BREAKING: Selectmen To Review Cushing Village Developer’s Financing, Viability

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Photo: Chris Starr before the Planning Board.

A day after the developer of the troubled Cushing Village project came before a skeptical and non-committal Belmont Planning Board requesting yet another multi-month extension to close on an important town-owned parking lot, the chair of the Belmont Board of Selectmen said a sudden change in the developer’s financial team will now “certainly necessitate a new review by the Board of Selectmen of how viable his financing and financial arrangement is.”

Speaking before the Warrant Committee on Wednesday, Feb. 3, Selectmen Chair Sami Baghdady said developer Chris Starr’s acknowledgment that industry leader Cornerstone Real Estate Advisers is no longer involved with the project to provide a significant portion of financing “is troubling that it happened so late in process,” Baghdady told the Belmontonian after the meeting.

The board will next meet on Monday, Feb. 22 when they will convene with Liz Allison, chair of the Planning Board, to discuss the on-going issues concerning Cushing Village. 

Despite Starr initial attempt to purchase the municipal parking lot six months ago, “the selectmen have take the position that we will not tender the deed (to the lot) selling him the parking lot unless the closing takes place at the same time contemporaneously with his loan financing is approved,” said Baghdady, referring to construction financing from its lead lender, Wells Fargo. 

Only when Starr has the approximately $50 million construction loan in his hands, “that is when we will feel secure … and then we will record a land development agreement,” said Baghdady, who was Planning Board Chair when it approved the special permit allowing Starr to begin construction and purchase the parking lot adjacent to Trapelo Road.

In addition to a possible new round of financial reviews from the selectmen, the project faces a looming selectmen-imposed expiration date of March 27 for the option on the purchase and sale of the parking lot. 

“Remember, they were given two years to complete the P&S and that deadline is less than two months from now,” said Baghdady of Smith Legacy, which was selected 32 months ago to create a 164,000 sq.-ft. three building multi-use development in the heart of Cushing Square.

Baghdady’s comments came after Starr, the head of Smith Legacy Partners, requested a four-month extension from the Planning Board to purchase a municipal parking lot that he in the past said is the project’s lynchpin. 

Telling the Planning Board he believes he now has a clearer path to obtaining construction financing, Starr said his firm should be signing an agreement within 60 days, four months at the latest. 

Starr’s request was set aside on Tuesday, Feb. 2 by Allison who noted that her board could not grant the extension – which would move the deadline to the first week of June – until the Selectmen approved extending the purchase and sale agreement in which the developer would purchase the lot for $850,000.

For the past year, the developer has been paying the town a monthly penalty of $30,000 fine to allow him to keep his option on the P&S. Baghdady said Smith Legacy has turned more than $600,000 in penalties. Once a P&S is signed, the town will return half of the penalty to Smith Legacy.

The concern emulating from the two town boards was when they learned that a major source of mid-level financing left the development.

When asked by the Planning Board member Raffi Manjikian the status of Cornerstone, Starr said the project’s “mezzanine” lender had left the team since it was “not playing nicely in the sandbox” with lead lender Well Fargo. Cornerstone – an industry leader in secondary commercial financing – was prepared to provide $14 million in financing to the project.  

In real estate finance, developers use mezzanine loans to secure secondary financing for their projects where the primary mortgage or construction loan equity requirements are larger than 10 percent.

In its place, Starr said the Marlton, NJ-based Micheals Development Company will bring eight percent equity financing to the project. Starr said the company will “drop in a considerable investment into Cushing Village” as well as bringing strong banking relationships that will allow the project to move “towards a closing.” 

Starr also admitted that Micheals will offer its “executional [sic] capabilities on the financial front, construction management, and lease” operations that the current team and he don’t have.

We want someone who has been there, done that and has done it around the country very successfully,” said Starr.

Micheals is well-known in real estate circles as one of the nation’s top developers and owners of affordable housing. It has developed more than 50,000 units since 1973 and is the top private-sector affordable housing owner in the country, with more than 340 properties in 33 states, the District of Columbia, and the U.S. Virgin Islands.

