Turn to page B1 for Banker & Tradesman’s monthly coverage of all things commercial real estate.
ANNIVERSARY BY THE NUMBERS
PAGE 6
R E AA LL EES ST T F AI N A INA CL I IANLF OI R NM F A O TRI M A TSI I O RE AA T ET E& & FIN NC ON NN C E S 1I 8N7C2 E
County close-up: Essex Spotlight: Lawrence
IN PERSON
PAGE 8
1 8 7 2
After 29 years at Cape Cod 5, Dorothy Savarese still gets chills when customers tell her on a personal level how the bank has affected their lives. The CEO plans to step down next month.
WEEK OF MONDAY, APRIL 25, 2022
COMMERCIAL REAL ESTATE BY THE NUMBERS
The intersection of School and Washington streets in Boston’s Egleston Square. City Mayor Michelle Wu proposes to boost funding for the city’s Main Streets nonprofits and rental rebates to stem retail displacement and fill vacancies in outlying neighborhoods.
R E TA I L R E S C U E P L A N
$120,000 The cost, in 1911, of the land that became Fenway Park. See This Month in History on page 11. Source: Glenn Stout
4.6 percent The vacancy rate among local neighborhood retail centers. See Steve Adams’ story on this page. Source: ABG Commercial Realty/CoStar
$600,000 The cost of Fenway Park’s construction between 1911 and 1912. See This Month in History on page 11. Source: Glenn Stout
The size of Superette, Echelon Seaport’s retail component. See Cameron Sperance’s story on page B1. Source: WS Development
7,000 The number of barrels of cement used in building Fenway Park. See This Month in History on page 11. Source: Glenn Stout
245 million square feet The size of Greater Boston’s retail real estate market. See Steve Adams’ story on this page. Source: ABG Commercial Realty/CoStar
270 The number of tons of steel used to build Fenway Park. See This Month in History on page 11. Source: Glenn Stout
$160,000 The price of some cars sold by Lucid Motors, which has opened a retail presence in the Seaport. See Cameron Sperance’s story on page B1. Source: Lucid Motors
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.
FOCUS TURNS TO REBUILDING MAIN STREETS Wu Puts ARPA Funding toward Rent Rebates BY STEVE ADAMS BANKER & TRADESMAN STAFF
S
ide effects of COVID on Boston’s neighborhood business districts included rising turnover and shuttered landmarks, resulting in some of the highest retail vacancies in the region. Fresh off its recent “Return to Downtown” block party, the new administra-
tion is turning its attention to outlying neighborhoods’ commercial centers. In her $4 billion budget proposal for fiscal year 2024, Mayor Michelle Wu is asking for more funding for Main Street organizations and rent rebates to stabilize storefront occupancy. Wu is seeking to apply $9 million in federal stimulus money for commercial retail rebates, with the goal of restoring vibrancy to high-traffic areas. “What’s been noticeable is there are a lot of ‘for lease’ and ‘for sale’ signs, not just downtown but across our main street areas as well,” said Segun Idowu,
Boston’s chief of economic opportunity and inclusion. “It’s a top priority to fill these vacancies, so we’re waking up all of our city’s districts.” A key role would be played by the city’s nonprofit Main Street organizations, which serve as go-betweens between City Hall and local merchants. From a single nonprofit formed in 1983 to revitalize Roslindale Square, the Boston Main Streets program has expanded to 20 organizations whose mission is to strengthen business districts in the city’s outlying areas.
COMMERCIAL INTERESTS
FIGHT TO SURVIVE
Affordability, Rent Control Task Forces Meant to Chart Paths Forward
Need for Scale Seen in Latest Round of M&A
By Scott Van Voorhis | Banker & Tradesman Columnist
By Diane McLaughlin | Banker & Tradesman Staff
Continued on Page 7
Why Is Wu Excluding Mergers Seen as Vocal Opponents from Strengthening Key Real Estate Panels? Smaller Mass. Banks Commercial Real Estate PAGE 3
Banking & Lending PAGE 9
Photo by Steve Adams | Banker & Tradesman staff
125,000 square feet