IZ Workshop 2014: A3 inclusionary zoning avalonbay

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IZ Workshop 2014: A3 inclusionary zoning avalonbay

  1. 1. AvalonBay Communities Discussion on Inclusionary Zoning May, 2014 Avalon Danvers – 433 Apts. Completed 2008 Avalon Exeter – 187 Apts. To Be Completed 2014 Avalon Natick – 407 Apts. Completed 2013 Avalon Cohasset – 220 Apts. Completed 2012 Avalon Natick – 407 Apts.Avalon Danvers – 433 Apts. Avalon Cohasset – 220 Apts.
  2. 2. AVALONBAY BOSTON REGIONAL SUMMARY  Current Boston Area Portfolio: 8,458 apartments in 25 communities.  Communities Under Construction: 1,679 apartments in 6 communities representing an investment of over $550 Million.  Developments in Pipeline: 1,634 apartments in 5 communities representing an investment of over $500 Million.  Since 1994, AvalonBay has developed 7,219 apartment homes in 31 communities representing an investment of over $1.2 Billion.  Over 80% of these developments subject to Inclusionary Zoning. AvalonBay Boston Regional Summary
  3. 3.  Apartment Homes:~187  Status: Under Construction  Capitalization: ~$100 Million +  Average SF: ~1,069  Overview:  28-story high rise located in Boston’s Back Bay Neighborhood. Development is the result of a 10+ year effort between AvalonBay and the City of Boston as part of the Prudential Center redevelopment. Inclusionary Zoning: Case Study Avalon Exeter
  4. 4.  Mayor’s Executive Order for Affordable Housing:  15% of market units affordable, onsite or  $200,000 per unit for 15% of units, offsite  AvalonBay currently owns 781 apartments at the Prudential Center.  A unique opportunity to maximize affordable housing program in the Back Bay. Avalon Exeter
  5. 5. Key Elements to expanding affordable housing program: Under Mayor’s Ordinance, 15% of market units, or 24 apartments located on site.  Expand program by including more units on lower floors.  Expand program by shifting apartments to existing towers.  Result: Avalon Exeter program provides 46 affordable apartments, almost 2x’s the required amount. Avalon Exeter
  6. 6. Avalon Stuart Street Boston, MA Under Construction: 398 Apartments, 2015 Completion

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