Banker & Tradesman, March 20, 2017

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SUBSCRIBE TODAY! VISIT WWW.TRYRERS.COM Est ab li s h e d 1 8 7 2

the

financial

www.bankerandtradesman.com

WEEK OF MONDAY, MARCH 20, 2017

services

and

real

estate

weekly

for

massachusetts

A Publication of The Warren Group COMMERCIAL INTERESTS

Mohegan’s Long Shot Lawsuit Pays Off

VALUE PROPOSITION The FBI’s Boston regional headquarters recently occupied a new office building developed by a Chelsea-based ACS Development at 201 Maple St.

Court Ruling Opens Door To Remedies For Open-Meeting Violations

L

BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST

as Vegas casino tycoon Steve Wynn is certainly learning the hard way about the perils of developing a mega project in Massachusetts. The latest lesson? Old lawsuits are like zombies: No matter how dead they may seem, they can always come roaring back to life as long as there are opponents, lawyers and money to feed them. Case in point is Mohegan Sun’s seemingly long-shot court campaign to challenge the award of Boston-area casino license to Wynn, which just a few days ago looked as if it was awaiting the last rites. With construction moving full speed ahead on Wynn’s now $2.4 billion casino in Everett, the pending ruling by the state’s top court seemed likely to be just a formality. But never second-guess the Supreme Judicial Court, which has breathed new life into Mohegan’s quest to build a Bay State casino. Continued on Page 3

CHELSEA OVERCOMES

TROUBLED PAST

CONDO CONFLICT

Education, Guidance Key To Successful Condo Closing Realtors Can Help Buyers Avoid Common Condo Purchase Problems

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BY JIM MORRISON BANKER & TRADESMAN STAFF

fter what is often a long search, condominium buyers know that they’re getting their piece of The American Dream. What they should know – but often don’t – is that living in a condo can be very different from living in a single-family home. Ensuring buyers understand both the rules and the risks upfront is critical for a happy condo experience, Realtors say. Agents should advise their clients to keep their eyes open long before they get to the offer stage, said attorney Richard Rosa, cofounder of Buyer’s Brokers Only. “One thing I often see when I walk into in bigger complexes, either by the elevators, the mailboxes or other common areas, is a Continued on Page 8

Transit-Oriented Development Boom Revitalizes Former Industrial Properties BY STEVE ADAMS | BANKER & TRADESMAN STAFF

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he city of Chelsea used to be synonymous with troubled municipal finances and a tradition of corruption that landed a succession of mayors behind bars. Today the headlines are all about the wave of commercial and multifamily development in this densely-populated city of 38,000. Hundreds of trendy loft-style apartments have been built in former industrial buildings within the Box District. The 452-unit One North apartment complex is over 94 percent occupied with average asking rents of $2.73 per square foot, according to researchers CoStar Group. That bodes well for future developments such as Fairfield Residential’s 692-unit Chelsea Lofts project, expected to break ground later this year. The recent relocation of the FBI’s regional headquarters from Boston’s Center Plaza, bringing over 600 agency employees to a new 268,000-square-foot office building, is expected

Condos In Chelsea Still A Deal, But Not For Long

2012

91

$170,000

2013

128

$200,000

2014

122

$220,000

2015

164

$230,000

2016

163

$285,000

Jan. 2017

10

$254,000

Continued on Page 9

CONTENTS

Residential �������������������������������������������������������������� 8

Points ����������������������������������������������������������������������� 4

Commercial & Industrial ������������������������������������������ 9

By The Numbers ������������������������������������������������������� 6

Banking & Lending ������������������������������������������������ 10

In Person ������������������������������������������������������������������ 7

Classified Sections ������������������������������������������������� 11

Source: The Warren Group

SPECIAL SECTION

2016 TOP LENDERS ��������������������������� B1 Records Section ������������������������������������������������������ C1


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