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WEEK OF MONDAY, APRIL 17, 2017
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A Publication of The Warren Group TECH DISRUPTOR Boston-based Trinity Financial plans to redevelop the Van Brodie Mill in Lawrence into a 102-unit mixedincome housing project. But first, it’ll have to redevelop three vacant multifamily properties as part of an anti-blight program.
New Listing Platform Has Potential To Upend Portal Sites Single-Site Listing Upload Allows More Control Over Where Listings Land
F BLIGHT BATTLE
SPREADING
DEVELOPMENT BENEFITS IN LAWRENCE Leveraging Mill Conversions, Mayor Targets Vacant Properties
A
BY STEVE ADAMS | BANKER & TRADESMAN STAFF
s a wave of multifamily investors targets the city of Lawrence, Mayor Daniel Rivera is seeking to leverage their arrival and revitalize smaller blighted properties. Boston-based Trinity Financial has plans to redevelop the vacant Van Brodie Mill into a 102-unit mixed-income loft housing project. While Rivera supports the $48 million project, he asked Trinity executives to find ways to benefit the city beyond the property line: specifically, buying and redeveloping three vacant eyesores into market-rate housing. “A lot of developers are focused on one specific mill and project, but the benefits of the development don’t spread beyond that,” said Dan Drazen, project manager for Trinity Financial. “The mayor asked us to make a more broad-based investment in the city.” The first step took place in January when Trinity acquired a
RECENT MILL CONVERSIONS WINNDEVELOPMENT Loft Five50, formerly Malden Mills 62 income-restricted apartments
BY JIM MORRISON BANKER & TRADESMAN STAFF
or some agents, the national listing portals are great marketing tools; for others, a necessary evil; and for yet others, an attempt to pick their pockets. But a new listing platform expected to launch in the third quarter of this year could change the way brokerages and agents interact with those portals. Called Upstream, the platform provides a single location to upload an agent’s listings, which then feeds into each of the more than 800 nationwide Multiple Listing Services, as well as portal sites like Zillow and Redfin. Brokerages and agents will be able to opt out of working with specific vendors – and if enough of them do, it could be a gamechanger for the industry. “Everybody is super excited about the project and what it provides for them: cleaner, faster interface and distribution control over the listings, which is what they Continued on Page 8
LAWRENCE COMMUNITY WORKS Duck Mill/50 Island St. 73 affordable apartments Lawrence’s inventory of vacant, low-cost industrial properties is attracting out-of-state investors as well.
TRANSITION TO TECHNOLOGY
Financial Firms Receding From Downtown Office Market
REED REALTY ADVISORS Pac10 Lofts Pacific Mills #10/5 Franklin St. In preconstruction on a 276-unit affordable housing complex
Continued on Page 9
CONTENTS Points ����������������������������������������������������������������������� 4
In Person ������������������������������������������������������������������ 7
Records Section ������������������������������������������������������ B1
By The Numbers ������������������������������������������������������� 6
Commercial & Industrial ������������������������������������������ 9
SPECIAL SECTION
Residential �������������������������������������������������������������� 8
Classified Sections ������������������������������������������������� 14
NEFMA The Best In Marketing Awards �������������������� 10
Buyouts, Job Cuts Fuel Spatial Consolidation
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BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST
inancial services giants like State Street, Fidelity and Putnam have been mainstays of the downtown office market for years now. But amid fierce competition for retirement dollars that has robotic advisors replacing humans, I wouldn’t bank on any of these major players still dominating the Boston office market a decade from now. Scratch that – make that five years from now. On the surface, at least, it makes little sense that State Street, Fidelity and Putnam Continued on Page 3