Banker & Tradesman: March 28, 2022

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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: Barnstable Spotlight: Harwich

IN PERSON

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When Boston Private wanted to present board members and clients with artwork several years ago, they turned to Art in Giving, co-founded by Eliane Markoff. The nonprofit raises money for pediatric cancer research.

WEEK OF MONDAY, MARCH 28, 2022

COMMERCIAL REAL ESTATE BY THE NUMBERS

A development team’s proposal for the MassDOT parcel 25 would respond to the red-hot market for life science space in Boston with MassDOT’s goals for affordability and inclusion.

URBAN INFILL

328 Two proposals would bring 328 affordable units to Chinatown. See Steve Adams’ story on this page. Source: MassDOT and ACDC

24 The number of units in a Littleton cohousing community. See Jay Fitzgerald’s story on page B1. Source: Hager Homestead

309,300 square feet The amount of lab space in a proposed Chinatown tower. See Steve Adams’ story on this page. Source: MassDOT

The Hager Homestead cohousing development is for ages 55 and up. See Jay Fitzgerald’s story on page B1. Source: Hager Homestead

18,714 square feet The size of a city-owned parcel in Chinatown that could become available for development. See Steve Adams’ story on this page. Source: BPDA

PROJECTS MAXIMIZE POTENTIAL OF

CHINATOWN PARCELS

Multipronged Approach to Housing Affordability

$200,000

BY STEVE ADAMS

The cheapest unit in a Littleton cohousing development. See Jay Fitzgerald’s story on page B1. Source: Hager Homestead

oston Chinatown’s working-class housing stock eroded over the decades amid encroachment from highway projects and the development of Tufts Medical Center and luxury apartment and condo towers. Now, a pair of proposals would generate a combined 328 affordable apartments and

14 The number of units in a building ACDC bought after a bidding war. See Steve Adams’ story on this page. Source: ACDC

5,000 The size of the common area in a Malden cohousing development. See Jay Fitzgerald’s story on page B1. Source: Bay State Common

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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condominiums, as state and local officials seek to address the affordable housing crisis through surplus property dispositions. On a parallel path, two community organizations are pursuing acquisitions of rowhouses and apartment buildings to preserve remnants of affordability. Asian Community Development Corp. is proposing 110 income-restricted condos on a parking lot off Hudson Street, in a project that would also reestablish the neighborhood’s first library branch since the 1950s. ACDC previously completed a 51-unit affordable condo project at 88 Hudson St. in 2017.

“It was precisely because of the success of that project that people in the neighborhood wanted to see more affordable condo opportunities,” said Angie Liou, executive director of the CDC. “Any sort of [housing cost] relief that we heard about during the pandemic was really temporary.” A partnership of two New York developers, Peebles Corp. and Genesis Cos., proposes another 84 affordable apartments as part of a mixed-use development on a former Big Dig parcel owned by Massachusetts Department of Transportation.

COMMERCIAL INTERESTS

MOVING PIECES

But Analysts Argue Slowdown Will Keep Market Going

Prospect of a Rapid Increase Worries Some

By Scott Van Voorhis | Banker & Tradesman Columnist

By Diane McLaughlin | Banker & Tradesman Staff

Continued on Page 7

Image courtesy of MassDOT

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War, Rate Hikes Will Heap Commercial Lenders Look Costs on Prospective Buyers for Effects of Rising Rates

Commercial Real Estate PAGE 3

Banking & Lending PAGE 9


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