Merrimack Valley Magazine

Heating Up The South

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The Days of Great Deals on Southern Homes May Be Over

This summer, my wife and I went on a 3,400-mile road trip (and honeymoon). This adventure gave me the opportunity to look at housing markets outside of the Merrimack Valley.

We began our journey with the assumption that the South would be much more affordable. Many New Englanders have heard stories about people moving there and buying homes of twice the size for half of what we would pay in the MV. Those days may be over, at least in prime locations. As usual, location is the primary catalyst of home prices, and large city centers with clear economic development command the highest prices in the housing market, whether you’re talking Massachusetts or Mississippi. 

Take Charlotte, N.C., for example. We stayed in the NoDa (North Davidson) neighborhood. It’s an “up-and-coming” destination spot, with home prices that have skyrocketed in recent years to the point where values are reaching levels that mirror communities directly north of Boston. Many homes sell for a half-million dollars or more. When you move farther out of downtown Charlotte, the prices sink and are comparable to areas in central Massachusetts, such as Leominster and Fitchburg. 

 

Southern mansion
There was a time when MV residents could move to the south, expecting outrageously low home prices. Those days are likely over, particularly in areas with hot housing markets. Still, the cost of living can offset the rising house prices.

Farther west, Tennessee boasts homes at prices low enough to shock New Englanders, but Nashville’s housing costs have risen greatly due to the city’s popularity. In Louisiana, Slidell, a community north of New Orleans, is very affordable, but in New Orleans’ French Quarter, house prices rise to the million-dollar mark.

Heading back north, Pittsburgh bucks the city inflation trend and shocked us with its affordability. We visited for a day, stalking neighborhoods with our mobile real estate apps like sharks in seal-infested waters. We pulled up to a beautiful neighborhood on the northwest side of the city. By the looks of the regal homes adorned with stone siding, we assumed values in the millions, but when we searched online, nearby homes with more than 2,000 square feet were listed around $350,000. 

There are other factors to consider beyond home values. Take food. In southern Ohio, locals flock to diners and eateries where breakfast can be covered with a $10 bill. West Virginia offers plenty of restaurants that serve cheap entrees and drinks. In many smaller towns and cities in the South, affordability and cost-effectiveness are heavily esteemed. To my delight, we found restaurants and breweries in Charlotte that offered daily and half-off specials. Beyond restaurants, groceries in general were slightly cheaper than those up north. Louisiana had some of the cheapest groceries I found, especially seafood, possibly due to its proximity to the Gulf of Mexico. 

Chicken sandwich / Southern night skyline
In many places below the Mason-Dixon line, prepare to pay less than you would back north for exemplary dining options. Photos by Martha Robertson.

Focusing on real estate and food prices only gives us a sense of the cost of living. Wages and personal revenue are crucial considerations. According to the U.S. Census Bureau, the median household income in Massachusetts in 2019 was $81,215, compared with Charlotte at $62,817 and Nashville at $59,828.

Looking at wages alone, the rising cost of housing in hot Southern markets doesn’t seem justified. However, with economic growth and new tech jobs, Southern states continue to see populations rise. With this demand comes increased home values and overall higher costs associated with basic living expenses. These rising costs put a damper on my idea of buying a part-time vacation home in Charlotte, and laid to rest daydreams of life in a Southern mansion.

   

Genuine Connections

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Bell Tower Management Looks to the Future of Lawrence  (sponsored)

Gary Sidell, president of Bell Tower Management in Lawrence, didn’t grow up in his father’s business. That man, Chet Sidell, founded a women’s clothing manufacturing company in 1975. At its height, KGR (named after three children’s initials) supplied business to over 50 New England factories, where garments were produced for Talbots, Ann Taylor, Nordstrom and other retail outlets. At their home base in Lawrence, he’d repurposed old mill buildings for warehouse and office space. 

“At the time, people thought my dad was crazy,” says Sidell, “But in retrospect, he was a genius because of how much he was ahead of the curve.” Lawrence had the reputation, back in the day, as the arson capital of the world. So, investing in those spaces was risky business for Chet. This was before our region’s mill buildings became a national success story and grew to be associated with economic vibrancy.

The same risk-taking zeal that birthed the company would be called upon after it ended in 2001 and the family moved on to new opportunities. Gary had only been in the business for 7 years when the pair made the difficult decision to leave the garment world. With half-a-million square feet of vacant space at the time, and no knowledge in real estate or construction, he recalls what followed: “Well, we’ve got a mortgage and taxes to pay. We better start renting.” 

