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: Dukes and Nantucket Spotlight: Tisbury
After graduating from the University of Rhode Island, Sam Hanna figured the best way to leverage his finance degree would be to start a career in banking. Three decades later, Hanna is still in the industry and is now senior vice president and director of middle market banking for Webster Bank, where he has worked for the last eight years.
IN PERSON
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WEEK OF MONDAY, JULY 29, 2019
COMMERCIAL REAL ESTATE BY THE NUMBERS
142 The number of units in a proposed Allston co-living project. See Steve Adams’ story on this page. Source: ARX Urban
1.8 million square feet
COMMON GROUND
EXPERIMENTAL HOUSING EXPANDS FOOTPRINT IN BOSTON
The amount of self-storage development expected in 2019. See Jay Fitzgerald’s story on page B1. Source: Marcus & Millichap
24 percent Only 24 percent of black Bostonians feel the Seaport is welcoming. See the editorial on page 4. Source: MassINC Polling Group
50 years CBT Architects Associate Principal Sae Kim is looking 50 years ahead. See Insider Insights on page B6. Source: Sae Kim
70 percent Boston and Cambridge projects make up 70 percent of the office and lab pipeline. See Liz Berthelette’s and Jonathan Sullivan’s column on page B7. Source: Newmark Knight Frank
29 The average age of tenants in a major national co-living operator’s properties. See Steve Adams’ story on this page. Source: Common Living
Two weeks The St. Regis Residences can stay running for two weeks on its own in the event of a major flood. See Sean O’Grady’s column on page B4. Source: Cronin Group
440,000 square feet Verizon’s lease of 440,000 square feet in the Hub on Causeway is transforming the North Station area. See John Boyle’s column on page B6. Source: Cushman & Wakefield
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.
Tradeoffs for Residents, Incentives for Developers BY STEVE ADAMS BANKER & TRADESMAN STAFF
I
n a city with a chronic shortage of college dorms and a housing affordability crisis, private for-profit developers are preparing to fill the void. Boston’s growing pipeline of co-living projects will include multi-bedroom
units with common kitchens, staffed with full-time managers and providing low-maintenance living, including furnished units and housekeeping service. Part hotel, part adult dorm, part apartment complex, they typically have shared living rooms while leasing individual bedrooms. Some developers, like London-based Scape, target a student population, while others will appeal to a wider mix of tenants. But all have a similar pitch to prospective residents: lower monthly rents
than comparable class A apartments, with a more robust community amenities and social programming as a tradeoff for their smaller individual living quarters. In Allston, Boston-based developers Boylston Properties and ARX Urban are partnering on the neighborhood’s first proposed co-living project at 525 Lincoln St. The development plan calls for 10 studio apartments and 70 co-living units, including eight three-bedroom units and 62 four-bedroom suites. Continued on Page 7
COMMERCIAL INTERESTS
DEPOSIT INSURANCE
Since the Great Recession, Seven-Figure Sales Spread to Unlikely Places
Brookline Exceeded DIF’s $1.1 Billion Deposit Threshold
By Scott Van Voorhis | Banker & Tradesman Columnist
By Bram Berkowitz | Banker & Tradesman Staff
‘Lunch Bucket’ Towns Join Despite Loss of Brookline Bank, the Million-Dollar Home Club DIF is in Sound Shape
Commercial Real Estate PAGE 3
Banking & Lending PAGE 9