Question of the Day Topic: Westwood Station Taxes
The taxes were paid off in full last week by Commonfund Realty Investors.
Cabot, Cabot & Forbes began construction at Westwood Station, but the state mandated vertical progress by the end of 2010 for the project to keep $55 million in state aid.
Timothy Robertson
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Yesterday we reported that Commonfund Realty Investors, LLC had paid outstanding real estate taxes to the town of Westwood.
The total payment came to $3.54 million, and brings the parcels up to date with all real estate taxes and interest due on the property.
Officials said the move is very good news for the town, and for today's question, we're wondering: Do you think this will help move the Westwood Station project along?
Greg Agnew
8:18 pm on Wednesday, September 7, 2011
This payment really won't move the project forward in the least. Commonfund barely had enough money to pay out the taxes owed on the property, let alone the interest that built up while the project was passed around like a hot potato from developer to developer.
In these dreadful financial times, a project of this scale won't budge an inch. Westwood will use the money for much needed town-wide services, and that's just about it.
Residents will continue to feel the real estate tax pain over the next few years, and won't really benefit from the recent lump sum payout from Commonfund. Westwood needs development solutions from qualified investors and developers if they sincerely want to lessen the resident's high tax burden, and give some of the responsibility back to the commercial property owners, who are few and far between these days.