12/16/1997 MASHPEE COMMONS ADVISORY COMMITTEE Minutes

Home Browse Search

I creation of a low-end residential base line of future project build-out possibilities that inform the fiscal, traffic, and environmental studies. 'There are three ( basic base. lines, two of which assume a residential., mixed-residential and commercial development; the other being commercial under current zoning. The original Zimmerman/Volk study v is considered to be high-- end residential; the intent of the Study prepared by the Office of Thomas J.Martin O TJl is to create a lower market response to the Pfoiect, with the most likely actual outcome somewhere in a range between tho two. Mr. Brais acknowledged useful comment in response to the draft study has been received from 1 ashpee Commons . Also, a request has been made for the addition of an estimate indicating the breakdown of units from a demographic perspective, which will be of benefit to the various impact analyses as well (fiscal, environmental and traffic) . At this point, Mr. Brais made reference to a Memorandum dated 12-16-97, indicatirng percentage estimates of Empty Nesters and Retirees, Families, Younger Singles and Couples, as well as Seasonal Housing. Mr. Brais also made reference to a Memorandum citing those comments received from Mashpee Commons, which Mr. Brais has reviewed and discussed with Mr. Storrs. He referred to page -3- noting -noting the rental apartments within O TJM had been broken out differently than the /v as pointed out by Mashpee Commons) . Mr. Brais stated said differences could be reconciled within the final. draft. There was a similar comment made regarding the number of condominium units . one difference noted., which is important to the Study is that the low-range single family homes are depicted to be the highest number of units in this particular scenario will tend to be starter homes/younger families. It was agreed that although the market evaluation presentations were different, the oTJM indication of a price range of $350 to $900 per month does not greatly differ from the /v range of $ o to per month. Mashpee Commons noted a fain prase differential between the studies with reference to condominium sale prices. On the high-end single family homes, the oJM study capped out at $250, 000 . 00; which Mr. Brias explained as a reflection of the current market indication that water amenity homes tend to sell for over $250, 000. 00 . It was agreed that the absorption pace is not very different between the studies. At this point, Mr. Storrs responded to the Study by making inquiries relating to the broad concept. He suggested an average (balance) between the two studies be made; as well as whether or not the existing commercial and permitted (un-built) conerc ial within mashpee Commons is to be included in the Fiscal Impact Study. He requested the Committee make this determination. The one hundred 100 units currently permitted for Mashpea Commons have been included under Residential . Mr. Storrs stated he is -3-