Banker & Tradesman December 7, 2015

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www.bankerandtradesman.com

WEEK OF MONDAY, DECEMBER 7, 2015

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A Publication of The Warren Group THE NEXT FRONTIER

Building In

Harm’s Way?

V

ocal opposition to development is part of the drill in Boston’s North End, a neighborhood with a history of fiercely defending its residential and historic character. Now developers can add climate change to the list of hurdles when attempting to build near Boston Harbor. A proposal to build a 277-room luxury hotel on Lewis Wharf has unleashed a flood of opposition from neighbors, cultural institutions, state and local politicians and environmental groups. The development is a potential bellwether of how regulators treat waterfront development in the postHurricane Sandy era. Only 2.4 acres

Rendering courtesy of Epsilon.

Lewis Wharf Hotel Unleashes Flood Of Criticism

BY STEVE ADAMS BANKER & TRADESMAN STAFF

JW Capital Partners wants to build a 277room luxury hotel on pilings over Boston Harbor at the end of Lewis Wharf in the North End.

Matthew Beaton, the state Secretary of Energy and Environmental Affairs, urged the Lewis Wharf developers to consider moving buildings onto the land-based section of the property while shifting open space and parks to the waterfront.

of the 9-acre site are located on land, with the bulk of the hotel designed to be built on pilings over Boston Harbor. “This is a big test,” said Peter Shelley, senior counsel at the Conservation Law Foundation of Massachusetts. “It’s going to be one of the city’s first and most important tests of whether it is going to seriously confront the implications of increased storm activity and sea level rise.” Will Adams, a principal for development team JW Capital, says the developers have no plans to substantially change designs for the 187,000-square-foot hotel despite a wide range of objections. The developers last year abandoned plans to include condos in the project, conceding that they would not be allowed under state Chapter 91 regulaContinued on Page 9

CONTENTS

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

Classified Sections ������������������������������������������������� 12

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

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

Records Section ������������������������������������������������������ B1

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

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

SUPPLEMENTS

In Case You Missed It ���������������������������������������������� 7

In Person ���������������������������������������������������������������� 11

Person-To-Person Payments Present Opportunities Security, Scale Keep Many Banks And CUs On The Fence BY LAURA ALIX BANKER & TRADESMAN STAFF

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ith the ubiquity of smartphones and the rise of mobile banking, person-to-person (P2P) electronic payments may be the next wave of payments technology, and financial institutions are in a good position to capitalize on that opportunity. But only if they can overcome a few obstacles first. Until now, fintech companies have mainly dominated this space. Think PayPal or Venmo (which was recently acquired by PayPal). But those who study the P2P space say that traditional, established financial institutions have a leg up on the newer, shinier competition. “Consumers trust their financial institutions to handle this type of transaction and they’re looking to their financial institutions for this service,” said Sarah Grotta, director of the debit advisory services group at Mercator Advisory Group in Maynard. “I think that is Continued on Page 10 LANDLORDS V. TENANTS

Tenant Rights Group Propose Just-Cause Eviction Law

Opponents Call Ordinance Thinly-Disguised Rent Control BY JIM MORRISON BANKER & TRADESMAN STAFF

A

home rule petition calling for “just cause” evictions in the city of Boston is gaining support from tenants’ rights groups, other civic groups and city councilors, and is drawing criticism from landlords who say it’s just another end-run toward rent control. Lisa Owens Pinto, executive director of City Life/Vida Urbana, said she wants to make one thing clear: “This ordinance is not about rent control. It in no way controls rents.” “This ordinance is first and foremost an anti-displacement measure,” Pinto said. Continued on Page 8


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Banker & Tradesman December 7, 2015 by The Warren Group - Issuu