It is likely Micheals was brought onto the team from previous work it had with Cambridge-based Urban Spaces, which partnered with Starr nearly a year ago to jump-start the long-stalled project.

In 2014, Urban Spaces and Michaels were involved in a 50/50 partnership to build a five-story, 160,000 sq.-ft. apartment complex at 159 First St. in Kendall Square. It included 115-unit apartments with commercial space on the first floor along with underground parking, “the same program we’d be executing at Cushing Village,” said Starr. 

But any arrangement remains stalled as Starr finds himself facing ever increasing demands from all sides, highlighted by the requirement from his lenders that he secures at minimum three leases to occupy the project’s 38,000 sq.-ft retail space. 

So far, the project has two firm leases with one national company and a “bar.” Critical for Starr is that the team’s “close to finalizing” the lease for an anchor tenant. But Starr is not longer saying the anchor will be a food market as he has expressed in the past.

Starr remains confident in his project and the town’s continued support for his effort. 

“They see what we are committed to bringing to the community, and that is a great commercial center,” he said. 

Vote On Proposed Hotel Delayed Until March Due to Paperwork Snafu

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Photo: Developer Michael Colomba and his architect Andy Rojas before the ZBA.

To the disappointment of two dozen residents who ventured out Monday night, Feb. 1, to cheer or jeer a proposed new hotel at the corner of Pleasant Street and Brighton Avenue, the town’s Zoning Board of Appeals decided to delay by a month acting on the request of a Waltham developer seeking several zoning waivers because he and his team didn’t get their “homework” to the board in a timely manner.

Several ZBA members were a bit ticked off to receive a thick packet of documents including a traffic study just days before the meeting on a subject that is garnering a great deal of interest.

“I object opening this case and to have a public hearing on it,” said ZBA member Nicholas Iannuzzi, noting he did not have time to analyze the case or the traffic study on how many daily “trips” a hotel would generate.

ZBA Chair Eric Smith agreed that he and others received the document packet “quite late” after Jan. 22 and suggested developer Michael Colomba and his team make an introductory informational meeting for the board and residents.

The formal public meeting on the proposed hotel development will be part of the board’s March 7 agenda.

Former Belmont Selectman Andy Rojas, the project’s architect, presented an overview of the project, renovating the two-building, two-story structure at 334 Pleasant St. – the former Mini Mart convenience store and offices – and opening a boutique hotel consisting of 18 guest rooms, a cafe for guests, a fitness room, a business center and management offices on the 14,400 sq.-ft. site.

The building’s exterior will not be altered significantly in an attempt to “express Belmont’s agrarian history.”

Rojas said the hotel would have less impact on local traffic than what can operate on the site “as right” (without needing any zoning change) including a retail store, and will generate tax revenue from lodging and meals “without having an impact on the schools.”

“This is a much quieter use and will be a quiet neighbor” to the surrounding community, said Rojas.

Colomba, who purchased the property last year, said he rented rooms “to a lot of people visiting Belmont” at his first hotel, the Crescent Suite Hotel in Waltham, whether it was for a funeral, graduation parties or visiting patients in hospitals and believes there is a demand for “low key” European-style lodging: just a bedroom setting for people to rest and sleep during a stay.

 

ZBA members asked Colomba to bring his traffic expert to the next meeting. Smith also asked the team to have “an explanation how in your view how a hotel fits within the bylaw regardless of the merits of the proposal.”

“I’m asking them to convince the board why this rather than another use,” Smith said after the meeting.

For his part, Colomba told the Belmontonian after the meeting he understands why the ZBA will want to scrutinize the project “and we plan to follow as necessary their requests.”

If on March 7 the ZBA doesn’t agree with his belief that a hotel is the best use for the site, Colomba said his fall back plan is to lease the space to one of two firms that want to open a convenience store. 

“But I really think that this is a very good venue and the town should consider it. I think it’s a win/win for everyone,” said Colomba. 

Sold in Belmont: Hall of Famer Accounts for Biggest Sale for a Year

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Photo: Drone shot! 107 Marsh St. from 100 feet. 

A recap of residential properties sold in the past seven-plus days in the “Town of Homes”:

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64 Summit Rd. #1, Condo townhouse (2005). Sold: $1,425,000.

