and Boylston streets

in the neighborhood of Cambridge, MA. Beacon Street is dominated by smaller scale, neighborhood

serving retail stores and services and is anchored by Lechmere Station to the south.

The Site is comprised of three buildings: the Church, the Rectory, and the Coach House.

a. Entrances and Exits

There are entrances to the Site at all three street frontages. Both Boylston and Newbury

streets are on the Cambridge Truck Restriction List, which restricts using those roads as

throughways for truck traffic. Trucks servicing the property may access the Site from either

Boylston or Newbury Street.

b. Neighboring Properties

Surrounding the Site are mainly two- and three-story residential buildings (particularly

along Beacon Street are three- to four-story mixed-use brick structures. Southwest across Beacon

Street is a XX square foot, three-story office building.

C. Zoning Analysis

The Site is zoned partially XX and XX. It does not fall into any special zoning overlay

districts. Review Process will be conducted by the Cambridge Planning Board and will require a

Large Project Review (City of Cambridge, Massachusetts Zoning Ordinance and Maps, 2013). (For

Entitlement Strategy please see Chapter 4.F.)

a. Zoning Guidelines

XX XX XX

Allowable 9 Business, * Residence * Residence,

Uses Neighborhood retail, Multifamily Multifamily,

Office; Multifamily Apartments, Dorms

Residence

@

9 Affordable units required in developments with 10+ units or 10,000 SF+;

should be provided on site but can be negotiated in cases of significant

hardship (11.201, 11.203.2)

* 15% of base units should be affordable. Developers may be eligible for a density bonus of up to 30% of the floor area and unit count allowed by the base zoning district (11.203.2)

e Unit size split guidelines: 1 bed (20%), 2 bed (40%), 3 bed (30%), 4 bed (10%)

Dimensional 9 FAR: 1 * FAR: 1.75 e FAR: 0.75

Requirements e Min Lot Width: none * Min Lot Width: 50' * Min Lot Width: 50' -FAR 9 Min Lot Area/DU: 600 9 Min Lot Area/DU: * Min Lot Area/DU:

-Min Lot o Max DU/Acre: 72 600 1500 SF

Width * Min OS Ratio: none * Max DU/Acre: 72 9 Max DU/Acre: 29

-Min Lot e Min Required _{9 Min OS Ratio: 15% e Min OS Ratio: 30%}

Area per DU Setbacks: 9 Min Required o Min Required

-Usable Open o Front: none Setbacks: Setbacks:

Space per DU o Side: none o Front: (H+L)/4 o Front: (H+L)/4

-Min o Rear: (H+L)/5 o Side: (H+L)/5 o Side: (H+L)/5

Required * Building Height Max: _{o Rear: (H+L)/4 o Rear: (H+L)/4}

Setbacks _{35' (non-resi), 45'-65'} * _{Building Height Max:} * _{Building Height Max:}

(front, side, (resi) _{45' 35'}

rear)

-Building

xx xx xx

-Number of stories max

Required e Resi: 1 per d.u. 1 per d.u. 1 per d.u. (plus visitor) Parking _{e General office: min}

-Min 1/800 SF; max 1/400

dimensions SF

-% of * General retail

(non-compact convenience): min

spaces 1/500 SF; max 1/250

allowed _SF

-bicycle * _{General office bicycle:}

parking _{Long-Term: 0.30/1000}

SF; Short-Term:

0.06/1000 SF

e General retail bicycle:

Long-Term: 0.10/1000

SF; Short-Term: 0.60/1000 SF

* If 50%+ affordable, affordable units need 60% of otherwise required parking (6.12)

o Potential reduction in requirements with carsharing allocation (up to 25% of spaces can be allocated) (6.24.4)

* Parking requirement waived for commercial segment if 4 or fewer spaces

required and 10,000 SF or less occupied by commercial tenant

e With 5+ spaces, 50% max can be compact spaces

* Bike parking residential Long-Term: 1.00 space per dwelling unit for the first

twenty (20) units in a building; 1.05 spaces per dwelling unit for all units over twenty (20) in a building (6.107)

* Bike parking residential Short-Term: 0.10 space per dwelling unit on a lot

D. Precedents for Church Conversions I

Ny

~j!f

IAi'

rid.

(Bing Maps. 2016; Google Images, 2016)

.* ? e /i

r

I

i

Table 3.1 - Church Conversion Precedents

Church Development Address Type Units Parking Pricing Unit Size Unit Mix Developer Architect

& Date (SF)

1 Holy Trinity The Lucas" 136 Condo 33 units -underground $600,000 650 to 1 to 4 Dennis James

German Shawmut parking with to $4m 3500 beds Kanin and Alexander

Catholic (under Avenue, 28 spaces David of Finegold

Church construction - Boston -a bicycle Goldman Alexander

March 2017) room &

(New Associates Boston

Ventures)

2 Immaculate The 771 Condo 63 units - 54 bike Ronald Nunes

Conception Cosmopolitan21 Harrison spaces Simons Trabucco

Catholic Avenue, 6 -48 on-site

Church (under Boston Affordable garage (Bodwell

construction) units parking Pines Corp)

spaces -25 adjacent garage parking

spaces

3 Clarendon 2 Clarendon 2 Rental 60 units $3000 to studio to Finegold

Street Baptist Square26 Clarendon $7000/mo 2 beds Alexander

Church Street, Architects

Completed 1990 Boston

4 St. Augustine The Residences 225 Condo 29 units 27 surface $650,000 465 to studio to Bruce B. Stephen

Catholic at St. Dorchester and below to $1.29m 1500 3 beds Daniel Sousa

Church Augustine2 7 Street, 4 grade

South Affordable parking

Completed 2004 Boston units spaces

24 http://www.thelucasboston.com/#!sales/c let; http://www.bostonredevelopmentauthority.org/getattachment/cOaO3da7-6f89-4fce-bOb6-91f7620092ba, _accessed

7/22/16.

