40B Projects Progress In Natick
Geoff Rendall, a vice president of Pulte Homes New England LLC, said he suspects there are a number of factors that are already making a planned $65 million, 50-acre housing development in Natick successful even though the project is just in the beginning stages.
"People are still a little nervous about the economy, but interest rates are incredibly low," he said. "So even though consumer confidence remains at low levels, if someone is confident in their job and their finances, there hasn't been a better time to get into the market in a long time."
Pulte has already sold 44 of 52 townhomes that are set to be finished soon, Rendall said. Then, Pulte hopes to finish the first of six mid-rise condominium buildings in the complex by December. Eventually, there will be 268 new residential units in Natick, about a quarter of which are "affordable" under the state's Chapter 40B law.
Sweet Spot
Rendall is convinced that the market is primed for a project of this scope.
The townhomes are about 1,700 to 2,200 square feet in size and are sold at prices ranging from the upper $400,000s to the mid-$500,000s.
Meanwhile, the first of six planned condominium buildings will hold 36 units, about a third of which have already been sold, he said.
Pulte will continue construction on the remaining five mid-rise buildings during the next two to three years until the complex is complete, he said.
The project is located on South Main Street near the Sherborn town line. Permits were approved for the project in the spring of 2009, which Rendall said was helped by the project increasing the number of affordable housing options in Natick.
Chapter 40B of state law calls for communities to have at least 10 percent of housing stock be classified as "affordable," or sold to residents who earn 80 percent of the median family income for the area. The South Natick Hills project, along with another project in town are helping put Natick over that 10 percent threshold, according to community development director Patrick Reffett.
The other major 40B project in town is not as far along as South Natick Hills, but Newton developer Joshua Katzen is still moving forward on plans for his own 407-unit, two building housing development on Chrysler Road. Katzen, a developer who also manages the already-complete Cloverleaf Apartments next door to the Chrysler Road property, said he's searching for financing. The Chrysler Road project has already been approved by the town.
"People aren't buying houses they can't afford anymore," he said. "Because of that, people are looking at apartments and condos more and more now."
That sentiment is backed by some real estate trackers. According to the Boston's The Warren Group, condominium sales in June were up 31 percent year-over-year and are up 30 percent year-to-date compared to last year.
Katzen is hoping his project, which sits on six acres in Natick, will break ground this fall once financing is finalized.
"There's really been little to no construction the last two years, so everyone's just getting back to work," he said.
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