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107 Marsh St., Mansion (2015). Sold: $3,250,000.

• 64 Summit Rd. #1, Condo townhouse (2005). Sold: $1,425,000. Listed at $1,495,000. Living area: 3,453 sq.-ft. 10 rooms, 4 bedrooms, 5 baths. On the market: 156 days.

• 107 Marsh St., Mansion (2015). Sold: $3,250,000. Listed at $3,650,000. Living area: 7,500 sq.-ft. 10 rooms, 5 bedrooms, 6 baths. On the market: 125 days.

As the average house sold in Belmont in the first month of 2016 has reached $999,999 (!), this past week saw the priciest homes in their category; a townhouse in the Woodlands across the road from Lone Tree Hill Conservation land that came in at a tad under one-and-a-half million dollars (it was sold new in 2005 for $1.3 so it was a wash for the original owners who have decamped to Florida) and that new Marsh Street mansion. 

Where once stood a single-story, 2,500 sq.-ft. ranch now stands a gargantuan Colonial-inspired mansion on 2/3 acre of land. I can only guess the seller includes roller skates to the buyers so they can get around the place! Let’s say the “Tiny House” trend has not come to Belmont Hill. And you know its prominence in the home sales hierarchy as the promotional package includes a photo from a drone. 

And I’ll let the broker describe the manse on Marsh:

This brand new grand estate is a stunning departure from the ordinary! Follow the winding streets and mature trees of Belmont Hill to a circular drive that paves the way to this authentic colonial. A gracious fireplace living room and formal dining room enhanced by spectacular millwork. The library/office has built in book shelves. The real joy of owning this home is the dramatic great room [Great Room?] and kitchen that open and extend onto a deck. Entertain in style in the great room with massive stone fireplace, bookcases and windows overlooking a scenic setting. Step out and off the deck to a patio with built[-]in outdoor grill. The 2nd [second] floor has a sun drenched family room with soaring ceilings. The master suite provides a soothing oasis of special conveniences including gas fireplace & [and] two walk-in closets. The master bath has double vanities and acoustic tub. The architecture detail found in older homes is epitomized in this upscale new home design in a stately neighborhood. CHALLENGES COMPARISON!

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In brief, it’s big and faces south. It’s so “stunning” it no longer has a living room but a “dramatic great room,” – right out of the pages of Hilary Mantel’s “Wolf Hall”! (Well, maybe not THAT grand but it does have offsetting entry columns.) The master suite’s bathroom required a five-fixture connection, likely for the separate milk and wine faucets. All said, it’s actually aesthetically pleasing as it pushes out to the back although it does have dormers that looked thrown onto the roofline. 

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The Great Hall with heating grate.

And while royalty or Thomas Cromwell (probably) weren’t the buyers, it took one princely sum to be its owner: three and a quarter million dollars. That closing cost makes it the most expensive house sold in the “Town of Homes” for some time, slightly more than the house on Wellesley Road that sold for $3,092,500 in December or the Polaris House on Somerset that could only muster $2.3 million. 

And there is an interesting back story to 107 Marsh. In 2002, the property was sold for $851,500 to a professor at a local business school who would soon be inducted into the Northeast Region of the American Accounting Association Hall of Fame. (The AAA – which is celebrating its centennial –  is here to “promote worldwide excellence in accounting education, research and practice.”) If you do internal auditing, you’ve read this gentleman’s books. 

According to records, the professors trust sold the property in June 2014 for $1.3 million to Keystone Luxury Estates LLC in Watertown. Soon after, the old ranch was blown up and the firm put down $685,000 to a well-known contractor to build the new grand house on the Marsh.

Looking a bit into Keystone, the only known asset of the company was the property and land at 107 Marsh. And who happens to be the manager and agent of the LLC that registered with the state two weeks before the sale? The professor who sold the house. So he sold the house to himself, used the proceeds – at incredibly low interest rate – to pay the contractor/architect and then dispose it for a cool million dollar profit.

And THAT’S why he’s in the Accounting Hall of Fame. 

