Belmont Business Owners Being Asked In Survey How To Stimulate Local Economy

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Photo: Businesses in Belmont Center.

The Town of Belmont is sponsoring a survey conducted by the Metropolitan Area Planning Council (MAPC) to guide town policy and is asking for information about what changes Belmont business owners would change to stimulate the town’s economy, including their insights into how to create jobs, support business development, and strengthen the community as a whole.

We are currently distributing a town-wide business survey, which can be found at Belmont’s town website at www.belmont-ma.gov or directly on https://www.surveymonkey.com/r/BelmontBizSurvey.

All responses are optional, will be kept confidential, and will only be published in aggregate. The survey should take about 15 minutes to complete per business.

For more information, contact Raul Gonzalez, Economic Development Planner for MAPC, at 617-933-0722 or by e-mail at rgonzalez@mapc.org or Patrice Garvin, Town Administrator for the Town of Belmont, at 617-993-2610 or at pgarvin@belmont-ma.gov 

Next Year’s Property Tax Rate Falls But Bill Continue Skyward As ‘Average’ Belmont Home Nears $1.1 Million

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Photo: An “average” Belmont home that recently sold for $1.1 million (and it’s a ranch!)

Belmont Board of Selectmen Chair Adam Dash said that next fiscal year’s property tax rate approved by the board Thursday morning, Dec. 13 isn’t that onerous compared to charges imposed in other Massachusetts city and towns.

“It’s our housing values that are high,” said Dash, focusing on the annual dichotomy of where lower tax rates result in raising taxes for Belmont’s property owners after the Belmont Board of Assessors presented its analysis of Belmont real estate valuation during its annual tax classification hearing before the Selectmen.

Robert Reardon, long-time chair of the Board of Assessors, announced that Belmont’s fiscal ’19 property tax rate – which begins on July 1, 2019 – will be set at $11.67 per $1,000 assessed value, a reduction of nearly half-a-buck from the fiscal ’18 rate of $12.15.

But the average quarterly bill isn’t shrinking with the new tax rate as the total assessed value of property in Belmont shot up to $7.947 billion from $7.497 billion in fiscal ’18 as home buyers continue to clamor into the “Town of Homes.” 

The healthy increase in Belmont property values also pushed up the average residential home value to $1,090,000, a jump of a little more than 8 percent or $86,000 in 12 months. “Incredible,” said Selectman and lifelong Belmont resident Mark Paolillo upon hearing what the new “average” has become.

With home prices increasing at a steady clip, the annual tax bill in fiscal ’19 on an average assessed valued property ($1,090,000 x $11.67) will be $12,720.30, an increase of $525 from the $12,195.56  in fiscal ’18.

And the town is squeezing every last drop of taxes from the levy; by taking in $89.25 million, it is leaving only $4,003.08 of excess capacity “on the table,” said Reardon. 

When Selectman Tom Caputo asked how the new 7-12 school building on the site of Belmont High School will impact tax assessments, Town Treasurer Floyd Carman said the nearly $215 million debt exclusion will be phased in over three years beginning in fiscal 2020. The town is expected to borrow between $85 to $90 million in long-term borrowing in the first two years with taxes on an average home increasing by $680 each year. The final year will be short-term bonds in the $25 million to $30 million range.

“Think $1,800 plus” total increase on the average property in taxes by the start of fiscal 2022, “assuming we keep our [triple A] bond rating,” said Carman.

As in past years, the assessors’ recommended, and the selectmen agreed to a single tax classification and no real estate exemptions. Reardon – who is director of Cambridge’s Assessing Department – said Belmont does not have anywhere near the amount of commercial and industrial space (at must be least a minimum of 20 percent, said Reardon) to creating separate tax rates for residential and commercial properties. Belmont’s commercial base is 3.9 percent of the total real estate.

“Every year, the layperson ask us why we don’t increase the commercial rate, and the reason is that is such a small, small impact,” said Reardon. If Belmont increased commercial rates to the maximum limit under the law, those tax bills would jump on average by $6,350 while residential taxes would fall to $381, placing an unfair burden on commercial owners and their renters “and make Belmont a less desirable town.” 

“People always assume there’s more money if you go with the split rate when it really is just shifting the cost to the commercial side,” Reardon said.

BREAKING: Belmont Savings Bank Acquired By People’s United For $327M

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Photo: The headquarters of Belmont Savings Bank in Belmont Center.