Though the journey would include an initial 5-year period during which they didn’t turn a profit, Gary is thrilled they persevered. “There were nights where we were like, ‘what the hell are we doing here? Let’s just sell and get out.’” But they didn’t. And the new venture would eventually provide much more than just an income. 

 

Chet also had an altruistic drive, and he’d fostered that in Gary. They started renting to nonprofits they knew and cared about, like Lawrence Community Works and Groundwork Lawrence, then expanded over time. Having made it through this major challenge, part of their mission would always be to give people the chances they deserve with a focus on up-and-coming businesses. “Some of those people took a small office 10 years ago, and now employ 30 people and are in over 12,000 square feet,” says Gary. 

Running the business two years after his dad’s passing, the junior Sidell is still influenced by his mentor. He maintains the commitments his father inspired: to the community, to helping others: “It’s never been about simply collecting a rent check on the first of the month. I enjoy helping people get connected, grow their business or maybe find another donor for a nonprofit I care about. And I definitely got that from my dad.” 

That passion for supporting up-and-comers is much of the force behind 60 Vibe, the coworking space Gary owns and manages. Since COVID, the reinvention lessons learned on his father’s side have been paramount. 60 Vibe features private rooms equipped with mics and cameras for podcasting and multimedia communication, and computers that are loaded with editing software. 

The father-to-son focus on community is seen in Gary’s upcoming projects. In 2021, one of Lawrence’s busiest intersections will get five stories of living and retail space in place of a half-century-old parking lot. Gary is part of a team of local developers working to combat decades of disinvestment downtown. They care about Lawrence and want more people to stay after work. 

Gary’s business life might be summed up as such: He can stand in a building he owns, which houses Lawrence’s first brewery, remembering how excited Mayor Dan Rivera was about the opening, and walk next door to the clean room of Alpha Tau Medical, an organization working on a cancer drug that could have located their headquarters anywhere in the U.S. but came to Lawrence because Gary learned from his dad the importance of genuine connections.   

60 Vibe houses traditional workplace comforts such as private conference rooms and printing services, as well as the tools and equipment to launch a career in web design, videography, photography, music and sound engineering, and other fields.

Bell Tower Management
Lawrence, Mass.
(978) 375-7363
BellTowerManagement.com
60Vibe.com

Merrimack Valley Housing Partnership Offers Online Course for Home Buyers

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The Merrimack Valley Housing Partnership is offering a Framework online course for prospective home buyers, taking you through every step of the process.

After completion of the online course, participants must attend one follow-up session. Normally, these sessions are held at 67 Middle Street, 4th floor, in Lowell. Currently, these sessions are being held by phone.

The total cost is $100. You pay $75 at registration and $25 when registering for the follow-up session.

To learn more, visit their website, https://www.mvhp.org/framework-online-course

LIVE. PLAY. WORK. Thorndike Exchange and Sal Lupoli’s Bold Plan

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It’s hard to imagine the city of Lowell 20 years from now. Over the past few decades, the city’s reputation as a cultural center has grown, and the signs of its economic expansion are apparent when we scan the horizon and see cranes and girders silhouetted against the sky.

One of the most ambitious projects, and possibly a hint of things to come, is Thorndike Exchange. This ambitious mixed-use complex, the vision of developer Salvatore Lupoli, aims to push the limits of luxury in the Mill City and create a vibrant hub for living, dining and shopping. As its website notes, the Exchange is a “live-play-work environment,” which happens to be just a footbridge away from the Gallagher Terminal train station. As lifestyle factors and skyrocketing rents drive professionals out of Boston, we may start seeing them in Lowell, where the Exchange promises options for food, drink and recreation that many only expect to find in Metro Beantown. 

The heights of Lupoli’s aspirations are apparent the moment you enter the lobby of the completed first phase of the Thorndike Exchange project. Large windows flood the reception area with natural light. Floral fragrances gently ventilate through the hallways. Soothing music plays quietly in the background. 

 

The Exchange is a $60 million project that began in 2012, when Lupoli began negotiating the purchase of what was then the Comfort Furniture and Bedding building, whose owners had filed for bankruptcy in 2011. The acquisition wasn’t completed until 2014, and it took another three years to acquire a building permit.

The completed first phase of the Thorndike Exchange project includes retail space and 65 apartments, with the leasing of apartment units and commercial spaces underway. 