Will bfresh Finally Save Developer’s Vision of Cushing Village?

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Photo: bfresh in Belmont?

According to two sources with knowledge of talks transpiring between the parties, it appears the developer of the long-stalled Cushing Village development is seeking to bring a new small-format supermarket developed by a large international chain to become the project’s anchor tenant.

According to sources, developer Smith Legacy Partners is in discussions with Ahold, the Netherland-based parent of Stop & Shop Supermarket Company of Quincy, to bring its test model bfresh concept market to the 164,000 sq.-ft. residential/retail/parking complex at the corner of Common Street and Trapelo Road in the heart of Cushing Square.

The bfresh concept was created by Fresh Formats; a Ahold company started in 2014 to explore new and innovative format opportunities, in an attempt to compete with other smaller stores such as Traders Joe.

According to Suzi Robinson, marketing magus for Fresh Formats would only say “we’re exploring opportunities for future stores in the greater Boston area, but don’t have any news to share yet.”

A representative from Smith Legacy has not yet responded to questions. In the past week, Starr said his search for a “small-format food store anchor tenant” is “progressing.” 

The importance of a large retail tenant to secure the future of the project was stressed in a pair of updates Starr provided the Planning Board since the beginning of the year, stating “construction financing has hinged in the past on our retail pre-leading activity.” As of Jan. 25, the development team said they have secured only two 

As of Jan. 25, the development team said they have obtained only a pair of leases in the 31 months since it was granted approval to begin construction. The two potential tenants – a restaurant/pub and an unnamed “national” retailer so far will fill about 12,000 of the 38,000 sq.-ft. retail space available. 

It will be crucial for the Smith Legacy team to “land” a multi-year lease to reassure lenders of its financial wherewithal. It is why Starr has been trumpeting the fact his team is actively courting bfresh. 

“We are in discussions with a financially strong, experienced, market[-]leader that prides itself on providing fresh, high-quality prepared food and other necessities in a small format store,” wrote Starr in the second of the updates.

The reason a deal has not been struck so far has to do with the experimental nature of the concept itself – Ahold wants to take a longer look at the stores’ performance (a second outlet was opened in Fairfield, Conn. in October) – and what appears to be a very competitive environment for this model in Belmont, with the existing Russo’s Market in nearby Watertown and a Foodies Urban Market to open in Belmont Center in the fall of 2016 with a Cushing Village operation unlikely ready until 2017.

Ahold opened its inaugural bfresh store in Boston’s Allston neighborhood in September in a former Staples at 214 Harvard Ave. a block from Comm. Ave. bfresh is a test model store that “presents itself as a solution for neighborhood shoppers — particularly young people — frustrated by compromises on quality, price and convenience at typical food stores,” reported Supermarket News on Aug 20, 2015.

The small for supermarket 10,000 sq.-ft. store is “focused on “fresh foods, smart value, and right in your hood” according to the Ahold website, offering “more natural and organic options than a typical market, vegan and gluten-free options, and foods from around the world.”

Stores also stock freshly prepared foods in its “Little Kitchen™, a fresh-on-the-spot experience that brings made from scratch, always fresh, seasonal meals into the store. Menus change daily, showcasing simple recipes made with fresh ingredients for maximum taste.”

Sold in Belmont: What Would $785K Get You in Oregon? Nicer, Bigger, Better

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Photo: Belmont (left) and Lake Oswego. No contest.

A recap of residential properties sold in the past seven-plus days in the “Town of Homes”:

• 48 Middlecot St., Brick and shingle ranch (1953). Sold: $785,000. Listed at $749,000. Living area: 1,423 sq.-ft. 6 rooms, 3 bedrooms, 1.5 baths. On the market: 52 days.

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The one residential sale last week in Belmont is a fairly standard post-war ranch-style single family. The house on Middlecot Street in the heart of Winn Brook, that sold about $100,000 over its assessed value, has a treadbare feel to it – just look at the wear patches on the kitchen flooring and door frame. In addition, there’s a thrown together vibe through out the interior, from the hidious  1970s paneling in the basement to the mismatching bathroom detail. 