Belmont Savings Bank, the town’s largest business with nearly $3 billion in assets, will be acquired by Bridgeport,  Connecticut-based People’s United Bank for $327 million in a stock transaction, according to a press release from People’s United issued today, Tuesday, Nov. 27.

People’s United operates more than 400 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire. It is the second largest bank in New England with approximately $45 billion in assets at the end of 2017, one of the largest in the Northeast, and the 46th largest in the US.

While People’s will be introducing its name and management to the bank, “Belmont Savings will be operating business as usual through the closing which is currently anticipated to be in the second quarter of 2019, pending regulatory approval,” according to questions answered by the People’s Corporate Communications Office. In addition, there “are no plans to close any [of the six] branches” including the main branch and now former headquarters in Belmont Center.

The Belmont Savings Bank Foundation, which has been a leading provider of grants to non-profits, community projects and education in its service area, will “remain independent and continue to operate after the People’s United acquisition,” noted People’s. 

“People’s United Bank and Belmont share a rich history in the Northeast and many synergies that will create significant value for both customers and stockholders,” said Bob Mahoney, President & CEO, BSB Bancorp, Inc.in the press release.

“Our customers will benefit from People’s United’s broader array of products and services, enhanced digital capabilities and expansive branch network. In addition, People’s United’s success with in-store locations will allow for the seamless integration of our Star Market branches.”

The acquisition is a stock transaction in which BSB Bancorp, Inc. stockholders – the parent company of Belmont Savings – will receive two shares of People’s United Financial stock for each BSB share. According to the press release, the transaction is valued at $32.42 per BSB Bancorp, Inc. share, based on the closing price of People’s United’s common stock on Monday, Nov. 26. The stock transaction is expected to close by the second quarter of 2019.

BSB stock was trading at 2 p.m. at $31 per share, up $4.14 or 15.4 percent today.

The sale of Belmont Savings is not unexpected as large regional banks such as People’s and Berkshire Bank have been on a long-term acquisition campaign as they seek to break into the lucrative Boston market.

 

Indian Restaurant Opening At Former Golden Garden Location on Concord Ave

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Photo: The location of the new Indian restaurant in Belmont.

His name is Sukhsimran Gill but you can call him Rusty. And if all goes to plan, you’ll be calling Rusty the owner of  Belmont’s latest restaurant to be called Spice Delight.

Gill is prepared to turn the location of a now-closed Chinese restaurant on Concord Avenue into a mid- to upscaled Indian eatery by mid-November after winning approval of a Special Permit for a change in ownership from the Belmont Zoning Board of Appeals on Monday, Oct. 1. 

“We’re hoping to bring some nice Indian food your community,” Gill told the board.

Gill is the owner of Gill Pizza of Londonderry, NH, a wholesale pizza company that services a large number of school districts (including Belmont … New Hampshire) and businesses in the Granite State and Massachusetts. But the New Hampshire resident has also had a hand in the retail end of the food industry for the past 15 years, owning both Indian and Italian restaurants. 

His last restaurant, Zaika Taste of India, was doing swimmingly at the Meadow Glen Mall in Medford. Then last year Wegmans Food Market arrived and took over 120,000 square feet of mall space, resulting in his business and all the other eateries being kicked out of the revamped development. Rusty had been seeking another site since.

And Gill and his partner who lives in Everett believed they found what they were looking for at the cubby corner locale that was home of the closed Golden Garden restaurant at 63 Concord Ave. They soon signed a lease until 2023 with two five year options. 

The menu will primarily be northern Indian cuisine – chaat, tandoor, and curries such as tikka masala and korma will be familiar to many – and will be prepared by a chef Gill has employed at numerous locations for 15 years.

“He is excellent,” said Gill.

The storefront, which has 44 seats, will be open from 11 a.m. to 10 p.m. on weekdays, and noon to 10 p.m. on weekends. He believes the business will be half takeout and the other half sitdown service. The restaurant does not have a liquor license but Gill said they will soon approach the town for a beer and wine restaurant licence 

Questions were asked about parking; Belmont’s zoning code requires one spot for every two seats. But the parking – all on- street – is grandfathered. 

 

Christmas Cappuccinos? Starbucks Looking At Late November Opening at Bradford

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Photo: Design for the new Starbucks in the Bradford development. 

