The Village at Bedford Woods is the coolest real estate project that I’ve done (so far)!
About
The Village at Bedford Woods is a condo development at 100 Albion Rd in Bedford, MA. Originally approved in 2004 as a 40B project (read: What is a 40B project) and slated for development in three phases for a total of 88 apartment-style condo units, the project came to a near-halt by the end of 2008 at the unfortunate passing of its developer. Then, only Phase I of the condo was complete. Development rights for Phase II and Phase III was made available via a foreclosure auction and purchased by the present developer, Sid Gehlot from the Treetop Group, in 2018.
Today, The Village at Bedford Woods consists of an apartment-style condo building, along with 26 new luxury townhouses.
So many thoughts on my mind as I write this post, beginning with how fitting it is that I’m writing it on Labor Day.
*Yoda voice* Labored for this, I have.
I have worked on for this project since May 3, 2018. Yes, I could be that specific, because Sid had asked for my help in putting together an investor pack for him. As you know, Microsoft Powerpoint has a date stamp.
It’s been over 3 years. Wow.
I wish I could say that time has flown by quickly, but it really hasn’t for this project. No, it felt like an incredibly long process and one that I couldn’t wait to get to the finish line.
Speaking of which, we’re still not there yet.
GAHHHHHHHHHH!
But I see the light at the end of the tunnel and it’s glorious so, can’t wait!
I remember the day I’d first come to learn about this project. I wasn’t even a licensed real estate agent then, but was working with Sid on the investment side of real estate and analyzing deals for him. He’d laid this one out for me and asked for my thoughts. I concluded that the numbers didn’t look optimistic with the original permitted plans of having 88 condo units in total. That would mean adding 58 apartment units to the existing site (that’s already with 30 constructed units).
Next thing I knew, Sid bought development rights to the project.
Ha, I also remember the pregnant pause I had when he’d announced his purchase.
Should I say “congrats”?
Should I say “wait, I don’t think this will work”?
I settled for “errr what changed your mind?”
Sid then shared that he’d done his due diligence, spoken to a few people, and concluded that he might get a chance at adding more units. Instead of adding 58 units, he could make the project viable with 80 units.
SO. SMART.
Never knew that one could deviate from a previously permitted project. I was happy to learn that.
That was the start of our journey in figuring out the pieces.
What does it take to launch a real estate development in ma?
Meeting with the condo Trustees.
If you were planning to propose a new development where people already live, you’ve got to respect what the residents have to say and work with them.
Picking the team.
Sid knew that he’d have Francis Bevilacqua III from Bevilacqua Builds as his builder, so together, we met architects and engineers.
Consulting a local attorney.
Need someone to advocate for you at zoning board meetings? Pick someone familiar with the process; picking someone who know the zoning board members themselves. In Bedford, there’s only one name: Pamela Brown from Brown & Brown.
Understanding the MassHousing paperwork that needs to be filled.
A 40B project is after all, a state statute. Where there’s a government body involved, there’s accountability to tax payers and therefore, the need for documentation. Who better to take charge of this process than Joan-who-used-to-previously-work-for-a-government-agency? Shoutout to Jessica Malcolm from MassHousing who’d met me and so patiently explained everything that needed to be done! :)
Picking the Lottery Agent.
Affordable homeownership isn’t on a first-come-first-served basis. Owners are selected through a lottery process. A specialized agency would market and conduct the lottery for these homes.
Regrouping with the affordability monitoring agent.
Affordable homes are subject to a deed restriction. In the case that the homeowner wishes to refinance the mortgage, make capital improvements or sell the property, permission must first be sought from the affordability monitoring agent. Here, we needed to reconnect with the agency, CHAPA, that was already monitoring the affordable homes built in the years prior (in the building with 30 units).
CHAPA, by the way, has a great FAQ sheet about affordable housing. Found here.
Selecting a Certified Public Accountant.
The developer of a 40B project is allowed only a percentage of profit after deducting development costs. An accountant would need to conduct extensive audit of the development costs and accounting practices to ensure compliance.
Coordinating financing.
I’m not really familiar with this piece except knowing the fact that this project had to use the New England Fund for financing and there was accompanying paperwork and compliance involved.
There were many more behind-the-scenes work that I wasn’t involved in, like meeting Bedford Town’s Conservation Commission, Town Manager, Public Health Department, Fire Department… I’m sure Sid did way more than I saw.
The most eye-opening of all meetings though…
Attending Zoning Board of Approval (ZBA) meetings!
ZBA meetings are held in the evenings, at 7pm. It was very educational process where I got to listen to the considerations of various stakeholders and deliberation of the ZBA Board Members. Sid’s initial proposal to add an additional 80 apartment units was killed in that meeting after hearing concerns from residents about 1) housing density causing an overwhelming number of cars, and 2) excavation works for underground parking garages causing instability to the site.
How does one address these concerns yet still make profitability in the project?
Build fewer units. Remove the need for sub-terrain works. Simplify construction demands…
Voilà!
Townhouses! Fewer townhouses built on cement slabs is the answer.
Follow the development of The Village At Bedford Woods!
The first 12 units are up and we’re off to the races to get these sold!
Not going for a spoiler here so please check out the website I created at www.villageatbedfordwoods.com for anything and everything about this development.
Yes, my listing services include creating a website and in fact, I designed the logo too. ⬇️
