B&T Oct. 22, 2018

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TURN TO PAGE B1 FOR THE WINNERS OF THE BEST OF 2018

THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

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County close-up: Bristol Spotlight: New Bedford

Even as commercial real estate embraces new technology, there’s no substitute for that face-to-face connection. In eight years at NAIOP-Massachusetts, Chief Operating Officer Reesa Fischer has expanded the commercial development trade group’s professional development and networking programs.

IN PERSON

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WEEK OF MONDAY, OCTOBER 22, 2018

RESIDENTIAL REAL ESTATE BY THE NUMBERS

S H O R E - B A S E D S T R AT E G Y

$19,580,000 The purchase price of the home in the top spot of this week’s Gossip Report. See Gossip Report on page 8 for more. Source: The Warren Group

$16.63 The residential tax rate for New Bedford, Bristol County. See the Town Spotlight in By the Numbers on page 6. Source: City of New Bedford

12,064 The square footage of the property in the fifth spot of this week’s Gossip Report. See Gossip Report on page 8 for more. Source: Zillow

42,781 The number of housing units in New Bedford, Bristol County. See the Town Spotlight in By the Numbers on page 6. Source: City of New Bedford

$6,350,000 The purchase price of the home in the third spot of this week’s Gossip Report ranking. See Gossip Report for more on page 8. Source: The Warren Group

79 The number of designated opportunity zones in the state that create opportunity for real estate development. See Bram Berkowitz’s story on page 8. Source: Office of Gov. Charlie Baker

2.43 The acreage of the top property in this week’s Gossip Report ranking. See Gossip Report on page 8 for more. Source: Zillow

13 The number of opportunity zones designated by Gov. Charlie Baker in Boston, creating new ways for real estate developers to create more housing. See Bram Berkowitz’s story on page 8. Source: Office of Gov. Charlie Baker

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.

More than 5,000 buildings in Boston could be damaged by coastal flooding as sea levels rise over the next half-century, according to a report by the city’s Green Ribbon Commission that recommends higher seawalls and parks that could absorb stormwater.

BAILING OUT THE BOSTON WATERFRONT Can Voluntary Contributions Pay for Coastal Defenses?

BY STEVE ADAMS BANKER & TRADESMAN COLUMNIST

W

aterfront barriers, living shorelines and elevated roads from East Boston to Dorchester are key elements of Boston’s resiliency strategy to protect billions of dollars in real estate from rising seas. The plan to fortify South Boston and the Seaport District includes an earthen berm along the east side of Fort Point Channel to protect 100 buildings including the future General Electric headquarters and Gillette

Co. campus from inundation. One of the short-term priorities in Mayor Marty Walsh’s resilience plan has an estimated cost of up to $12 million. A new taller seawall on Seaport Boulevard is estimated at up to $22 million. Neighborhood-wide projects throughout South Boston could cost $1 billion in coming decades. “People have been asking, `What’s Boston’s plan? What’s Boston’s plan?’ This pulls it all together under one roof,” Walsh said in releasing the latest in a series of coastal resilience plans for waterfront neighborhoods. The city will seek to split the cost with state and federal sources, nearby private land owners and donors, Walsh said. Specific funding sources have not been identified, but Walsh

The South Boston coastal resilience plan recommends a series of districtwide defenses, in contrast to a piecemeal approach by individual property owners.

Continued on Page 7

2020 PRESIDENTIAL RACE

A N E W TA X I N C E N T I V E

Housing Bill Could Boost Democratic Presidential Bids

Investors Will Need to Start Moving Fast to Take Advantage of Program

By Scott Van Voorhis | Banker & Tradesman Columnist

By Bram Berkowitz | Banker & Tradesman Staff

Democratic Strategists See Economic Opportunity Zones Affordable Housing as Election Issue Could Help Banks Boost CRA Credit

Residential Real Estate PAGE 3

Banking & Lending PAGE 7


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