Belmont will soon have a third Starbucks Cafe in the Town of Homes as the Zoning Board of Appeals approved unanimously a special permit allowing the Seattle-based coffee mega-chain to run a “fast food” restaurant at The Bradford, the retail/housing/parking development under construction in the heart of Cushing Square.

Plans submitted to the town shows a narrow 2,500 square foot cafe/store located on the left side of the two-story Winslow Building which is being built approximately on the site of the former Starbucks’ location on Trapelo Road. The store will have two entrances, in the front and rear, with 42 interior and 12 seasonal outdoor seats located in the back. The cafe will seek to operate most days from 5 a.m. to 10 p.m., employing four to six workers per shift. There will be 22 parking spaces – including two handicap spaces – dedicated to the store located between the Winslow and the main Pomona buildings.

The cafe is the first business to commit to The Bradford – previously known as Cushing Village – which has close to 38,000 square feet dedicated to retail. The project, which includes underground parking and 112 apartments, is being developed by Toll Brothers Apartment Living, which rescued the proposal after the original developer, Smith Legacy Partners, failed in its efforts to secure the necessary funding.

Danial Brennan, a consultant, assisting Starbucks in securing municipal permits in New England, said the current schedule is for construction of the cafe to begin Sept. 15 with an anticipated completion date “hopefully at the end of November.” 

“But [the dates] are always estimates,” said Brennan.

Unlike other fast-casual restaurants and quick stop retail operations that came before the Zoning Board of Appeals – a proposed Dunkin’ Donuts on Pleasant Street comes to mind – there was no resident opposition or comment concerning Starbucks, which operates approximately 28,000 stores around the globe.

Zoning Chair Nicholas Iannuzzi noted the last well-known “fast food” restaurant to come before the board, for a Subway franchise in Belmont Center, required four meetings before it received a “special” to operate.

“God bless America. God bless Starbucks,” he said.

New Retail/Residential Project On Trapelo Could Spur Waverley Sq Redevelopment

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Photo: The location on Trapelo Road of new development in Waverley Square.

A pair of mixed-use developments slated for the heart of Waverley Square could hearken the beginning of a major renovation to Belmont’s business center, according to the longtime resident leading the

Developer Joe DeStefano is proposing two nearly identical projects with ground floor retail and two floors of residential units, mostly studio apartments, at 493 and 505 Trapelo Rd., abutting the commuter rail tracks. The locations are currently occupied by the Waverley Insurance Agency (493 Trapelo) and “a dated strip style building” housing a fitness center (505 Trapelo).

In his letters to the board, DeStefano said the project will not just “greatly enhance the appearance of Waverley Square.” the new construction will “hopefully encourage further redevelopment along the Trapelo Road Corridor to complete an exciting revitalization of Belmont’s retail and residential neighborhoods.”

Belmont’s worst kept secret over the past two years has been the landowners of parcels in Waverley Square and along the length of South Pleasant Street are actively working in a loose partnership behind the scenes to advance plans to create a large-scale, multi-use development on land currently used for low-impact retail and equipment storage. Currently, the town’s Planning Board has been discussing the development options along South Pleasant Street and Waverley Square.

Last summer, the Planning Board (which, at that time, DeStefano was a member) took a first stab presenting a redevelopment blueprint for Waverley Square when it proposed building a housing development on the site of the Belmont Car Wash – across the commuter rail line from the DeStefano projects along Trapelo Road – centered by a relocated Belmont Public Library. That plan was immediately criticized by neighbors and the Board of Library Trustees which said it was never informed that the library was part of the plan. The proposal died soon after. 

DeStefano’s project, dubbed the Waverley Square Redevelopment, envisions building two, 40-foot tall buildings on the sites with approximately 10,000 square feet of storefront space on the ground floor. The two floors above the retail will be small living units. At 495 Trapelo, there will be six studios on the second floor (with one handicap accessible) and four studios and two one bedrooms on the second floor. At 505 Trapelo, there will be three studio and two one bedrooms on the first and second floors. Parking is located at the rear of the buildings.

Due to the existing business-related zoning bylaw, DeStefano initial attempt in April to obtain a building permit was denied by the Office of Community Development as both developments do not comply with the town’s current zoning bylaw in which a mixed-use building must obtain a Special Permit.

The project is in a Local Business I commercial zone which allows for the highest intensity development, include sit-down and fast-food restaurants and office and retail by Special Permit. The maximum building height is two stories, but three-story buildings may be approved by Special Permit. Belmont has a pair of LB I districts in Cushing and Waverley squares.

