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: Worcester Spotlight: Northbridge
IN PERSON
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Cambridge’s Kendall Square might never have become the world’s life science capital save for a chance connection between David Clem and a New Hampshire timber company.
WEEK OF MONDAY, JUNE 20, 2022
RESIDENTIAL REAL ESTATE BY THE NUMBERS
A draft zoning study recommends taller building heights in Somerville’s Brickbottom to accommodate office, labs and housing, with highest densities closest to the MBTA Green Line Extension.
BARRIERS BROKEN
470 The number of staff, including real estate agents, laid off at Redfin this week. See Week on the Web on page 2. Source: Redfin
$2.6 million The most expensive recent existing single-family sale in Worcester County. See By the Numbers on page 6. Source: The Warren Group
$7.55 million
450 The number of staff, which does not include real estate agents, laid off at Compass this week. See Week on the Web on page 2. Source: Compass
6,691 The number of homes in Northbridge. See the Town Spotlight in Week on the Web on page 6. Source: Census Bureau
$380,000 The year-to-date median sale price in Worcester County. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
$13.77 The mil rate for residential property in Northbridge. See the Town Spotlight in Week on the Web on page 6. Source: Mass. Department of Revenue
BRICKBOTTOM
PRIMED FOR WAVE OF DEVELOPMENT New Connections Will Shape Future Growth BY STEVE ADAMS BANKER & TRADESMAN STAFF
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emoval of Boston’s elevated Central Artery opened up new connections between the Financial District and waterfront, raising property values and development demand. Developers and Somerville officials expect the dismantling of the elevated McGrath Highway to have a similar effect upon Brickbottom and Inner Belt, a pair
of industrial districts cut off from the rest of the city by this steel barrier. Totaling 150 acres, the industrial neighborhoods are the focus of a city planning study that could result in rezoning to accommodate office, lab and multifamily development. “In a few decades, this could be downtown Somerville,” said Russell Preston, founder of Boston-based land-use and planning consultants Principle Group. The first life science project already is under way in Brickbottom, in what could be a harbinger of the neighborhood’s future development potential. North River Co. recently demolished a warehouse to begin site work and foundations on
a 208,600-square-foot speculative lab building that’s scheduled for completion in mid-2023. The firm received $192.5 million in construction financing from New York-based Square Mile Capital on June 3, and is represented by Newmark as leasing agent. North River Co. made its first acquisition in the neighborhood in 2013, long before East Somerville entered the conversation as a life science cluster. It bought a 200,000-square-foot flex building at 150-200 Inner Belt Road, which is located on eight acres with additional development potential. Continued on Page 7
2,021 The year-to-date tally of single-family sales in Worcester County through April. 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.
COMMERCIAL INTERESTS
TA P P I N G TA L E N T
Sheraton Deal Will Help Working Renters
Competitive Pay Package Requires Staff to Upskill
By Scott Van Voorhis | Banker & Tradesman Columnist
By Diane McLaughlin | Banker & Tradesman Staff
Students, Councilors Miss Big Higher Wages Part of Picture in Hotel-Dorm Battle Credit Union’s Strategy
Commercial Real Estate PAGE 3
Banking & Lending PAGE 9
Photo courtesy of Principle Group and the city of Somerville
The sale price of the least expensive home in this week’s Gossip Report. See page 10. Source: The Warren Group