Turn to page B1 for Banker & Tradesman’s monthly coverage of all things commercial real estate.
THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Suffolk Spotlight: Roslindale
IN PERSON
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The first female commissioner of banks in nearly 45 years, and only the third ever since 1906, Mary Gallagher has an appreciation for regulation that provides a level playing field in an industry that demands consumer confidence and trust.
WEEK OF MONDAY, JUNE 24, 2019
COMMERCIAL REAL ESTATE BY THE NUMBERS
B E S T- L A I D P L A N S
BOSTON’S NEXT
10,000 square feet
LUXURY TOWER
The size of the ground floor in the Raffles Boston hotel. See Steve Adams’ story on this page. Source: The Architectural Team
IS READY TO LAUNCH
$110 million Accordia Partners and Ares Capital paid $110 million for a Dorchester development site. See Week on the Web on page 2. Source: Suffolk Registry of Deeds
$2,500 The monthly rent at a new luxury apartment complex in Lawrence. See Jay Fitzgerald’s story on page B1. Source: Lupoli Cos.
492 The number of condominiums in Clippership Wharf. See Nicholas Islein’s column on page B8. Source: Lendlease
After a lengthy permitting and financing saga, the $400 million Raffles Boston hotel and luxury condo tower project will begin this summer with demolition of the former Boston Common Hotel and Conference Center.
25,000
2018 The completion date for Duck Creek Technologies’ offices. See Hot Property on page 7. Source: Invesco
$2.18 billion The multifamily transaction volume in Boston in 2018. See Chris Phaneuf’s and Adam Dunn’s column on page B4. Source: HFF Boston
A Winding Road Led to Raffles’ Groundbreaking in Back Bay BY STEVE ADAMS BANKER & TRADESMAN STAFF
M
any Boston real estate devel opme nt s shrink on the architects’ drawing boards as they’re redesigned to satisfy community complaints and permitting hurdles. The $400 million Raffles Boston Back Bay Hotel & Residences, set to begin construction this summer, is a notable excep-
tion: one that soared upward in size and market niche during seven years of permitting and predevelopment. Developers were initially outbid on the property, currently occupied by the former Boston Common Hotel and Conference Center. After their backup offer was accepted and they closed on the property, they discovered structural deficiencies that made redevelopment of the existing 1925 building impractical. And they needed to secure air rights with owners of a neighborhood landmark, the exclusive University Club, to build a section of the 33-story tower above its historic home on Stuart Street.
The twists were no surprise to Jordan Warshaw, a real estate attorney-turned-developer whose legal career included a specialty in bankruptcies during the early 1990s. “I spent a year learning everything that can go wrong in a real estate transaction, which is actually not a bad way to start getting into the business,” he said. The development partnership, made up of longtime Back Bay hotel operators The Saunders Group and Warshaw’s development company Noannet Group gained approval for a 33-story luxury and hotel tower in 2016, and struck an agreement Continued on Page 7
9 stories The height of the garage being replaced by Bullfinch Crossing. See Thomas O’Brien’s column on page B4. Source: HYM Investments
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.
GOING PUBLIC
COMMERCIAL INTERESTS
Despite Recent Conversions, New Moves Not Expected
Restaurants, Key to Profits, Face Arcane Restrictions
Consolidation Dries Up Bank IPO Activity By Bram Berkowitz | Banker & Tradesman Staff
Banking & Lending PAGE 9
Image courtesy of The Architectural Team
The number of members in the Massachusetts Association of Realtors. See Insider Insights on page B2. Source: Massachusetts Association of Realtors
Bill Offers Big Projects Shelter from Liquor License Limits By Scott Van Voorhis | Special to Banker & Tradesman
Commercial Real Estate PAGE 10