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So, is the best $785,000 can get you? Or better yet, what can you get in communities that resemble our “Town of Homes”? It didn’t take long to find one; a 45 hour, 3,088 mile road trip due west.

Lake Oswego, Oregan is an upscale suburb of Portland (Portlandia!) known for its residential character. It has an outstanding school district that attracts aging hipsters who decide they would rather invest in a pricy home then stay in their artsy Portland loft and spend a fortune on private school fees. Its impressive downtown (it’s a harbor!) and shops supports a population of 36,000 with a per capita income of $53,000, compared to Belmont’s $57,000.

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So here it is: for $758,000 this remodeled Craftsman Bungalow could have been yours. It’s so pretty, a late example from 1930 that was lovingly restored and renovated. The fireplace’s decreative surround, wood floors and the traditional four-over-one windows are all nice touches. Along with a landscaped yard, you get 1,000 additional  square feet, two full bathrooms and nice-sized bedrooms. 

Just for comparison, the Craftsman basement is thought out in color scheme and arrangement while the Belmont cellar is just creepy.

Why can’t we have nice things? 

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Waltham Hotel Owner Proposing Boutique Inn at Pleasant and Brighton

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Photo: A rendering of the proposed Belmont Inn Suites at the corner of Pleasant and Brighton streets.

A Waltham entrepreneur has pulled permits with the Office of Community Development to renovate the former Mini-Mart Market at the corner of Pleasant and Brighton streets into a “luxury boutique hotel” similar to ones he both ran and is proposing in Waltham.

Mike Colomba is seeking to create a two-story “The Belmont Inn Suites” at 334 Pleasant St. consisting of 18 guest rooms, a cafe for guests, a fitness room, a business center and management offices on the 14,400 sq.-ft. site, according to documents at Town Hall.

Colomba is scheduled to come before the Zoning Board of Appeals on Tuesday, Feb. 2 to present the proposal. If the ZBA approves four special permits – on various setbacks and height variances – the hotel will be the first in Belmont in decades.

This month, the ZBA narrowly denied special permits to transform the abandoned service station across Brighton Street into a Dunkin’ Donuts after hearing from neighbors who complained about possible increase traffic and noise issues.

The project will not be new construction but a “complete exterior renovation” to create a building that is “a veritable gem” in what Colomba calls an “up and coming commercial area” in Belmont.

The hotel will have 19 parking spaces and “lush” landscaping.

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The view from Pleasant Street of the proposed Belmont Inn Suites.

Brighton-based Rojas Design, Inc. created the designs. The architectural and landscape firm is owned by former Belmont Selectman Andy Rojas.

Colomba, who owns the restaurant Brelundi on Felton Street in Waltham and recently sold the Crescent Suite Hotel in the same town. He is currently proposing to build a 45-room hotel on the 200 block of Moody Street in Waltham.

A Youtube presentation by Waltham News Watch with Colomba describing Crescent Suite Hotel is below:

Colomba could not speak when reached on Tuesday, Jan. 19 but will be giving interviews on the concept later in the week.

In his permit documentation, Colomba said: “[T]he transformation (of the site) will improve the property values for the entire neighborhood.” His past hotel projects generated room, meals and sales taxes for the hosting community while noting that a lodging project “will not overload school and generates less traffic” than other uses at the location.

“My hotels are quiet and respectful” of the surrounding neighborhoods, said Colomba.

Sold in Belmont: Colonial Takes a Tumble, Ranch By The Rails A Steal

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Photo: Watch out below! Horace Road house listing falls.

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4 Goden St., Multifamily (1915). Sold: $886,000.

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219 Channing Rd., Brick-front Ranch (1959). Sold: $640,000

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42 Horace Rd., Colonial (1917). Sold: $815,000.

A recap of residential properties sold in the past seven-plus days in the “Town of Homes”:

• 4 Goden St., Multifamily (1915). Sold: $886,000. Listed at $895,000. Living area: 2,715 sq.-ft. 12 rooms, 5 bedrooms, 2 baths. On the market: 114 days.

• 219 Channing Rd., Brick-front Ranch (1959). Sold: $640,000. Listed at $675,000. Living area: 1,432 sq.-ft. 6 rooms, 3 bedrooms, 2 baths. On the market: 94 days.

