X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MILTON, MA- When the H.P. Hood Warehouse burnt down here nearly a year and a half ago, no one in this largely residential town about 20 miles outside of Boston was happy. But since then, town planners have come to realize that the event is one of the few chances they would get to revitalize this old industrial area that sits on the Neponset river.

“When the ice cream warehouse burnt down, it provided us with an opportunity to put something golden there,” Paul Kanter, Milton’s town engineer and planning director, tells GlobeSt.com. This area abuts Dorchester where many of the old mills have been converted into upscale condominiums. But planners in this town want more for their lower mills area.

The town is looking to develop a mixed-use project on this site with restaurants, shops, housing and perhaps a riverfront park. In addition to putting new life into this area, town planners also want to increase the tax revenue in this community. “The plan could triple the amount of taxes we get from this area,” points out Kanter.

To that end, the town recently, and overwhelmingly, approved the town’s first-ever mixed-use zoning which applies to the two and a half acre Hood property as well as to the adjacent three-acre former Humboldt Moving and Storage Property. The new zoning laws require prospective developers to apply for a special permit from the town’s planning board. If a developer agrees to add open space, additional parking or access to the waterfront in the plans, the number of housing units allowed will be increased.

According to Alexander Whiteside, chairman of Milton’s planning board, “Hood has expressed interest in redeveloping its property and are talking about a mixed-use project.” Whiteside adds that a number of groups have looked at developing housing at the former storage site, which was acquired by Extra Space Warehouse, but a 19th century building on the property precluded that option. Developers wanted to raze the building but Extra Space’s use of the building as a warehouse will preserve the building. The company is looking at developing the area around the building in to a mixed-use project. “They are plugged into real estate development,” notes Whiteside.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.