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To the editor:
The proposed condominiums, retail, green-building hoopla, and even the leasehold interest from the Registry of Motor Vehicles, are out of the picture in the Beverly MBTA parking garage development off Rantoul Street.
At the mercy of a lobbyist group and with a small time frame in which to comply with their wishes, Beverly will now be home to a brand-new, 500-parking-spaces, concrete shell.
While the future of the most densely populated neighborhood in the city lies in what will come to the site, no developer has seriously considered breaking ground. As a real estate development professional, I know that good deals are far and few between these days; and to consider an investment in a climate where property values continue to fall, may often be foolish.
This site is unique, and very promising. It sits close to a commuter hub connecting most of the North Shore. It is a satellite location that is 35 minutes to Boston with service from the Newburyport and Rockport commuter rail lines. Several restaurants, cafes, bars and grocers have seen relatively successful sales generated by the foot traffic the transit brings.
Housing prices have fallen, but I do believe that volatile and increasing fuel prices will affect how people choose to commute and reside in the long run. Transit-oriented development will achieve great returns for any developer in the near future. But in reality, not one investor has stood up for the chance to bid on this development yet.
Several things need to change in order to attract the investment and abate the risk associated with developing commercial real estate in the current environment.
Of course, the affordable housing, rooming houses, and seedy nightlife that blight the neighborhood have played a large role in investor skepticism. However, I find that the single most prohibitive piece of the puzzle is the fact that our city is also in the business of essentially subsidizing parking in this area.
As a daily commuter with an interest in the area, I have witnessed fellow commuters driving 100 to 200 yards away from the station in pursuit of a free parking spot. In their defense, why would one pay the standard $4 fee when a short walk can save them the trouble?
Several hundred cars have dodged the fee, amounting to thousands of dollars of lost city revenue per week. This has created not only an inefficient use of space in a densely populated urban area, but it also pulled the rug out from under developers hoping to cash in on the proceeds from a privately run garage.
Parking revenues will guarantee a secure income stream to a potential developer only if parking in the area is well regulated — a concept as creditworthy as getting to work on time.
It is painfully humorous to see cars lined up on Broadway, Railroad Avenue, Rantoul Street, and even as far up as Lafayette, with the metered spaces that abut the station still only half full.
We need to regulate the parking. Let developers know that Beverly welcomes their money.
The city should not take for granted the funds that have been earmarked for the development. Why not attract more investor attention in the form of tax exemptions? The MBTA has pledged 20 times more cash than Beverly will have to come up with. Is giving the developer a break that much of a loss? Is it too late to fix the situation?
The free parking on Rantoul Street has a very high cost. Who pays for the spot?
Everyone but the driver — specifically property and business owners in the area.
Justin R. Fisher
Beverly
