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Will Rochester Crossing ignite West Wareham development and property values?

In early 2019 the Rochester Planning Board gave a Dartmouth developer approval to begin the planning process for a 208 unit 40R mixed-use project on the former RF Morse garden center property at the corner of Route 28 and Route 58 in Rochester, MA. When retail says no, housing always says yes in Massachusetts.

Big Box retail configuration at Rochester Crossing 2009

AD Makepeace has been looking to partner or to unload the property for years since taking a leadership role in its evolution and ultimate reincarnation.

  • Rochester development given Ok to begin planning process

The contemplated project will consist of consist of four separate four-story buildings containing a total of 160 two-bedroom units, 24 one-bedroom units and 24 three-bedroom units. One quarter of the apartments would be rented at rates deemed “affordable” by the state. The remainder would be rented at market rates.

Rochester Crossing Mixed-Use Development 2019

The developer has a Town Meeting and Planning Board review process ahead but the dramatic need for housing especially affordable housing make this a promising project for the town and the region. The nearly 30 acre site has been marketed for over a decade and seems to have traction with this mixed-use housing project as the anchor.

Rochester Crossing proximity to Wareham Crossing, I-495 & I-195

Properties straddling I-195 to the Southeast of this location have been trading at a faster clip in recent years now that most of the land is been repurposed and major infrastructure improvements are in.

Though there are still properties available in this market:

  • 3 Tow Road, West Wareham
  • 6 Recovery Road, West Wareham
  • 2512 Cranberry Highway, Wareham
  • 2211 Cranberry Highway, West Wareham

So what does Rochester Crossing mean for commercial property uses and values nearby? Will the 208 units filled with residents and visitors attract other developers willing to build on vacant land and repurpose existing structures for retail, food and service providers? One day care service provider thinks so. Country Side Day Care is moving into the office space at 15 Cranberry Hwy, Rochester opposite the Rochester Crossing site. The office space was left vacant when the USDA moved to a new construction office building on Thatcher Lane, West Wareham.

  • Rochester based day care sees writing on the wall, plans move across the street from 208 units proposed in Rochester, MA.

One thing for sure, land along Cranberry Highway in West Wareham and Wareham Street in Rochester and Middleboro are zoned commercial, general use or industrial and are ripe for redevelopment.

  • Greg Donahue marketing 2211 Cranberry Hwy, a 1.07 Acre West Wareham site, near Rochester Crossing
  • Greg Donahue sells 1 Rae Ave in West Wareham for cash, no contingencies
  • Greg Donahue sells 3.5 acres of Wareham industrial land with a cell tower on it.

I feel the Rochester Cross Roads 40R project will validate the intersection and attract new businesses, investors and developers to the neighborhood.

As for valuations, the value of commercial real estate is driven by what you can do with it; zoning, density, utilities, traffic. Price is driven by rate of return, though sometimes its a financial rate of return mixed with a return on quality of life return. A person that whats to live in a commercially zoned house and run their business out of the backyard has many financial savings but also potential quality of life improvements. Plus they have upside years down the road when the highest and best use is not their current use. Mom and pop end users aside national tenants and their preferred developers typically pay the most.

  • Greg Donahue sells 21 acres of West Wareham industrial land, cash, no contingencies
  • Greg Donahue sells 2203 Cranberry Hwy, West Wareham for cash, low contingencies

How long will it take for the area to have the characteristics national buyers and tenants want? It could be a while. Sewer availability is a big driver of development cost savings and density calculations. There isn’t sewer is this neighborhood yet. Low income levels, number of roof tops, and traffic counts are other considerations for national or super regional businesses look for before they locate anywhere. How long should existing property owners hold out, and will it be worth the wait? Depends on where they are in life and whether their expectations are realistic.

If Rochester Crossing gets approved and funded, area property appreciation for prime property will tick up significantly. It will then be modest appreciation mirroring the quality of businesses locating to the market and momentum of development in the market. As more money gets invested in the intersection, existing property owners can expect more for their property, to a point. It all depends on what you can do with it and who wants to be there.

If you have questions or would like to discuss your property or the market reach out 774-269-0775.

Filed Under: Commercial, Real Estate Tagged With: Mixed-Use, Multifamily, New Development

SOLD: Commercial zoned ranch at an intersection in West Wareham

Nearly and acre of land with commercial zoning sold in January of 2018. Great location opposite the Fourth District Courthouse and one lot removed from the intersection of Route 28 / Route 58 and County Road. Greg Donahue represented the Seller.

Filed Under: Commercial, Real Estate Tagged With: sold property

SCREW IT: Lets just go solar

Toby Road owner makes a move. What makes a property owner say “screw it” lets go solar versus erecting industrial buildings for tenants?  Here are few things; the expensive permitting torture chamber towns put developers through, regulation, risk, thinner ROI’s, limited tenant demand.

Incentives to build community solar farms are presently very attractive; financing available, partnerships with utilities near and far, lock in ROI’s for years / decades, quicker cashflow, very attractive depreciate schedules….. and you still own the land.

One area landowner pulled plans from the permitting process for two large industrial buildings. I hear fingers tapping a calculator somewhere.

Filed Under: Commercial, Featured, Real Estate

Developer breaks ground on new office building for USDA in West Wareham

Developer making short work of site work for new 8,000 sqft USDA office building on Thacher Lane in West Wareham. The site abuts Interstate 195. An additional freestanding 6,000 sqft office building is planned and being offer for sale with all infrastructure installed or as a custom build to suit opportunity. The properties offer occupants a convenient location, high speed data, modern and energy efficient construction. Significant signage and brand awareness is provided by the 35,000 + cars that travel by the property daily. Greg Donahue represents the developer, please call 774-269-0775 for details.

Filed Under: Commercial, Featured, Real Estate

AD Makepeace breaks ground on new building at Rosebrook Place

AD Makepeace has broken ground on the latest addition to Rosebrook Place. A 50,000 + multi level mixed-use building housing 60+ apartments, office and retail space.

Photo credit Ad Makepeace

Filed Under: Commercial, Featured, Real Estate

Adli Grocery Store and Auto Zone under construction at Wareham Marketplace

The 18,000 square foot Aldi, a discount grocery store is scheduled to open in late 2017. Similar to its sister company, Trader Joe’s — Aldi specializes in house brands with bargain prices. Products are shelved in open boxes and stacked to eye level. A bank and Auto Zone are also absorbing portions of the 46,000 total planned buildings, with three spaces still available.

Filed Under: Commercial, Featured, Real Estate

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Greg Donahue

Delivering creative solutions, great places, great spaces, and five star service to my clients. Home, business or investment I invest deeply in understanding your real estate needs and managing your successful transactions. Call 774-269-0775.

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Tour the neighborhood with a Local Pro.

Greg Donahue is a broker associate affiliated with LAER Realty Partners. A seasoned real estate professional he has guided buyers, sellers, landlords and tenants to successful real estate outcomes for decades. Greg's expertise spans the real estate spectrum; year round rentals, raw land, new construction, historic, luxury, business and investment.

Get in touch.

Greg can work with you virtually anywhere. LAER Realty Partners office is located at 4 Merchants Sq, Ste 7, Sandwich, MA 02563 | Direct 774-269-0775

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LAER Realty Partners License #8890

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