Turn to page B1 for Banker & Tradesman’s monthly coverage of all things commercial real estate.
THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Barnstable Spotlight: Bourne
IN PERSON
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When John Miller became Quincy Credit Union’s president and CEO in March, he was only the second person to officially hold that title in the institution’s 80-year history. His predecessor, Stewart Steele, held the role from 1979 until his recent retirement.
WEEK OF MONDAY, JUNE 29, 2020
COMMERCIAL REAL ESTATE BY THE NUMBERS
2 months Some apartment managers are offering two months’ free rent in efforts to stabilize their buildings. See Jay Fitzgerald’s story on page B1. Source: Twining Properties
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O P E R AT I O N A L C H A L L E N G E S
HIGH-END DEVELOPERS
WEIGH COVID CONTAINMENT PLANS
Companies can take five steps to become more diverse and equitable. See Tamara Small’s and Reesa Fischer’s column on page 5. Source: NAIOP-MA
$940 The average luxury condominium sales price has dropped to $940 per square foot in Boston. See Steve Adams’ story on this page. Source: The Collaborative Cos.
25 percent A new luxury tower in Cambridge is only 25 percent leased. See Jay Fitzgerald’s story on page B1. Source: Twining Properties
The Bower apartment complex, which is scheduled to open this summer near Fenway Park, has announced initial asking rents starting at $2,788 for studios and $3,200 for one-bedroom units.
$400 million Kevin Caulfield has brokered more than $400 million worth of residential transactions. See Insider Insights on page B2. Source: Compass
Leasing has been strong at the 400unit Hub40 House. See Jay Fitzgerald’s story on page B1. Source: Twining Properties
150 The bathrooms in the 150-unit St. Regis condominium tower will have touchless fixtures. See Steve Adams’ story on this page. Source: Jon Cronin
Early-Stage Projects Rethink Building Systems BY STEVE ADAMS BANKER & TRADESMAN STAFF
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on Cronin and Kelly Saito represent two ends of the spectrum assessing what COVID-19 means for luxury multifamily development designs. Cronin’s St. Regis Residences, a $341 million condominium high-rise, is set
to begin construction atop a pier on the South Boston waterfront. With decisions on purchases of building equipment still months in the future, the Boston-based developer is still conferring with architects Elkus Manfredi on his choices of building equipment such as elevators and plumbing fixtures that reflect the latest and best practices in the unfolding pandemic. “Everything is on the table. Our hope is the vaccine will be here within 12 months, in which case this will be in the rear-view mirror,” Cronin said.
Saito, whose firm is set to open the first 100-unit building at The Bower apartments near Fenway Park in July, has little flexibility making changes to building designs before the first residents’ moving vans arrive. “If you’re in design, maybe you’d have more ability to make changes, and that’s something people are thinking about now: Do we put in more elevators than we used to?” said Saito, managing partner at developer Gerding Edlen. Continued on Page 7
140 million There are 140 million Americans in the demographics most interested in urban living. See Jordan Warshaw’s column on page B4. Source: U.S. Census Bureau
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.
COMMERCIAL INTERESTS
D I G I TA L T R A N S F O R M AT I O N
More, but Smaller Projects Could Offer Solution to Affordability Problem
Community Banks Will Face Pressure to Pace Tech Investments
By Scott Van Voorhis | Banker & Tradesman Columnist
By Diane McLaughlin | Banker & Tradesman Staff
Image courtesy of The Architectural Team
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Should Housing Advocates Eastern Conversion Could Look to the Suburbs? Echo Through Industry
Commercial Real Estate PAGE 3
Banking & Lending PAGE 9