Marathon Development LLC RFP Response Summary - Received March 11, 2022
Marathon Development LLC:
- Team: Harry Angevine, Franklin Angevine, Michael Liberatore, David Langlois.
- Potentially MacRostie Associates (Historic) & Branch Architects, Phoenix Property Management
- Summary:
- Preserve 1884 Rogers Building with 12 residential apartments plus 6,300 sf of office space.
- Keep 1950’s addition and lease to an educational a/o daycare center. Proposal would make aesthetic improvements to 1950’s addition.
- Re-establish Union Street
- Create 6 single family “town homes” on south side of reopened Union Street
- Create 18 residential units and office and non-profit space.
- Include community center, educational space and new bike path from Center St. to Rail-Trail.
- Units
- Rogers School: 12 res. Units in 1884 Building to be rented at 80%-120% AMI (at least 4 at 80%)
- 2 one-bedroom units
- 9 two-bedroom units
- 1 three-bedroom units
- commercial space
- Additions: 6 new three-bedroom single family homes
- Total: 18 Residential Units and education/daycare in 1950’s plus some office space.
- Rogers School: 12 res. Units in 1884 Building to be rented at 80%-120% AMI (at least 4 at 80%)
- Costs of Proposal
- Total cost estimate $12,497,938
- $30,000 proposed purchase price to Town for closing costs.
- Financing:
- Development arm will finance design & permitting; $5,440,000 loan for construction
- Preliminary commitment Letter Mass Housing;
- LOI MHIC ($1,800,000) Healthy Neighborhoods Equity Fund (HNEF)
- Federal and State Historic Tax Credits (estimate $3,500,000)
- DHCD Commercial Area Transit Node loan ($900,000)
- Local: 20-year Tax Stabilization (graduated abatement) similar to TIF; $840,000 CPA funds
- Maintenance: Would employ Phoenix Property Management to oversee maintenance.
- Parking
- Rogers School: New 12 spot lot on Chestnut in addition to existing 12 on Pleasant
- Presumably on street for 6 single family homes
- Development Area: Does not exceed 50’ pavement beyond ROW.
- Historic Preservation:
- Would develop the old section in compliance with NPS Historic Preservation Act.
- Will apply to National Historic Register
- Amenities: Proposed bike room, Fiber Optic Cable, estimate $17,000/year in property taxes
- Construction: Low emitting materials and energy star certified appliances
- Timing: Break ground within 5 months of approval and complete within 22 months.
- Community engagement, due diligence and design 1.5 months.
- Funding and Historic Certification (Phase 1 &2), Mass Housing, Local funding up to 4 months
- Permitting – 3 months and closing on financing + 1 month
- Construction period 15 months and lease up + 3 months
- References: Yes on AIA Document
- Questions: