Marathon Development LLC RFP Response Summary - Received March 11, 2022

Marathon Development LLC:

  1. Team: Harry Angevine, Franklin Angevine, Michael Liberatore, David Langlois.
    1. Potentially MacRostie Associates (Historic) & Branch Architects, Phoenix Property Management
  2. Summary:
    1. Preserve 1884 Rogers Building with 12 residential apartments plus 6,300 sf of office space.
    2. Keep 1950’s addition and lease to an educational a/o daycare center. Proposal would make aesthetic improvements to 1950’s addition.
    3. Re-establish Union Street
    4. Create 6 single family “town homes” on south side of reopened Union Street
    5. Create 18 residential units and office and non-profit space.
    6. Include community center, educational space and new bike path from Center St. to Rail-Trail.
  3. Units
    1. Rogers School: 12 res. Units in 1884 Building to be rented at 80%-120% AMI (at least 4 at 80%)
      1. 2 one-bedroom units
      2. 9 two-bedroom units
      3. 1 three-bedroom units
      4. commercial space
    2. Additions: 6 new three-bedroom single family homes
    3. Total: 18 Residential Units and education/daycare in 1950’s plus some office space.
  4. Costs of Proposal
    1. Total cost estimate $12,497,938
    2. $30,000 proposed purchase price to Town for closing costs.
  5. Financing:
    1. Development arm will finance design & permitting; $5,440,000 loan for construction
    2. Preliminary commitment Letter Mass Housing;
    3. LOI MHIC ($1,800,000) Healthy Neighborhoods Equity Fund (HNEF)
    4. Federal and State Historic Tax Credits (estimate $3,500,000)
    5. DHCD Commercial Area Transit Node loan ($900,000)
    6. Local: 20-year Tax Stabilization (graduated abatement) similar to TIF; $840,000 CPA funds
  6. Maintenance: Would employ Phoenix Property Management to oversee maintenance.
  7. Parking
    1. Rogers School: New 12 spot lot on Chestnut in addition to  existing 12 on Pleasant
    2. Presumably on street for 6 single family homes
  8. Development Area: Does not exceed 50’ pavement beyond ROW.
  9. Historic Preservation:
    1. Would develop the old section in compliance with NPS Historic Preservation Act.
    2. Will apply to National Historic Register
  10. Amenities: Proposed bike room, Fiber Optic Cable, estimate $17,000/year in property taxes
  11. Construction: Low emitting materials and energy star certified appliances
  12. Timing: Break ground within 5 months of approval and complete within 22 months.
    1. Community engagement, due diligence and design 1.5 months.
    2. Funding and Historic Certification (Phase 1 &2), Mass Housing, Local funding up to 4 months
    3. Permitting – 3 months and closing on financing + 1 month
    4. Construction period 15 months and lease up + 3 months
  13. References: Yes on AIA Document
  14. Questions: