Keohane Company, Boston, Massachusetts - Real Estate Development, Construction and Property Management

Lofts will bring vitality and diversity

On May 31, 2005, The Standard-Times reported on an interview with Dennis Keohane in which he discussed his plans for a 10-story luxury high-rise. I appreciate Mr. Keohane's ambition, and though his plan seems crazy to some, I would agree that (in some responsible form) luxury for-sale condos in the downtown will be an important part of New Bedford's social and economic landscape. New Bedford is a spectacular place, rich in culture, history and a beautiful working waterfront. People are catching on, and demand for luxury housing is on the doorstep if not here already.

Next door and across the street from Mr. Keohane's lot are the 5 Union Street Lofts buildings. I was a little disappointed to read Mr. Keohane say that he is waiting to evaluate the clientele of the Union Street Lofts before moving ahead with any construction plans. Mr. Keohane and I have spoken about this, and he knows that, intentional or not, I found his comments to read negative and elitist.

Mr. Keohane was referring to our renters mix. Out of our 35 rental lofts and over 16,000 square feet of commercial space, 20 lofts will be reserved for people making about $26,000-$35,000 per year. The rent range on these lofts will be about $500-$600 a month depending on the size, number of bedrooms and location. Our 15 market lofts will rent from about $825-$1,200 for one- and two-bedrooms. The result of this wide range of rents will result in a healthy mix of tenants.
Whether our renters make $30,000 a year or $130,000 per year, the people who will live in the Union Street Lofts will be pioneers that appreciate the value of hard work, stewardship and diversity.

They will be hungry for the services and community offered by a downtown neighborhood. Residents and visitors will have a renewed attraction to the downtown because in addition to a growing higher-income demographic, it will be a community enriched by working teachers, policemen, artists, waiters, professors, students and other people making an honest living in our city. These are the people who build neighborhoods and create a stable community. They are the people who provide the heart, salt and stewardship that today's market loft dwellers and would-be luxury condo buyers look for in a community. They are the people who keep a place real.

As Mr. Keohane's neighbor we are eager to see him replace the missing tooth left by the collapse of his Keystone building and encourage him to push forward.

We hope he continues to work with the community to develop a plan that converts his challenged rubble lot into a contributing force in the downtown.

Mark S. Hess, Resident of New Bedford and project manager for the WHALE/ HallKeen Real Estate Investment and Management joint venture called the Union Street Lofts

This story appeared on Page A17 of The Standard-Times on June 9, 2005.