" "South End Church Conversions," http://boston.curbed.com/2016/3/3/11151828/south-end-church-conversion-771-harrison, accessed 7/16/16; http://www.bostonredevelopmentauthority.org/getattachment/a57d00 lc-f6bb-49de-alOd-90894af728e2, accessed 7/22/16.

26 Finegold Alexander Architects, http://faainc.com/wp-content/uploads/2014/03/FAPRIVATE-DEVELOPMENTS.pdf, accessed 7/20/16; Finegold Alexander

Architects, http://faainc.com/projects/2-clarendon-square/, accessed 7/20/16.

27 "St. Augustine's Church might avoid demolition under plan to convert it to housing,"

http://archive.boston.com/yourtown/news/southboston/2013/03/hold st augustines mightavoid.html, accessed 7/18/16; http://www.bostonredevelopmentauthority.org/getattachment/4f9ee100-0ef6-428f-a9fb-ed6cb9210b20, accessed 7/22/16.

Table 3.1 -Church Conversion Precedents

Church Development Address Type Units Parking Pricing Unit Size Unit Mix Developer Architect

& Date (SF)

5 First Methodist One Summer I Summer Condo 7 units up to 1200 to up to 4 Church Street28 Street, $2.25m 4600 beds

Somerville Completed 2006

6 Immaculate Windsor Street 424-430 Condo 14 units 14 spaces -2 Just A Start Conception Condominiums29 Windsor exterior, 12 Corporation Catholic Street, 14 structured

Church Completed 2012 Cambridge Affordable

units

7 Mount Vernon Church Court 492 Condo 38 units $1.15 to 1500 to Graham Congregational Condominiums3 Beacon $2.8m 2000 Gund Church Street,

Completed 1983 Boston

This table lists precedent church conversions in the surrounding area and their key metrics.

28 "From Churches to Condos," http://www.bostonmagazine.com/property/blog/2016/06/14/church-condos-boston/, 6/14/16; Center and Squares,

http://centersandsquares.com/2010/02/23/condos-in-renovated-churches/, accessed 7/22/16.

29 "Windsor Street Condominiums,"

http://www.camnbridgema.gov/CDD/Projects/detaii.aspx?path=%/2Fsitecore%/2Fcontent%/2Fhome%/2FCDD%/2FProjects%/2FHousing%/2F424430windsorstreet,

accessed 7/15/16.

30 "Turning Churches into Housing a Unique Challenge," https://www.bostonglobe.com/business/2015/04/20/turning-churches-into-housing-unique-challenge-for-developers/UFPYDtq0teHdtjBhzhuWxL/story.html, accessed 7/17/16; Church Court,

The preceding map and table outline a number of successful church conversions that have

taken place in the surrounding areas in recent times. As illustrated in the table, the scale of these

developments has ranged in size from 7 to over 60 units. The newest of these developments is The

Lucas in the South End district of Boston. This development is not scheduled to complete until March

2017, and already there are only 5 of the 33 units still available.3' This project submitted its planning proposal to the Boston Redevelopment Authority in March 2015, with a total timeline of two years

from submission to completion.3 2

The nearest development to have taken place in Cambridge is the Windsor Street

Condominiums, which completed in 2012. This development does not provide a great basis for

precedent however, as it was made up entirely of affordable units.

While Cambridge has only had a small number of church conversions in recent years, there

have been a number in nearby Boston and Somerville. Many of these took place because the buildings

became dilapidated or burned down and thus were not subject to the same extent of community

scrutiny that Scholars' Lofts may face.

The development that is the most appropriate comparison is the redevelopment of St.

Augustine's in South Boston. This 29-unit redevelopment is similar in scale, and when it was first

proposed in May 2013, faced large public outcry from the local community. The original plans called

for the demolition of the historic property, which drew significant push back from the local

community. After a number of meetings with community members, a much smaller scale

development that included the retention of St. Augustine's exterior was proposed and approved. Even

though the project faced significant public opposition and a lengthy entitlement process, construction

still completed in late 2015."3

3' http://www.thelucasboston.com/#!sales/cl et, accessed 7/12/16.

32 http://www.bostonredevelopmentauthority.org/getattachment/cOaO3da7-6f89-4fce-bOb6-91 f7620092ba, accessed

7/10/16.

3 "St. Augustine's Church might avoid demolition under plan to convert it to housing",

http://archive.boston.com/yourtown/news/southboston/2013/03/hold-st-augustines-mightavoid.html, accessed 7/14/16.