Peter BlandinoThe Patriot Ledger
QUINCY ‒ Utilities, office space and apartment complexes topped the list of Quincy's largest tax contributors during the fiscal year that began in July 2023 and ended June 30.
The city's total tax levy amounted to just under $290.9 million, of which about $220 million came from residential property, which includes large apartment buildings. The remaining came from commercial, industrial and personal property.
Under Quincy's split tax rate, residential property was taxed at $11.27 per $1,000 of assessed value, up from $11.13 in the previous fiscal year. Commercial, industrial and personal property was taxed at $22.45 per $1,000, up from $22.18. It was Quincy's first tax increase in 10 years.
Because some property is held through limited liability companies, it can be difficult to create a comprehensive list of their holdings. The following list represents minimum amounts.
See Braintree's top 10: Who made the list of Braintree's top 10 property taxpayers of 2024
1. National Grid, $9,200,203
National Grid paid more than $9.2 million in taxes to the city in fiscal 2024 under three business titles: Mass Electric, Boston Gas and New England Power Co. The utility company pays taxes to Quincy for electricity poles, the Field Street substation and other infrastructure.
2. Equity Residential, $3,670,293
The Chicago-based real estate investment trust owns four large apartment complexes in the city: Quarry Hills on Ricciuti Drive, Lincoln Heights on Centre Street, Cliff Walk on Willard Street and Rosecliff on Willard Street. Of these, Quarry Hills pays by far the largest bill, more than $1.62 million. The 269-unit complex sits on 28 acres and is assessed at $142.5 million.
3. FoxRock/Granite Telecommunications Inc., $3,559,227
FoxRock Properties, the real estate company owned by Granite Telecommunications CEO Rob Hale, just completed including two residential buildings, and plans a steakhouse across from the Quincy Center MBTA station.
The company plans to build a medical office building with retail space next to Generals Bridge. While the medical building, to be operated by Beth Israel Deaconess, will enjoy tax exemptions for 40 years, the attached retail buildings are expected to increase tax revenues.
Ashlar Park has opened three of four residential buildings at the site of the former Quincy Medical Center campus. Ashlar Park paid the largest single tax bill − almost $1.42 million − of FoxRock's many Quincy properties.
Hale's Granite Telecommunications owns two office buildings on Newport Avenue Extension and a third, which is scheduled to open in September, on Enterprise Drive next to State Street.
Tax break for Granite Telecom: Quincy grants multimillion-dollar tax break for billionaire Rob Hale's Granite Telecom
4. Peter O'Connell, $3,208,408
Peter O'Connell and associates, the developers behind much of Marina Bay and the city's tallest building, paid at least $3.2 million in taxes last fiscal year.
Taxes paid byQuarry Hills Associates for the Granite Links Golf Clubproperty were $879,041 for fiscal 2024, the largest single-ticket item on a lengthy list of tax bills paid by private entities or corporations owned by Peter O'Connell and his family. The golf clubpays Quincy a portion of its proceedsin lieu of rent on the land.
The Granite Place apartment complex racked up a $783,065 tax bill, followed by 500 Victory Road's $486,094 and $423,417 for the One Chestnut Place apartment complex downtown.
5. The Flatley Co., $3,016,181
The Flatley Co.’s Elevation apartments, a 492-unit development with more than 850 parking spaces, opened its first building in 2018. Elevation sits on top of the outcropping bounded by the Southeast Expressway, Crown Colony Drive and Marriott Drive, and is easily visible to anyone heading south on Burgin Parkway.
The six residential buildings − plus a pool, a pond and a clubhouse – sit on 20 acres. In total, the development is valued at $168.8 million.
The Flatley Co. also owns the commercial property at 2000 Crown Colony Drive and the surrounding 13 acres worth $41.6 million.
6. State Street Bank, $3,011,285
The largest development in Quincy after the completion of the three initial Red Line stations was State Street South, a massive, multibuilding office park for the financial services and bank holding company built on filled-in Montclair marshland. Proximity to the Red Line made the land morevaluable –the project was called a "Quincy metamorphosis" in a 1972 Patriot Ledger headline– and the buildings are still standing.
Two commercial buildings and a parking garage sit at the 43.6-acre 1776 Heritage Drive site, which was last valued at almost $133 million.
7. Corcoran family, $2,696,076
John M. Corcoran & Co. manages dozens of apartment complexes in the Boston area, including Munroe Place, Quincy Commons and Faxon Commons. The multiuse Munroe Place building sits next to city hall and is home to a Starbucks, T-Mobile and other businesses. Built in 2003, the high-rise is assessed at $57.9 million.
8. AvalonBay Communities, $2,368,114
The real estate investment trust based in Virginia owns the Avalon apartment complex perched high on Quarry Street. Sprawled across three parcels, the development paid just under $1.9 million in property taxes for fiscal 2024.
In 2023, the company bought a row of parcels off Centre Street at the site of the old A Monti Granite yard. In 2022, principal of Hingham-based Atlantic Development D.J. MacKinnon presented plans to build a seven-story, 345-unit apartment complex on the property. Construction teams have been seen preparing the ground as recently as last week.
9. Bozzuto (MBTA), $2,357,299
Technically, the MBTA owns the land stretching alongside North Quincy Station, on which stands The Abby, a mega-development with over 600 apartments and retail space including a Target, a bakery and a bank. Maryland-based Bozzuto co-owns the development, which it built with MacKinnon's Atlantic Development, and pays rent to the T. Home to Quincy's largest residential space in terms of number of units, The Abby was last valued at almost $150.5 million.
Lawsuit involving The Abby: Why North Quincy Station T parking garage isn't open. $3 million suit alleges 'defects'
10. Meriel Marina Bay, $2,014,917
The luxury apartment complex Meriel Marina Bay opened 352 units on Victory Road in 2017 − the last major development planned for the Marina Bay boardwalk. The two-building, five-story complex also has 20,000 square feet of retail space home to Break Rock Brewing, Marina Bay Market, the Reelhouse restaurant and Aria Salon and Spa.
Construction teams have worked on the exterior of the buildings in recent years after water penetrated the façades. A class-action lawsuit was filed in Dedham Superior Court by tenants who say their quality of life has been harmed by what they describe as extensive damage and intrusive repair work.
Peter Blandino covers Quincy for The Patriot Ledger. Contact him at pblandino@patriotledger.com.
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