At the 9/30/20 IDA meeting the co-developer Georgica Green Ventures presented 11 Garden Street. It will be 19 stories, 219 rentals with 77 units reserved for victims of domestic violence. The co-developer is New Destiny House Corporation. All the units will be affordable.

Project Data*

Building
Budget: $132,000,000
Studios: 45
1BR: 107
2BR: 66
3BR: 1
4BR: 0
Affordable: 219
Total: 219
Parking: 211
Stories: 19
Retail Space: 0 sqft
Occupancy
Residents: 404
Students: 11
School: Trinity

Jobs
Construction: 200
Permanent FT: 7
Permanent PT: 2
Dates
Status: IDA Approval

Planning Board Approval: 2/26/2019
IDA Approval: 9/30/2020
Constr. Start: 1/1/2021
Length: 30
Completion: 7/1/2023
Tax Incentives
"As Is" Tax: $0
Full Property Tax: $24,518,495
PILOT: $12,791,592
Owner Savings: $11,726,903
PILOT (yrs): 30

Mortgage Tax Exemption: $1320000
Fair Share Mitigation: $

Data Last Updated: 10/10/2020

*Data listed here is subject to change. FOIL/FOIA requests are pending to obtain any missing data. Some of these numbers are estimated. Data comes from city documents.

** GLOSSARY TERMS: "As Is" taxes are the taxes of the property before development. Full Property Taxes are the taxes of the property after development. PILOT means Payment in Lieu of Taxes, which is less than full property taxes. Owner savings is the property tax abatement in dollars and as a percent of Full Property Taxes. PILOT length is the number of years that the PILOT is in effect. Fair Share Mitigation (FSM) fees are monies collected by the City from the developer to cover future infrastructure needs. The school system gets approximately 2/3 of the FSM fees.

*** Residents are calculated as follows: Studios = 1, 1BR = 1.5, 2BR = 3, 3BR = 4.5 (NDC formula) Students are calculated as follows: Studios (*0), 1BR (*0.014), 2BR (*0.141), 3BR (*0.213) (NDC formula)

*Data updating and collection is done by volunteers and may contain the occasional error or miscalculation.

Progress Gallery

6/15/2019

1/13/2019