Brownfield Tax Credit Helps Create The Washington Apartments
The Washington Apartments, Melrose’s new boutique luxury apartments, offers spacious apartment living in an intimate setting. The Washington Apartments offers state of the art residential living amenities in just a short walk from the Orange Line T stop and a close commute to Downtown Boston. Developed by Wood Partners, a leading Atlanta based developer with decades of experience, the building reinvigorates a property formerly used for truck and dumpster storage, continuing the redevelopment of one of the hottest growing markets in the area.
The Massachusetts Brownfields Tax Credit program helped support this project. WDR-3 Wood 2 Washington Owner LLC, an entity formed by Wood Partners, received more than $200,000 of tax credits issued by the Massachusetts Department of Revenue (DOR). The credits helped to offset the redevelopment costs, which were significant due to the contamination that was found on the site and needed to be remediated to reach a condition of No Significant Risk under the Department of Environmental Protection (DEP) guidelines.
Due diligence activities revealed a release of certain environmental conditions in the soil at the property. The developer’s Licensed Site Professional (LSP) attributed the source of the release to prior occupant’s practices as well as to the nature of the historic fill used to reclaim the land. Wood remediated the site and re-invigorated this location by constructing the Washington Apartment building, an upscale 94-unit apartment building with a roof deck and many other community amenities. The result of the work is both a healthier environment and an improved community with economic development the icing on the cake.
Following redevelopment, the associated property taxes the City of Melrose (based on a new assessment of almost $17M) will be over $300,000 per year, nearly a 45-fold increase over the prior use!
The Massachusetts Brownfields Tax Credit program is intended to incentivize developers to take on the responsibility of properties contaminated by prior uses when they are used for commercial purposes. Cooperstown Environmental is the leading authority in the tax credit program and assisted WDR-3 Wood 2 Washington Owner LLC, in applying for and obtaining this credit. Cooperstown also purchased the credits at the end of the process, providing a turnkey solution for the developer. Wood Regional Director Richard Dickason commented that, “We had previously used Cooperstown for Brownfields Tax Credit transactions and this project demonstrated another successful outcome. Cooperstown does good work.”
Have you conducted remediation for contamination that you did not cause? You might be eligible to get money back through Brownfields Tax Credit program and our mission is to help you take advantage of this opportunity. As the acknowledged authority in the Massachusetts Brownfield Tax Credit, we’re your best choice to guide you through the complexities of the program. Please contact us to find out if you are a candidate to get back some of your hard-earned money.