• 42 Horace Rd., Colonial (1917). Sold: $815,000. Listed at $945,000. Living area: 1,938 sq.-ft. 9 rooms, 4 bedrooms, 2.5 baths. On the market: 148 days.

The Colonial on Horace Road would appear to be priced at nearly $950,000 to squeeze ever penny out of the 99-year-old house. And why not, with “average” homes in the Winn Brook neighborhood and close to the High School on the south side of Concord Avenue selling for just north of $1 million, here was an attempt by the buyer to reap the benefits of a hot market. With an ample number of bedrooms, close to the Wellington, Chenery and High School, and with some lovely interior features – wooden floors, a corner china cabinet and double French doors – this structure looked like a sure deal for the seller.

But for this modest home near to Common Street, the market for “average” was cooling. Rather than riding the fall sales period ever higher, this house took a tumble, falling nearly $150,000 in value from the opening list price to final sale:

  • Aug. 21, 2015: $945,000 (Original list)
  • Oct. 7: $899,000
  • Nov. 5: $875,000
  • Jan. 8, 2016: $815,000

Not so the brick ranch on Channing, which some lucky person got for a song. OK, it borders the commuter rail tracks but what the buyer is getting is a well-maintained, cosy house with a landscaped backyard. And just think what it will be once the new community path is constructed adjacent to the property line (wink, wink).

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Sold in Belmont: First Homes of 2016; Two Family and A Colonial

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Photo: The first house sold in Belmont this new year: a multifamily on Trapelo Road.

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35 Audrey Rd. Colonial (1950). Sold: $835,000.

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5-7 Trapelo Rd., Barrack-style multifamily (1949). Sold: $850,000.

A recap of residential properties sold in the past seven-plus days in the “Town of Homes”:

• 5-7 Trapelo Rd., Barrack-style multifamily (1949). Sold: $850,000. Listed at $785,000. Living area: 3,236 sq.-ft. 12 rooms, 6 bedrooms, 2 baths. On the market: 91 days. 

• 35 Audrey Rd. Colonial (1950). Sold: $835,000. Listed at $899,900. Living area: 2,359 sq.-ft. 7 rooms, 3 bedrooms, 3 baths. On the market: 164 days.

How appropriate the first two homes sold in Belmont in 2016 included the most popular style, a Colonial, and a multifamily, that represents nearly 40 percent of the town’s housing stock. In addition, both sold for just under the median assessed value for residential housing in 2015. 

Cushing Village Sets Latest Deadline While Similar Watertown Project Set to Open

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Photo: Similiar in many ways to Cushing The Residence Inn by Marriott nearing completion in Watertown.

The developer of the long-troubled Cushing Village project – the 164,000 sq.-ft. three-building development approved in July 2013 – told the Planning Board Tuesday night, Jan. 5 that he is really, really close to getting all his ducks lined up to begin construction on the $63 million project.

Next month.

Hopefully.

Now 30 months behind the initial timeline provided by Chris Starr, head of the development team Smith Legacy Partners, the latest “update” – requested by the Planning Board after Starr’s team missed a “drop dead milestone” of Dec. 18 to purchase the town’s municipal parking lot for $850,000 to begin construction of the first of the three buildings – has Starr asking the town to “stand still” until the board’s next scheduled meeting on Feb. 2 when his team “hopes to inform the board of a loan closing at that meeting.”

In a letter to the board – which was received a few hours before Monday night’s meeting, Jan. 5 – Starr painted yet another rosy picture of the development’s status, similar in tone and optimism made to the town in August 2013, September 2014, and in May, August and December of last year.

Reading the correspondence’s highlights, Board Chair Liz Allison said that while the team didn’t come close to meeting its earlier promises for Dec. 18, “the Cushing Village Development team has achieved significant lender-based milestones and is committed to proceed(ing) expeditiously with a loan closing in the month of January.”

Starr attempted to reassure the board that the project’s major lenders – including lead bank Wells Fargo – are still involved in closing the deal for the municipal lot, telling the board member they can contact the banks to validate his effort to purchase the lot.

