Banker & Tradesman June 25, 2018

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The CRE Insider will publish in the July 2nd issue.

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

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County close-up: Suffolk Spotlight: Hyde Park

Eastern Bank last month hosted an event called the Asian American Women Leaders of Massachusetts to celebrate Asian American Pacific Islander Heritage Month. Eastern’s Senior Vice President Yongmei Chen, a team leader of the bank’s community development lending group, is one of the employee leaders that made the women leaders event possible.

IN PERSON

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WEEK OF MONDAY, JUNE 25, 2018

COMMERCIAL REAL ESTATE BY THE NUMBERS

C O M PA C T L I V I N G

CO-LIVING REDEFINES RENTAL EXPERIENCE

500 Square Feet Average size of a studio apartment at National Development’s proposed 7INK co-housing residential development in South End. Source: Boston Planning and Development Agency

$12B to $21.5B Estimated cost of building a North-South Rail Link including a tunnel through downtown Boston, connecting North and South stations. See Peter Paul Payack’s editorial cartoon on page 4. Source: Massachusetts Department of Transportation, Arup

66 Number of micro apartments in Miami developer Crescent Heights’ apartment tower under construction at 399 Congress St. in Boston. Source: Boston Planning and Development Agency

The majority of units in National Development’s proposed 250-unit 7INK by Ollie development at 217 Albany St. in Boston’s South End would be studios averaging 500 square feet.

$1.4M New high-water mark for condo prices in Boston set during the first quarter. See Advisors Living CEO Janice Dumont’s analysis of the luxury condo market on page B6. Source: Advisors Living

$2,700 per square foot Average sales price for condos at Carpenter & Co.’s Four Seasons Private Residences at One Dalton in Back Bay. Sue Hawkes of the Collaborative Cos. gives the outlook for high-end properties in a guest column on page B4. Source: The Collaborative Cos.

30 Number of companies engaged in the factory production of modular housing components. Susan Gittelman, executive director of B’nai B’rith Housing, discusses the potential for expansion of non-traditional housing construction on page 5. Source: U.S. Census

80 Percent Percentage of buyers at the Four Seasons Private Residences from eastern Massachusetts. Source: Carpenter & Co.

City Set to Unveil New Multifamily Guidelines BY STEVE ADAMS BANKER & TRADESMAN STAFF

F

or Millennials who miss the camaraderie of dorm living – or empty-nesters looking for a livelier environment than suburban single-family homes – National Development’s 7INK by Ollie project will offer a new breed of housing in Boston. The trade-off for prospective tenants: the chance to rent smaller and less expensive units in exchange for larger common areas and outdoor spaces, and the services of a full-time events manager to fill up the social calendar. The designs for project at 217 Albany St. in South End reflect a new way of thinking about apartment living, with less emphasis on individual units and

TUNNEL VISION

BANKING MARIJUANA

North-South Rail Link FIs Still in Limbo Act Would Pave Way Reminiscent of the Big Dig STATES for Banking Marijuana Project Likely to Be Financial Drain and Traffic Nightmare By Scott Van Voorhis | Banker & Tradesman Columnist

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 thought paid to shared amenities and what the surrounding neighborhood has to offer, said Ted Tye, managing partner at National Development. “The idea here is to create a cohesive housing unit and entire building where there’s incredible shared common areas, a whole social program and an allinclusive model including furniture, wifi and cable,” Tye said. 7INK by Ollie, the next residential building at its Ink Block development, is the latest in a group of non-traditional housing designs under consideration in Boston. Next month, the city’s Housing Innovation Lab will recommend changes designed to encourage the production of more micro apartments, which it calls “compact Continued on Page 8

Commercial Real Estate PAGE 3

By Bram Berkowitz | Banker & Tradesman Staff

Commercial Real Estate PAGE 7


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