Nick Iannuzzi, chair of the Zoning Board of Appeals, told the Belmontonian the board will hold two nights of a public hearing beginning on June 18 to discuss the Special Permit request.

BREAKING: Foodie’s Closing Thursday After Failing To Attract Customers

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Photo: Au revoir, Foodies

The rumors have been swirling around Belmont Center for the past few months: Foodie’s Market was on its heels financially. Business owners on Leonard Street heard the number of customers coming to the store had never materialized as the Roxbury-based business and landlord, Locatelli Properties, had hoped. Recently, the market suddenly removed an application before the Zoning Board of Appeals to place a small cafe in the store to attract people to have lunch and dinner in the store. 

“It’s not a good sign,” said Gerry Dickhaut, owner of Champions Sporting Good and president of the Belmont Center Business Association, said just last week. 

Today, the scuttlebutt proved true. According to a spokesperson at Foodie’s headquarters in Boston, the supermarket in the former Filene’s’ store will close on Thursday, May 31, nearly a year after opening in the center. 

“All I can say is we are closing our Belmont operation. That’s it,” the spokesperson said.

No reason was provided, yet a person who works closely with Foodie’s speaking on background said a highly-competitive food marketplace – a Whole Foods, a Trader Joe’s, and two Star Market locations are within two miles of the smallish (15,000 square feet) Foodie’s outlet – and the market’s challenging layout in the basement of the new building which forced shoppers to climb down a long stairwell from the Leonard Street storefront proved a “hard nut to crack.” 

‘Dockless’ Bike Share Comes To Belmont This Summer

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Photo: Dockless bike share in Washington DC (Credit: Washington Post)

By early summer, Belmontians will be able to grab a bike for a buck and ride off to travel around Belmont and 14 nearby towns. When they’re done, the riders need only to park it at a centralized location and that’s it.

Welcome to bike sharing, Belmont-style, as the Board of Selectmen voted on Monday, April 9  to sign an agreement to join a regional bicycle-sharing program that is unlike the Hubway Bike Share program used in Boston (since 2011), Cambridge, Brookline and Somerville which require docking stations which municipalities need to invest thousands of dollars at several locations. Under the new “dockless” program, there is no cost to Belmont. 

“This will help take cars off the street,” said Spencer Gober, Office of Community Development staff planner, who has been working with the Metropolitan Area Planning Council (MAPC) which brought together a group of 15 communities to join in a joint request for station-free proposals. In addition to Belmont, Watertown, Arlington, Lexington, Waltham, Bedford, and Concord and other cities and towns in Metro Boston are interested in joining the system.

About a year ago, several bike-sharing companies were seeking to establish relationships with individual municipalities when the MAPC took the lead to find the two vendors which were recently chosen to supply up to 2,000 bikes over the member towns and cities. The new dockless bike share system is taking off with Seattle and Washington launching programs using thousands of bicycles.

The service brings bikes with locks on their wheels that are opened by using the company’s app on their smartphone. Users can use the app to find locations of bikes which have GPS locators. The bikes will be located at designated public locations around town, including business centers and transportation hubs. Between 35 to 50 bikes – which may also include e-bikes, electric pedal-assist bicycles – will be located in Belmont with the cost per ride at $1, said Gober. Riders can cross town lines without leaving the network. 

Sold In Belmont: 1 Bathroom, Oil Heat, Nearly $1 Million Dollars On Chilton Street

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Photo: It’s a sign of the times 

A weekly recap of residential properties sold in the past seven days in the “Town of Homes.” 

• 50 Chilton St., Side-entry Colonial (1930). Sold: $965,000. Listed at $925,000. Living area: 2,158 sq.-ft. 8 rooms, 3 bedrooms, 1 bath. On the market: 40 days. Last sold: April 2012, $676,000.

Petula Clark had a classic 60s hit called “A Sign of the Times.” And you could say that about the house at 50 Chilton in the Winn Brook neighborhood. This nearly 80-year-old house has a single bathroom for three bedrooms – the town’s assessors shows only two not counting the one in the converted attic –  and as someone who grew up in a single bathroom in Weymouth, I can tell you there will definitely be a line in the morning. It’s also heated by oil fuel which is fast becoming an antique  And for this the new owner paid nearly seven figures for the privilege to live in it. 