Starr also noted that real estate veteran Rod Loring, who has three decades of experience in the residential and commercial sides, has been added to the day-to-day leadership team to work closely with Starr.

It is unknown if this move was an internal change or one suggested by the lenders and other potential partners.

Starr concluded by revealing that the biggest impediment to the closing, a lease modification with a “national” company to join the project, was difficult to do during the holidays.

While Starr would not say whether the firm was a retail operation or a parking lot management firm, he expects to sign up the company “shortly.”

Starr concluded by stating how he wants to work closely with the board as he “remains committed to Cushing Village. The development team is … confident that significant progress will be made over the next month.” He also is requesting an “internal” working group be established with the board – whose meetings will not be advertised to the public – and a weekly “call” to update the town of any progress to these new goals.

While saying the lost Dec. 18 deadline was a “disappointment,” Allison said attempting to close a land deal during the holiday season was, in hindsight, difficult to accomplish.

Yet members were not in such a forgiving mood. While encouraged to hear the developer wants to increase communications with the board and the staff in the Office of Community Development, “action will speak louder than words,” said Raffi Manjikian.

“I’m disappointed that it took until … we arrived at this meeting to see this letter,” said Barbara Fiacco.

“They took a significant amount of time and made a number of promises when they were here asking for an extension. I found that a little frustrating. The residents deserve more transparency,” she said.

The board’s irritation with the continuous delays in the Belmont project since one needs only to look to neighboring Watertown to witness a development that is fast on its way of cutting the opening-day ribbon.

The Residence Inn by Marriott on Arsenal Street across from the Arsenal Mall is similar in design and function to Cushing Village. The six-story extended-stay hotel has 150 rooms with kitchen area and work space, 115 underground parking spaces and first-floor retail space.

The significant difference with Cushing Village is that the Residence Inn is nearing completion. Despite receiving the OK from Watertown to commence development in late 2014, the project – developed by the experienced team at Boylston Properties – is expected to open to the public in the late spring/summer, generating tax revenue and hotel fees to Watertown.

Sold In Belmont: A Tiny House, a Place to the Manor Born and Mad Prices at McLean

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Photo: A “tiny house” on Westlund.

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9 Westlund Rd., Ranch (1950). Sold: $615,000.

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73 Dartmouth St. Multifamily (1900). Sold: $730,000.

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69-71 Carleton Rd., Multifamily (1927). Sold: $899,000.

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137 Claflin St. Center-entry Colonial (1934). Sold: $805,000.

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93-95 Bartlett Ave. Multifamily (1928). Sold: $708,000.

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204-206 Waverley St. #3, Condominium (1906). Sold: $399,900.

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52 Summit Rd. #7, Townhouse condominium (2005). Sold: $1,300,000.

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22 Wellesley Rd. Brick Manor House with a turret (1929). Sold: $3,092,500.

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20 South Cottage Rd. #102, A unit within a renovated Georgian Colonial brick building (2015/1893). Sold: $1,495,000.

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20 South Cottage Rd. #101, A unit within a renovated Georgian Colonial brick building (2015/1893). Sold: $1,450,000.

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

• 9 Westlund Rd., Ranch (1950). Sold: $615,000. Listed at $629,000. Living area: 864 sq.-ft. 4 rooms, 2 bedrooms, 1 baths. On the market: 91 days.

• 73 Dartmouth St. Multifamily (1900). Sold: $730,000. Listed at $725,000. Living area: 2,016 sq.-ft. 10 rooms, 4 bedrooms, 2 baths. On the market: 71 days.

• 69-71 Carleton Rd., Multifamily (1927). Sold: $899,000. Listed at $915,000. Living area: 2,640 sq.-ft. 12 rooms, 4 bedrooms, 3 baths. On the market: 107 days.

• 137 Claflin St. Center-entry Colonial (1934). Sold: $805,000. Listed at $778,000. Living area: 1,686 sq.-ft. 7 rooms, 3 bedrooms, 1.5 baths. On the market: 57 days.

