Return to City Smarts summary page
  Planning for Quincy's redevelopment | Day 1 | Day 2 | Day 3 | UPDATES Return to The Patriot Ledger web site
       

UPDATES

3-15-04 - Ideas for development run gamut from mixed-use high rises to cafes along brook ... Read more
3-06-04 - Public input sought on Quincy downtown plans... Read more
2-28-04 - Design workshop planned to brainstorm ways to revitalize city ... Read more
1-21-04 - State official can't offer Quincy money for revitalization ... Read more
1-20-04 - Housing in Quincy sees big changes; more coming ... Read more
1-16-04 - Quincy Center forum elicits enthusiasm for sweeping changes ... Read more
1-10-04 - City, Patriot Ledger to sponsor 1st of 2 public forums ... Read more

 DAY 1 STORIES  

 SIGNS OF LIFE: Quincy poised for return to vitality

 MAYORAL OBSESSION: All have tried to pump new life into downtown

 MONEY MATTERS: Older, smaller buildings don't yield the tax revenue of new buildings

 GROWING SMARTLY: Traditional town centers key to good planning

 THE PLAYERS: The people on Mayor William Phelan's downtown committee

 FACES IN QUINCY: Karl Briggs tells how Quincy Mutual Insurance has thrived

 PROPERTY LIST: A list of properties in downtown Quincy

 MESSAGE BOARD: Add your comments about Quincy's revitalization plans

 E-MAIL THE LEDGER: Send us your thoughts about city plans

 ABOUT THIS SERIES: Summary page

This web site uses elements designed in Macromedia Flash.
If you cannot view the slideshows and maps,
you need this free browser plug-in.

Click here
to download it.

MONEY MATTERS

Older, smaller buildings don’t yield
the tax revenue new buildings would generate

GREG DERR/The Patriot Ledger
The Fleet Bank in the former Granite Trust Building, a key fixture in Quincy Square.

One of the most significant ways residents could benefit from a revitalized Quincy Center has nothing to do with shopping or restaurant options.
It’s all about money.

In suburbs and rural regions, new development allows towns to increase their tax base. That additional money helps officials maintain services and in some cases add new ones.

But in cities like Quincy, which have limited space for new development, one of the only ways to increase the tax base is to redevelop what already exists. In other words, replace aging, less valuable buildings with new, more expensive ones.

A Patriot Ledger analysis shows Quincy Center property owners pay more than $4.2 million in property taxes a year. The Ledger examined properties on Hancock, Chestnut, Foster, Maple, School, Temple and Washington streets; Cottage and Faxon avenues; and Parkingway.

Officials say they could be getting more revenue from a rejuvenated downtown.

Many buildings in Quincy Center, especially those on Hancock Street between Granite and School streets, are one-story, older buildings. Redevelopment could make them worth more, and therefore mean more taxes for the city.

“Take some of these stores, they need rehabilitation, they need to be brought up to date. Some of them need gutting,” Assessor Marion A. Fantucchio said. “Let’s say you have two or three little shops. That area could be gutted out and made into one business.”

Take this example: Angelina M. LaFerla owns several one-story buildings from 1620-1626 Hancock St. that were gutted by fire in 2001. The buildings remain charred and are empty.

It’s hard to say what the property might be worth if it were redeveloped, but it’s a sure bet it would be more than today’s value, especially if a new building were taller than one story.

LaFerla could not be reached for comment.

Buildings that are not redeveloped could also become more valuable, and therefore pay more in taxes, if Quincy Center were revitalized.

Like LaFerla, property owners with vacancies are eligible for tax abatements, which means less tax revenue for the city. The fewer vacancies, the fewer abatements.

In addition, the value of commercial property is based on a number of factors, including rent charged to tenants. If downtown real estate was in greater demand, landlords might charge tenants more.

“It would affect the value of the property, ultimately,” Fantucchio said.

 

       
© The Patriot Ledger ~ All rights reserved. | SPECIAL REPORTS