Welcome to Paul Revere Commons!
We plan on building a first rate mixed-use development in the lovely town of Canton.
Please continue to check in and get updates about our project.
Keep reading the Canton Citizen for our weekly Q&A section!
Q&A Paul Revere Commons:
THE PROJECT ITSELF
Q. What exactly do you plan to build on the site?
A. A mixed-use complex which would include 500 residential units and about 20,000 s.f. of commercial space. There would also be over 2 acres of park, walking trails, a community center, and a farmer's market.
Q. 500 units seems like a very large project. Are you sure your site and town can handle such a high number?
A. We have had site engineers, architects, traffic experts and fiscal specialists all analyze our proposal. They all agree that 650 units would be a reasonable number for the site and would be extremely profitable for the town. However, in an attempt to reach a consensus with town officials, we have agreed to reduce the number of units to 500. Even with the reduced unit count, the project is expected to yield a NET tax benefit to the town of $473,000 each year.
Q. What do you mean by NET tax benefit?
A. The gross tax revenue would be $1,166,000 per year. The maximum incurred cost for education and all other town services would be $693,000, yielding an annual net benefit to the town of $473,000.
HISTORICAL SIGNIFICANCE ON THE SITE
Q. What are you doing about the historical nature of the site?
A. After discussions with the Historical Commission, Planning Board, many town officials, and concerned citizens, we have decided to save the Revere Barn and the Rolling Mill if Town Meeting adopts the new zoning next month.
Q. Could these historical buildings be lost if the zoning is not changed?
A. Yes. If the site remains full industrial zone, some future developer may not be able to build a commercial building around the historic buildings.
Q. Will you use the historical buildings if they are saved?
A. We plan to rehab and enhance them so that they are suitable for use. Perhaps one of them will be used for the community/senior center. The historical nature of the site will be one of the biggest selling points for our development.
Q. Besides the community center, will the site have other amenities open to the public?
A. Our project is going to be great for our future residents and the community at large. We will have over two acres of open park space to be enjoyed, including a Farmer's Market and Band Shell. We are also going to put a sidewalk system that runs through the project, around the waterways, and all the way to Canton Junction to provide safe passage to the train station. All these amenities can be utilized by residents of the town.
ENVIRONMENTAL IMPACT
Q. What environmental clean up is required for your site?
A. For over 200 years this industrial site has been used for manufacturing. As a result there were chemicals used in the manufacturing process in the ground.
Q. Will you completely clean-up all the hazardous material?
A. If Town Meeting approves dwellings for the site, it will have to be fully cleaned up to meet DEP residential standards. If the site remains as presently zoned (i.e. industrial), a far less significant clean-up to meet DEP industrial standards will be conducted.
Q. It has been suggested that all environmental analyses should be done prior to the Town Meeting vote in April.
A. That's putting the cart before the horse. The extent of the environmental analysis and the clean-up will be determined by the use approved by the Town Meeting for the site. Therefore any owner of the site needs to know what use will be allowed by the Town before determining what the final clean-up plan for the site will be.
SCHOOL IMPACT
Q. Will the Paul Revere Commons development impact our schools?
A. Yes, there will be some impact on the schools. Our fiscal expert says that 500 one and two bedroom units will generate approximately 43 students over the five year build-out period. These students, ranging in ages from 3 (special education) to 18, would be spread out over 13 grade levels and at least four different school buildings. Our expert based these assumptions on data given to him from the Canton school department and Canton assessor's office.
Q. How is your development going to offset these impacts?
A. Our development is not only going to offset these impacts, but also provide a substantial economic gain for the town. The town will receive roughly $1,166,000 worth of property taxes every year from Paul Revere Commons. $693,000 of those taxes will be allocated to handle all of our development's school and municipal costs to the town. That means every year the town will get a pure, net annual profit of $473,000.
Q. Are you offering any "safety net" in case your predictions are not 100% accurate?
A. Yes. In addition to the $1,166,000 in taxes each year, we will pay the school system $2,000 for every rental apartment and $1,000 for every condominium unit totaling $750,000 (assuming 250 rentals and 250 condo units). These amounts will be paid as soon as the building permits are issued.
Have any of your own questions? Please email us at info@prcommons.com.
Thanks,
Canton Development Properties