• 93-95 Bartlett Ave. Multifamily (1928). Sold: $708,000. Listed at $719,000. Living area: 2,200 sq.-ft. 11 rooms, 5 bedrooms, 2 baths. On the market: 127 days

• 204-206 Waverley St. #3, Condominium (1906). Sold: $399,900. Listed at $399,900. Living area: 1,044 sq.-ft. 5 rooms, 2 bedrooms, 1 baths. On the market: 79 days.  

• 52 Summit Rd. #7, Townhouse condominium (2005). Sold: $1,300,000. Listed at $1,450,000. Living area: 3,240 sq.-ft. 7 rooms, 1 bedrooms, 3.5 baths. On the market: 113 days.

• 22 Wellesley Rd. Brick Manor House with turret (1929). Sold: $3,092,500. Listed at $3,200,000. Living area: 4,905 sq.-ft. 11 rooms, 5 bedrooms, r.5 baths. On the market: 57 days.

• 20 South Cottage Rd. #102, A unit within a renovated Georgian Colonial brick building (2015/1893). Sold: $1,495,000. Listed at $1,495,000. Living area: 2,825 sq.-ft. 7 rooms, 3 bedrooms, 2.5 baths. On the market: 481 days.

• 20 South Cottage Rd. #101, A unit within a renovated Georgian Colonial brick building (2015/1893). Sold: $1,450,000. Listed at $1,450,000. Living area: 2,680 sq.-ft. 7 rooms, 3 bedrooms, 2.5 baths. On the market: 525 days.

It was once known as Upham Memorial Hall, the building at McLean Hospital that served for 80 years as the upscale home for a select number of wealthy residents who were stark, raving mad. And a half century ago, Upham was the involuntary home of the great blues and pop performer Ray Charles, who beat a heroin possession charge by agreeing to a judge’s order to spend some time in the care of the hospital for “observation and tests.”

As for this week, the building enters its second life as the upscale home for a select number of wealthy residents who are willing to pay stark, raving mad prices to live next to other rich folks. (It’s so exclusive, developer Northland Development won’t distribute photos of the interior. “If you have to ask …”) Maybe it’s just me, but when I spend $1.5 million, I want something more private than a 2,600 sq.-ft. “apartment” that shares a floor with other “tenants.” How annoying it must be being interrupted while watching “Keeping up with the Kardashians” by some burdensome neighbor knocking on the door asking if they can borrow some Grey Poupon for their Poulet aigu de Tarragon. Oh, dear!

(I like this English version of the Grey Poupon commercial with the great English actors Paul Eddington and Ian Richardson.)

Top billing in terms of “wow” factor goes to the brick manor house on Wellesley Road, which was the long-time home of the Palandjian family, bought in 1969 by the father Petros and now owned by a trust for the kids. Although the exterior and elegant European/English landscape is more impressive than the relatively standard interior (What? No cathedral ceiling? Hrumph!)

Here’s a bit of trivia: Peter Palandjian is the last Belmont resident to play on the ATP Tour, ranking 280th in singles in 1989, reaching the quarterfinals in Johannesburg and Telford. 

As for the house hidden on a back road on the Hill, its value has taken off. Appraised by the town at $651,000 just 20 years ago, it was assessed at $1.9 million in 2015. That’s a nice little $1 million bubble “profit” for the family homestead. Well, it does have a sauna in the basement, and the master bath has a fireplace, just like those in medieval castles. 

My favorite house is the itsy-bitsy ranch on Westlund, a stone throw away from the Winn Brook. At less than 900 square feet, it’s smaller than most condominiums on the market. It almost qualifies for a “Tiny House,” which run from 100 to 400 square feet. While the exterior needs work, the interior is rather nice. The wood floors and walls are in great shape, the kitchen is a good size, and you get a living room/dining room that supplies all you need. 

The only issue facing this great starter house is who bought it. Hopefully, it is a growing family who can gain some equity from the purchase. But the marketing pitch had an ominous final sentence:  “Ideal for first-time buyers who can move right in and expand the house later or developers.”

With the town’s Planning Board still months away from formulating new bylaws on bulk and height limits for new construction, this little gem could be lost to an oversized faux Colonial with no style or soul.