But the house has been selling above the assessed value. The 2018 value of $850,000 and In 2012  it sold for $676,000, a 20 percent premium over the $542,000 assessed value. . It does have nice qualities, with nice grey and white with wood floors and with 2,100 smallish rooms 

 

 

 

Sold In Belmont: A Brick House A Smart Pig Would Love and Updated Antebellum on Lake Street;

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Photo: A two-family that sold for nearly one and a quarter million dollars? 

A weekly recap of residential properties sold in the past seven days in the “Town of Homes.” 

• 60 Alexander Ave., Postwar Ranch (1951). Sold: $935,000. Listed at $850,000. Living area: 2,230 sq.-ft. 6 rooms, 4 bedrooms, 1.5 baths. On the market: 43 days. Last sold: Nov. 1976, $22,500.

• 140 Prospect St., Colonial (1940). Sold: $1,206,000. Listed at $895,000. Living area: 2,146 sq.-ft. 8 rooms, 4 bedrooms, 2.5 baths. On the market:  days. Last sold: July, 1941.

• 350 Lake St., Brick Colonial (1927). Sold: $905,000. Listed at $925,000. Living area: 1,598 sq.-ft. 8 rooms, 4 bedrooms, 2 baths. On the market: 64 days. Last sold: July, 2006, $590,000.

• 210 Waverley St., First-floor Condo townhouse (1880/Gut rehab 2016). Sold: $760,000. Listed at $799,999. Living area: 2,063 sq.-ft. 8 rooms, 4 bedrooms, 3 baths. On the market: 135 days. Last sold: Nov. 2016, $720,000.

• 55 Alma Ave. Unit 1, Condo (1916). Sold: $492,000. Listed at $499,000. Living area: 1,082 sq.-ft. 6 rooms, 2 bedrooms, 1 baths. On the market: 92 days. Last sold: Sept. 2017, for the building $855,000.

• 55 Alma Ave. Unit 2, Condo (1916). Sold: $520,000. Listed at $539,000. Living area: 1,301 sq.-ft. 7 rooms, 3 bedrooms, 1 baths. On the market: 91 days. Last sold: Sept. 2017, for the building $855,000.

• 354 Lake St., Antebellum Old-Style (1856). Sold: $1,150,000. Listed at $1,200,000. Living area: 2,800 sq.-ft. 10 rooms, 6 bedrooms, 2 baths. On the market: 127 days. Last sold: Oct. 2010, $525,000. 

The pair of Lake Street houses that sold last week may only be across the shortest street in Belmont from each other but they represent worlds of differences in terms of style and structure.

There’s the house at 350 which a smart little piggy would love own to keep the huffing, puffing wolf at bay. Talk about a brick house! This must have been a bear to construct compared to your typical wood frame around the area – it’s one of a pair with its sister just across Lake Street – even the garage and ornamentation is red brick with the roof slate and clay. A house of the earth, to say the least. It’s a relatively modest 1,600 sq.-ft.; it’s relatively easy to understand why there has been no expansion as it would mean carving out a hole in a wall of bricks. And while brick is the most popular exterior in the US, repointing this structure must be a constant drudgery. While there are lots of half brick Colonials and all brick Georgian Revival and Tudors around town, these two stand out in terms of location and the overwhelming use of the material. There has to be a story behind the twins but Dick Betts never got around mentioning it in his books. The interior is a bit tight but there’s a lot of original detail (doors, beams) remaining and it’s so solid it will be one of the few structures still standing if a meteor strikes the vicinity.

The second house at 354 on Lake that sold was built when the street was part of Arlington (then known as West Cambridge) as it predates Belmont’s creation by three years. Known as “old style” by the town’s assessors, it’s just that, a wood frame with strong corner treatment. While having a Lake Street address, the front porch now faces Belmont’s shortest street, Milton Street (Did you know that only one house (#15) has a Milton Street address?) although some may quibble and note Belmont Circle being smaller, it’s a dead end and edges into Watertown. While some people are wary of “old” homes and the surprises they hold, in the past decade the owners put a modern face on it. The renovations began with striping and reroofing ($34,100, yes, it’s expensive), replace all the windows ($25,000) and replastering walls and ceilings. Two years ago the big money ($79,000) went to remodeling the kitchen and baths. and last year $5,000 to renovate the front p0rch. Take a look inside and its actually quite nice, bright and spacy. Worth more than twice for it sold eight years ago as it lies a Tom Brady pass from the Route 2 on-ramp? Someone thought so.