Boston Condos for Sale and Apartments for Rent
Is Charles River Park being hit with a $60M special assessment?
We were able to obtain a memo from the management company that was sent to the condo owners regarding the upcoming assessment in Whitter Place buildings. Please note the assessment does not impact Hawthorne Place.
To : Whittier Place Owners
From : The Board of Trustees
Date : January 30, 2022
Subject : Capital Repairs
We wanted to share some information and thoughts as we are sure some of you are concerned, anxious, angry and/or confused about the Capital Repair project.
To provide full transparency we have been providing you information as we have received it, first at the November 2021 Community Meetings and again at the January 2022 meeting. We know you have questions, and we will attempt to address some with this correspondence and will continue to share information as soon as we have it.
The amount that we have been given by Colliers, $60MM, is an estimate at this point. They are finalizing the list of projects, and once they have that list, they will be able to provide a detailed final estimate.
Update: The special assessment only applies to Whitter Place.
Some points to consider over the next few weeks while we wait for that list and final number
1) Any final assessment amount can be paid over an extended period of time. As discussed at the January meeting, the Board is working with the bank to investigate various options for payment plans for all of us.
2) The work being discussed is all related to the structure of the buildings and garage (life/fire safety, HVAC, air quality, boiler, air handling, etc.). Everything we have discussed to date is due to years of deferred maintenance.
3) There are no improvements included in the project.
4) The wall scan that was discussed during the community meeting will help minimize the scope of demo work that will be required for any work “behind the walls”. It is like an x-ray but, using a safe technology called Lidar, for the walls that will show where, exactly any pipes, wires, or conduits may exist. By having this information, the amount of wall destruction can be limited. The reason this is needed is to account for any specific unit work done over the years that may have moved pipes or wires.
5) The scope of this work requires licensed engineering and construction professionals. The Board would be remiss in its duties by not engaging with licensed professionals.
6) The Peabody Maintenance staff are here for the day-to-day maintenance, repair, and upkeep of the buildings and grounds. They do not have the necessary engineering and construction skills (or licensing) for this type of work.
7) The Board has NOT discussed the sale of the building and/or dissolving the community. Whittier is our home too and we have no plans to change that.
As was explained at the November 3rdCommunity meeting, for its initial phase of work, Colliers gathered existing information, identified a preliminary approach and completed a Facilities Conditions Assessment (FCA) to confirm and identify projects. As part of that FCA, Colliers reviewed several previously commissioned studies and documents and did an analysis of the existing conditions of the buildings and garage. Please see details below:
Initial inspections occurred in September
Site observation focused on deferred maintenance capital needs
Nearly 40 individual project categories identified:
o Fire/Life Safety: Fire Alarm modifications, additional Sprinkler coverage, existing
Sprinkler repairs (some ongoing)
o HVAC: Pneumatic controls repair/replacement
o Indoor Air Quality and airflow optimization (Garage, Resident Units)
o Exhaust Duct repairs, modifications; sound attenuation
o Boiler, Air Handling Unit replacement
o Chilled Water Loop insulation
Exterior Masonry Repairs (existing Hoffman report)
Garage and Plaza Repairs (existing Walker and SGH reports)
Roofing and roof drain repairs
Plumbing repairs (domestic water, sanitary drain)
The next phase of work will detail how the work will be prioritized, organized, and executed over the next few years. This is taking time as they are trying to coordinate the tasks so they can minimize construction disturbances as much as possible. For example, fire/life safety is paramount. If hallway ceilings need to be opened for that work, they want to “bundle” any other work that would require access to the hallway ceilings, like wiring or laying pipes/conduits.
Colliers will provide the final estimate, and, with that information, Peabody will be able to tell us what each owners specific assessment total will be. And again, we are working with the bank so that assessment can be paid over an extended period.
Ultimately, this work will, we believe, increase the value of Whittier Place. The market knows this is an older facility and the necessary maintenance work has not been done in the past for the proper upkeep of the buildings and garage.
Please try and be patient as we work with Colliers to finalize the estimate and timelines. We are owners and neighbors too and we on the Board want the same thing you do – a well maintained facility, a good return on your real estate investment, and a strong community in which to live and raise a family.
This Does Not impact Hawthorne Place Charles River Park Condo Buildings
__________________________________________________________________________________________________________________________________
Whitter Place Special Assessment
I just spoke with one of my of my old clients and he was telling me that Charles River Park condo association is in discussion with the trustees and condo owners regarding a special assessment that could have a price tag over $60,000,000. My old clients two bedroom Charles River Park condo unit will have an assessment of approximately $129,000.
Apparently, works needs to done with interior of the buildings plumbing and electrical systems. This has been a tough couple of years for Charles River Park condo owners, they just completed one assessment in refurbishing the main entrance lobby and hallways.
If you’re thinking about purchasing a Boston condo at Charles River Park be very careful. As I tell all my clients ask for the most updated condo association meeting minute notes.
If the information that I’ve heard from a reliable source is correct, I expect we’ll see numerous Charles River Park condos being listed for sale in next couple of weeks. I also anticipate a significant drop in asking prices in the next few months as the units will linger on the market unsold for a long time.