The Exchange pays homage to Lowell’s rich history and represents a blend of modern renovation with classic preservation. The original doors used in train deliveries remain on the first floor of the five-story building, and many hallways feature original granite that had been hiding behind the walls. Each floor is named after a famous figure in Lowell history: Jack Kerouac, Benjamin Butler, Charles Hood, Bette Davis and James McNeill Whistler.

The glimpses of the city’s past are balanced with contemporary architecture and design. The units feature handcrafted cabinets, spacious kitchens and living rooms, and overarching designs that are sleek, elegant and visually impactful. When he came up with the idea for the Thorndike Exchange, Lupoli says he realized that “every market, including tertiary cities, deserves quality. This is taking that a step further into providing luxury.” This recognition drove Lupoli to push boundaries and test the limits of what was possible.

From the beginning, the project was meant to balance the building’s sense of history with a contemporary feel. Exposed brick and impressive views evoke Lowell’s past. Photos courtesy of Shanklevision and Boston Light Source.

The inclusion of cutting-edge amenities is essential to Lupoli’s concept. Residents can walk their dogs directly outside the building atop filtrated turf. A concierge service stands ready to carry groceries and meals to residents’ apartments. During New England’s cold winters, the enclosed bridge leading directly from Thorndike Exchange to the neighboring Gallagher station is heated to keep commuters cozy. In bad weather, residents can go all the way from the Exchange to Boston’s North Station without feeling a raindrop. A large TV screen in the station’s waiting area provides status information on trains. This area is also the site of a Lowell Police Department satellite office.

Lupoli, who co-founded the famous Sal’s Pizza chain, considers dining integral to the plan. “With my restaurant background,” he says, “I made sure to feature commercial spaces for multiple restaurants and a full-service cafe. I didn’t want the amenities to be an a la carte design.” No restaurants have opened yet, but Lupoli suggests there is significant interest from multiple entrepreneurs. “It is just a matter of ensuring the right fit,” he says. “This will not be a matter of if the restaurants will open, rather when.” Lupoli says the restaurants will be third-party businesses and not operated by himself or his Lupoli Companies team. The two-level main restaurant will have about 6,000 square feet of space for seating and 4,000 for the kitchen and storage. 

The Exchange is optimized for a community experience with its common spaces. “If you are a millennial or empty nester,” Lupoli says, “you want quality within your apartment, but you also want a space to hang out. You may want to play pool, talk and interact, type on your laptop, or meet new people.” There are common spaces on every floor, each boasting complimentary coffee and WiFi. The first floor features a full gym outfitted with Precor fitness machines, kettlebells and a range of cardio equipment. A yoga room abuts the gym. There are libraries, a museum and a resident-only garden area that will feature beds of herbs and flowers, grills and lawn chairs. Special soundproofing has been installed throughout the building to preserve the calm atmosphere, despite its proximity to the train station and the Lowell Connector. 

Waterfall granite countertops and creative lighting give common areas an ultramodern ambiance. Photos courtesy of Shanklevision and Boston Light Source.

Thorndike Exchange offers nine different styles of units, ranging from around $1,700 to $3,000 a month. The second phase of the project will feature a connected nine-story residential complex with an estimated 70 to 75 rental units.

On top of the Exchange, Lupoli and crew are building two rooftop lounges. One will be utilized as a private space for residents and guests, while the other will be open to the public. The view includes the South Common and stretches all the way to the Lowell Sun building. Lupoli hopes the restaurants and lounges will combine to bring increased vitality to Lowell’s nightlife and make Thorndike Street a destination for locals looking to unwind.

One of the major problems of city living is finding a place to park. Lupoli has solved this by partnering with officials to utilize the Gallagher station’s parking garage. According to Lupoli, the garage was underutilized, with an estimated 300 parking spots going unfilled on a daily basis. There will also be guest parking near the Exchange for apartment visitors and customers at the commercial spaces. 

The Thorndike Exchange is a project that balances comfort and ease with a seemingly never-ending supply of unexpected, surprise details — it is, in Lupoli’s words, a boutique hotel that has been fashioned into a living and lifestyle experience. Hard to imagine? You can call the office to book a tour and see for yourself.    

The design of Thorndike Exchange puts emphasis on common areas (left) for residents to engage socially. Exercise buffs will find much to enjoy about the gym (right), which boasts an array of high-tech fitness gadgets, as well as a designated room for yoga. Photos courtesy of Shanklevision and Boston Light Source.

Thorndike Exchange
Lowell, Mass.
(978) 455-0847
ThorndikeExchange.com

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