Developer Details Plans for Former Adams Mill
 Developer Jeffrey Cohen goes over plans for the Waverly Mill with the Historic Commission last week. He hopes to renovate the mill into 150 affordable apartments. |
ADAMS, Mass. — A local developer has big plans for the former Waverly Mill — once the tax credits he's hoping for line up.
Jeffery Cohen, owner of 7 Hoosac St., has proposed turning the old mill into a 150 affordable apartment units for rent.
He filled in the Board of Selectmen and the Historical Commission on the progress of the project at their meetings last week
Cohen said he has put together a team of architects, accountants, engineers and consultants and said construction could start as early as 2016.
"It's finally taken a turn where we sort have stepped up the development process and started rather than talk about maybes," Cohen told the Selectmen on Wednesday. "Everybody is in place."
The project, however, depends on historic and affordable housing tax credits that could cover 90 percent of the projects cost. He said the application for these credits takes a while, but make the project very doable.
Through the state and federal government, Cohen said he could get 40 percent of the cost of the project covered by tax credits. He said he hopes for another 50 percent of affordable housing tax credits, also from the the federal government, but those are harder to get.
Cohen said, at the lowest, he expects 70 percent of the projected $40 million project to be covered by tax credits.
He said the tax credit application process should be wrapped up by 2015.
Cohen also wants to have a lot of green space near the parking area and something like a town common.
"I don't want to do this as an isolated building for the sake of building a parking lot, and I think there is a greater opportunity in this whole area to make this more usable for everybody," Cohen said. "What we are trying to create is something more than an apartment building — we would like to have a wonderful town amenity."
The area could have benches, picnic tables, a gazebo, and maybe even a small pond. He said the area would be connected to downtown Adams.
"I think if we are going to create a new urban fabric which is what I am interested in," he said. "I think those type of uses that you would not normally go to the expense of doing in a parking lot in an apartment building we should do."
The mill is next to the gallery at 5 Hoosac, also a former Waverly mill, the Visitors Center and the planned train station pavilion, ensuring it will be seen by visitors.
Cohen said he may ask for a variance to lower the amount of mandated parking spots to facilitate more green area.
Selectman Jeffrey Snoonian said he was worried the complex would be used for Section 8 housing.
"We are in the dire financial straits right now, and the anchor more subsidized housing will put on the community is my concern," Snoonian said.
Cohen assured him the units would not be used for that. He said it would be used for affordable housing with rents based on prices the government feels represents a normal income.
"Affordable basically means a town employee, a police officer, a teacher, or someone with an average-paying job will be able to live here with incomes established by the government," Cohen said.
He said a single-bedroom apartment would be in the price range of $950 a month and a two-bedroom would be near $1,250.
Some of the units could be used for veteran housing, which he said some municipalities consider a problem.
"These people serve the rest of us, and I don't want to discriminate against them and I'd like to be able to help if we can," he said. "We can get flack for it ... and you are dealing with people who have problems and issues on occasion because they served in the armed forces, period. I don't think that disqualifies them."
The selectmen agreed they would have no problem with having veteran housing in the units.
The developer was optimistic that he could fill all the apartments in two years.
"I do not see a problem renting this over a year to two years' time once it is up and looking good," Cohen said. "It may be hard to get a retailer on Park Street for a lot of reasons, but it won't be hard to put a roof over somebody's head right in the middle of town."
Snoonian asked Cohen what would happen if he decided to back out of the project.
"Developers have a rep of blowing into town, throwing lots of money around and leaving," Snoonian said. "I am not going to let that happen here, and I am not even saying I'm skeptical, but you have a great responsibility here with this project."
Cohen said the tax credits guarantee completion of construction and he sees no reason why he would leave the project.
"Having this not turn out good ... would cost me a lot more money that I am not prepared to lose so the objective here is build it appropriately, and ... build it the right way so it will be here in 30 years," he said. "I think I have a pretty good reputation and that is more important to me than the money."
 The town has had problems with developers in the recent past but Selectman Joseph Nowak said he trusted Cohen as 'a breath of fresh air.' |
Selectman Joseph Nowak said he had a lot of faith in Cohen and trusts he will do a good job.
"It's a breath of fresh air to have someone come into this community ... has a good business sense, has a background in developing, and who looks at all aspects of the project because that is what makes a project successful," Nowak said.
Cohen is also working on a $60 million redevelopment of the historic Eagle Mill in Lee.
Earlier that day, Cohen had met with the Historical Commission to talk about his efforts to preserve the building's historical aspects.
"I have been doing historic preservation for more than 40 years, and I have won awards form the American Institute of Architects and a few other societies for quality historic preservation," Cohen said. "That is why I pay a lot of attention to the details."
He said one of the biggest expenses will be the large windows that he wants to be historically accurate. He said they can run up to $3,000 apiece.
Cohen said he may come back to the committee for permission to remove part of the mill.
"There are remnants of a former portion on the large mill, the weaving room that are still attached to the building," he said. "They want to remove them so the original structure is visible and usable as opposed to partial structures that are not functional."
Cohen said he will continue to meet with town officials as the project continues and is open to any input.
Tags: affordable housing, mills, redevelopment,
