Turn to page B1 for Banker & Tradesman’s monthly coverage of all things commercial real estate.
ANNIVERSAR Y RR EE AA LL BY THE NUMBERS
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NM F OA RT M EESST TA A T TE E& &F I FN IANNACNI CA IL A IL N F OI R I OANT SI I ONNC ES I1 N8 C 7 2E
County close-up: Norfolk Spotlight: Avon
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Patrick Smith, Santander’s new head of consumer and business banking, got hooked on retail banking after a career in the IT sector. It’s proving to be an asset as he guides the bank’s efforts to simplify its consumer products.
IN PERSON
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WEEK OF MONDAY, AUGUST 29, 2022
COMMERCIAL REAL ESTATE BY THE NUMBERS
FOSSIL PHASE-OUT
SUSTAINABILITY BEGINS AT HOME
2050 Boston wants large buildings to be carbon-neutral by 2050. See Cameron Sperance’s story on page B1. Source: BPDA
320 The number of city-owned parcels in Boston. See Steve Adams’ story on this page. Source: BPDA
12 stories Mass timber is an inexpensive choice for affordable housing up to 12 stories tall. See Cameron Sperance’s story on page B1. Source: Tom Chung
1 acre The size of parcel U in South Boston’s Raymond L. Flynn Marine Park. See Steve Adams’ story on this page. Source: BPDA
As Beacon Hill considers adding Boston to the new pilot ban on local gas hookups, Mayor Michelle Wu’s administration is looking for ways to decarbonize city-owned property, from the iconic Quincy Market to Seaport development parcels.
18 stories Building code changes mean mass timber towers can rise up to 18 stories. See Cameron Sperance’s story on page B1. Source: Tom Chung
50 percent Proposals for parcel U must cut emissions by up to 50 percent below the state Stretch Code. See Steve Adams’ story on this page. Source: BPDA
31,000 metric tons The carbon emitted by existing buildings owned by the city of Boston. See Steve Adams’ story on this page. Source: BPDA
12 Tenants at 12 Channel St. are seeing their leases negotiated to make way for carbon-cutting initiatives. See Steve Adams’ story on this page. Source: BPDA
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.
BPDA Parcels Offered with Carbon-Cutting Caveats BY STEVE ADAMS BANKER & TRADESMAN STAFF
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former seafood processing plant in South Boston will become the one of the first demonstration projects for Mayor Michelle Wu’s push to slash fossil fuel use in new developments. Local real estate industry groups are fighting Wu’s proposal to ban fossil fuels at new private developments in Boston, a
policy that will require approval by Beacon Hill legislators. But the administration already has free rein to set aggressive green building standards at 320 parcels that it controls within the city, from such landmarks as Faneuil Hall Marketplace to sought-after development parcels in South Boston’s Raymond L. Flynn Marine Park. “We’ve been incorporating language into requests for development proposals with stricter standards,” said Dennis Davis, the Boston Planning & Development Agency’s deputy director of commercial leasing. “[7 Channel St.] is certainly where we’ll see the most short-
term impacts.” Three Boston-based developers – Lincoln Property Co., Marcus Partners and a partnership of Beacon Capital Partners and developer Richard Taylor’s Boston Real Estate Inclusion Fund (BREIF) – responded this month to a request for proposals for 7 Channel St. Known as parcel U, the 1-acre property includes a vacant, 27,049-square-foot industrial building most recently occupied by Stavis Seafoods. It’s been eyed by the BPDA as a potential mixed-use redevelopment, including the possible location of the Seaport District’s first fire station. Continued on Page 7
COMMERCIAL INTERESTS
REINVESTMENT REFORM
Legislators, T’s Board Can’t Be Golden Retrievers, Anymore
Attempt to Adapt to Online Banking, Lending Stirs Controversy
Bring in the Bulldogs at the MBTA By Scott Van Voorhis | Banker & Tradesman Columnist
Commercial Real Estate PAGE 3
CRA Reform Could Bring Bigger Assessment Areas By Diane McLaughlin | Banker & Tradesman Staff
Banking & Lending PAGE 9