Banker & Tradesman: Nov. 18, 2019

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Call 617.896.5388 or email datasolutions@thewarrengroup.com

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

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County close-up: Hampden Spotlight: Chicopee

IN PERSON

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After Natasha Pirman’s employer moved to a new campus in 2017, she began thinking about a career change. As the biochemistry Ph.D. and her MilliporeSigma colleagues settled into their new Burlington labs, she realized she had a knack for organizing their new workspaces.

WEEK OF MONDAY, NOVEMBER 18, 2019

RESIDENTIAL REAL ESTATE BY THE NUMBERS

91 percent The National Association of Realtors’ board approved an anti-pocket sale measure by 91 percent. See James Sanna’s story on page 10. Source: National Association of Realtors

$500,000 The founders of a short sale assistance company are charged with embezzling almost $500,000. See Week on the Web on page 2. Source: U.S. Attorney’s Office

24,459

CAMBRIDGE’S OUTLIER

Cambridge officials have inked a plan that opens up the possibility that the aging Fresh Pond Mall property could be redeveloped into an Assembly Row-like project, but longtime owners seem happy to stay put.

A BLUEPRINT TO REMAKE

ALEWIFE

The number of homes in Chicopee. See the Town Spotlight in By the Numbers on page 6. Source: U.S. Census Bureau

$353,250 The median single-family home sale price so far this year in Longmeadow. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

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$205,000 The median single-family home sale price in Hampden County so far this year. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

38,000 The number of subscribers to MLS PIN, the biggest multiple listings service in Massachusetts. See James Sanna’s story on page 10. Source: MLS PIN

3,366 The number of single-family homes sold in Hampden County so far this year. 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.

Study: Neighborhood Could Add 4,000 Housing Units BY STEVE ADAMS BANKER & TRADESMAN STAFF

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ith its suburban-style strip malls and industrial parcels tucked away near the Belmont line, Alewife was late to cash in on Cambridge’s commercial real estate boom. Now that Wall Street investors have discovered the neighborhood and its fastgrowing life science cluster, change seems inevitable and Cambridge officials have

completed a playbook designed to shape future development. They envision an Assembly Row-style development replacing the aging Fresh Pond Shopping Mall. A green light for multifamily housing, with potential for another 4,000 residences. And a mix of commercial and residential buildings in the Quadrangle district off Concord Avenue, including space reserved for the one of the city’s last industrial remnants. The recommendations are part of the Alewife District Plan, which divides the neighborhood into six potential zoning districts and lays out a vision for mixeduse developments with density bonuses

for new roads, public infrastructure and open space. “This is Cambridge’s last real shot to add commercial space on a large scale to maintain its preeminence in life science,” said Aaron Jodka, managing director of client services at Colliers International in Boston. Even before the plan is adopted, developers are moving ahead with transformative projects. Boston-based Cabot, Cabot & Forbes is proposing a 1 million-squarefoot residential and life science development on the former Mabardy Sand & Gravel property on Mooney Street. Continued on Page 7

Image courtesy of the city of Cambridge

The number of agents working for a Brighton brokerage acquired by Jack Conway & Co. See Week on the Web on page 2. Source: Jack Conway & Co.

COMMERCIAL INTERESTS

B U I L D I N G R E L AT I O N S H I P S

The Sanders ‘Revolution’ Has Troubling Track Record on Housing

Banks Find Opportunity to Secure New Customers as Property Prices Rise

NIMBYs of the World, Unite! By Scott Van Voorhis | Banker & Tradesman Columnist

Commercial Real Estate PAGE 3

Low Interest Rates Spur Commercial Refis By Diane McLaughlin | Banker & Tradesman Staff

Banking & Lending PAGE 9


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