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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Plymouth Spotlight: Norwell
IN PERSON
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Following Harold Brown’s retirement in November 2017, capping a 64-year real estate career that built a $2.3-billion real estate empire, Jameson Brown was named co-CEO along with Chief Financial Officer Andy Bloch.
WEEK OF MONDAY, JUNE 17, 2019
RESIDIENTIAL REAL ESTATE BY THE NUMBERS
3,564 The number of housing units in Norwell. See By the Numbers on page 6. Source: U.S. Census Bureau
$5,000 A bill on Beacon Hill would let first-time homebuyers set aside a tax-deductible $5,000 per year to save for a down payment. See Anne Meczywor’s column on page 5. Source: Massachusetts Association of Realtors
930 The number of affordable units HYM plans for Suffolk Downs. See Steve Adams’ story on this page. Source: Boston Planning & Development Agency
Developers of the 161-acre Suffolk Downs site say they cannot afford to add more affordable units to the 10,000-unit project.
DEVELOPMENT AND DISPLACEMENT
SUFFOLK DOWNS
FACES CALLS FOR MORE AFFORDABILITY
$15.23 million The price of a recently-sold Pier 4 penthouse. See the Gossip Report on page 9. Source: The Warren Group
$765,000 The median home price so far this year in Hingham. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
$20,851 The typical homeowner will pay $20,851 to sell their home. See Lew Sichelman’s column on page 4. Source: Zillow
3,319 square feet The size of a recently-sold, full-floor condominium overlooking the Public Garden. See the Gossip Report on page 9. Source: The Warren Group
$296,200 The median home price so far this year in Brockton. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
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.
Councilor Says IDP Doesn’t Go Far Enough BY STEVE ADAMS BANKER & TRADESMAN STAFF
F
rom Boston City Councilor Lydia Edwards’ perspective, the worst outcome for the redevelopment of the 161acre Suffolk Downs property would be a finished product that resembles the Seaport District.
As the Boston Planning and Development Agency reviews a proposed 16.1-million-square-foot development proposal for Suffolk Downs, including 10,000 housing units, Edwards warns that the property has the potential to become an economically and ethnically homogeneous enclave with little connection to the existing neighborhood. The District 1 councilor is asking the BPDA to require more units for lowerincome households, to stem displacement as East Boston apartment-dwellers are
COMMERCIAL INTERESTS
Raytheon Merger Could Hit the Office Market Don’t Believe the Happy Talk – Layoffs Will Be Coming By Scott Van Voorhis | Banker & Tradesman Columnist
Continued on Page 7
O’Brien said the current affordable unit income and rent guidelines are necessary to make the development profitable, given an estimated cost of $500,000 to construct each residential unit.
DIVERSITY AND INCLUSION
After Workplace Culture Issues, Berkshire Launches Diversity Initiatives Storefronts Will be Aimed at Less-Banked Communities By Bram Berkowitz | Banker & Tradesman Staff
Commercial Real Estate PAGE 3
Banking & Lending PAGE 9