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Matt Zahler
Name: Matt Zahler
Title: Senior Project Manager, Trinity Financial
Age: 37
Experience: 10 years
Boston-based Trinity Financial is bringing development to neighborhoods that haven’t seen much new construction in decades, including the 215-unit Enterprise Block in downtown Brockton and the 83-unit Treadmark in Boston’s Ashmont section. Matt Zahler joined the company in 2010 and is responsible for overseeing projects from their infancy to completion. Prior to joining Trinity Financial, Zahler was director of policy and development for A Better City Inc. Earlier in his career, the Connecticut College graduate worked for J.J. Gumberg Inc. in Pittsburgh and Boston Garden Development Corp.
Q: What was your role at Boston Garden Development Corp.?
A: We did a lot of the pre-planning for the Avalon North Station tower, a lot of the underwriting and worked with the city on that front. We ultimately decided to sell the air rights. It was originally going to be 300 units so they expanded it significantly (to 503 units).
Q: What are the average rents at the first phase of the Enterprise Block in Brockton?
A: There’s a split between 40 percent market rate and 60 percent that we used tax credits. We have an artist preference and a 3,000-square-foot artist gallery. The market rate rents, we’re getting $1,250 for a one-bedroom, $1,450 for a two-bedroom and $1,800 for a three-bedroom. It’s 100 percent occupied with a waiting list. The second phase is 111 units and we’ll have a similar suite of amenities: fitness center, community lounge. We’ll be shovel-ready by the end of the year. We’re waiting for some funding for the second phase because there will be a tax credit piece that we hope to secure.
Q: What are the most important public incentives in Gateway Cities developments?
A: The HDIP credit is a state resource. The tax credits and affordable housing resources are all critical pieces. But as we see, the markets get better in terms of people moving there and occupying, and market-rate rents are helping to support the developments. From phase one to phase two, there’s more market rate and that can support more debt and that is helping make these projects viable. But there’s a still a need for affordable and workforce housing units, and we are going to utilize the MassHousing (workforce housing) resources for the next phase.
Q: Is Treadmark still on track for a summer 2017 opening?
A: We’re looking to deliver in mid-summer. It’s got a mix of affordable rentals, and the 32 for-sale condos, of which four are (inclusionary development policy) units. We’ve had five presales, so we’re pretty excited about that. We’ve seen a lot of interest in Dorchester along the Red Line. Peabody Square in Ashmont has become a very vibrant place. We’ve got a number of businesses and the restaurant Tavolo is undergoing a rebranding right now and is going to be reopening this week. We’re having a marketing and PR open house at 5 p.m. on Feb. 1 at our sales center, 1910 Dorchester Ave. And we are taking applications for the affordable units lottery until Feb. 14.
Q: Are the prospects to develop office space improving in the Gateway Cities?
A: It’s hard to say. There are opportunities for folks to move to a Gateway City and relocate their small businesses there. There’s a true opportunity there and we are seeing that with some of the coworking spaces that are opening. Brockton is making a concerted effort to work with the small business community.
Q: What potential changes to building codes and design would help Gateway Cities projects?
A: The biggest benefit to our project was the use of Chapter 40R – that was our way of going through a permitting process that was housing as-of-right. There’s been a lot of talk of that in the media recently. I would like to see more of that. The construction markets are tighter than ever as it relates to costs and availability of the workforce. People are looking at modular. They’ve been successful on smaller projects, but there are issues as it relates to capacity. An asset of the Gateway Cities, and this is a continuing trend, is the use of the historic tax credit to leverage additional development.
