Turn to page B1 for Banker & Tradesman’s monthly coverage of all things commercial real estate.
ANNIVERSARY BY THE NUMBERS
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R E AA LL EES ST T F AI N A INA CL I IANLF OI R NM F A O TRI M A TSI I O RE AA T ET E& & FIN NC ON NN C E S 1I 8N7C2 E
County close-up: Norfolk Spotlight: Weymouth
IN PERSON
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HarborOne’s James Blake decided early in his career that he wanted to be a bank president. Once he got there, he led what was once a credit union through a period of remarkable growth.
WEEK OF MONDAY, FEBRUARY 28, 2022
COMMERCIAL REAL ESTATE BY THE NUMBERS
A draft energy code will let all-electric buildings be designed to less-stringent energy efficiency ratings.
CODE CONFLICT
$12.5 million The Cummings Foundation’s donation to the the Benjamin Franklin Institute of Technology. See Week on the Web on page 2. Source: BFIT
$7,900 per unit The additional insulation costs a fossil-fueled building will face under a proposed energy code. See Steve Adams’ story on this page. Source: DOER
63,000 square feet The size of a proposed Bulfinch Cos. multifamily/lab development in Boston. See Week on the Web on page 2. Source: BPDA
299 The number of municipalities that currently use the state’s “stretch” energy code. See Steve Adams’ story on this page. Source: DOER
$50 million The cost to rebuild East Boston’s Pier 1 to make it development-ready. See Scott Van Voorhis’ column on page 3. Source: Massport
TECH TEMPTS DEVELOPERS TOWARD SUSTAINABILITY
State Emphasizes Incentives in Energy Diet Debate
120,000 square feet
BY STEVE ADAMS
The size of Gazit Horizons’ proposed downtown Boston office development. See Steve Adams’ story on this page. Source: BPDA
attle lines are forming as advocates of tougher voluntary energy codes weigh in on the state’s approach to meeting its carbon emissions-cutting goals. “This update will make great improvements, but it won’t meet many of the needs of communities that are hungering for tools to require in new construction,” said Cammy
23 acres A development site in Salem being offered to multifamily developers. See Steve Adams’ story on page 7. Source: DCAMM
50 percent State law mandates a 50 percent cut in Massachusetts’ carbon emissions by 2030. See Steve Adams’ story on this page. Source: Massachusetts General Laws
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
BANKER & TRADESMAN STAFF
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Peterson, director of clean energy at Metropolitan Area Planning Council. Massachusetts Department of Energy Resources is responsible for translating the goals of the state’s 2021 climate change legislation into specific regulations on building energy use and emissions. The law is designed to cut statewide carbon emissions by 50 percent by 2030 and attain net zero emissions by 2050. Massachusetts’ existing voluntary stretch energy code has been adopted by 299 of the state’s 351 communities, and gives them the latitude to require more energy-efficient buildings than the base state building code. Pending updates to the stretch code, com-
munities don’t have the authority to require more stringent standards. In 2020, Attorney General Maura Healey struck down a new Brookline bylaw banning the use of fossil fuel systems in new buildings, saying it didn’t have the authority to override the state building code. In addition to the proposed new stretch code, DOER is proposing a separate “voluntary opt-in” code that would enable communities to adapt even more stringent requirements. But neither the new stretch code nor the voluntary opt-in code give communities the power to ban fossil fuel systems, nor to set new goals for major renovations. Continued on Page 7
COMMERCIAL INTERESTS
C O V I D C R E AT I V I T Y
Boston Officials May Be Growing Skeptical of Harbor Development
StonehamBank Brought Customers on Virtual Italian Holiday
A Sinking Feeling Along the Waterfront? By Scott Van Voorhis | Banker & Tradesman Columnist
Commercial Real Estate PAGE 3
An ‘Out of the Box’ Bank Ad Wins Top Honors By Diane McLaughlin | Banker & Tradesman Staff
Banking & Lending PAGE 9