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On May 19th we hosted deeper dive into the conversations we’ve had in the past, focused on how stakeholders, real estate professionals, and community development partners understand wealth creation and economic development in the City of Boston. Our panelists consisted of city agents, developers, and neighborhood activists, and the conversation focused upon wealth and equity-building in the Roxbury neighborhood of Boston as well as the current revitalization efforts in Nubian Square (formerly Dudley Square.) Roxbury has long been home to activists, civil rights leaders, artists and musicians; Nubian Square is the geographic heart of the city and is intrinsic to the health and well-being of Boston as a whole.
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At the March luncheon we heard a panel of industry leaders share their perspectives on how technology development and adoption is accelerating in the built environment. The panel was moderated by Tracey Hartford, VP of Client Services, Windover Construction, and panelists included Jit Kee Chin, EVP, Chief Data and Innovation Officer, Suffolk Construction, Leslie Cohen, COO and Head of Asset Management at Samuels and Associates, and Clelia Peters, a venture partner at Bain Capital Ventures, and formerly co-founded MetaProp, a property tech and increasingly construction tech venture.
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On March 11th CREW Boston enjoyed a virtual tour of Bulfinch’s Cambridge Discovery Park, a 27-acre first-class lab and office campus in Alewife’s life science cluster in Cambridge, MA. We heard from project team panelists Mike Wilcox, Director of Leasing at Bulfinch; Molly Heath, Managing Director at JLL; and Eric Weyant, Principal at Stantec on the history of the Arthur D. Little site and its revitalization into a world-class campus, providing a desirable destination for office and lab tenants while including the restoration and preservation of neighboring wetlands and wooded areas.
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At February’s luncheon, Greg Karczewski (President at Union Square Station Associates (US2), Sunayana Thomas (Senior Economic Development Planner at the City of Somerville, and Thanos Matthaie (Associate at DLA Piper LLP (US) presented on both the history and the future revitalization of Somerville’s Union Square.
Greg Karczewski in partnership with development partners, USAA Real Estate and Magellan Development Group were selected back in 2014 by the City of Sommerville to be the Master Developer to lead this 2.4 million SF transit-oriented development and transform Somerville into Boston’s next innovation ecosystem through a concentration of life science and technology companies. The mission was to get companies to start, grow, and stay in Sommerville. After the streetcar went away and no public connectivity existed in and out of Somerville the city found itself a bit lost. The approval and addition of two new green line train stops strategically located on each side of the square was the real catalyst for fostering future development and desirability for companies to make Somerville their headquarters. After years of community outreach, thoughtful planning, and curating the right public/private partnerships , Union Square is prime to become Boston’s next major epi-center for biotech, lab, and life science office space.
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At January’s luncheon, Kerry Dowling (Senior Vice President of Leasing), Bridget Beckeman (Managing Director of Retail Strategies), and Maria Salvatore (Leasing Consultant) of Wilder Companies presented the most recent update of the Arsenal Yards development in Watertown. The “urban edge” location of this million square foot development at the corner of Cambridge and Boston is a significant reason for the success of leasing the project’s 250,000 SF of retail, 200,000 SF of life science office, 300 apartments, and 150-room hotel. A 10-minute drive catchment area with 250,000 residents earning an average household income of $130,000 and an average home value of $741,000 has easily captured the interest of retail and office tenants. Also key to the success of leasing has been the design of an urban-like density along the promise of free parking.
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In December 2020, CREW Boston hosted a special holiday luncheon featuring Cara Brookins, author of Rise: How a House Built a Family. In 2007, Cara was at a personal crossroads. Having survived two, abusive relationships, Cara wanted to give meaning and purpose to her own life and the life of her four children. To do that, she landed on a big idea: she and her four children would build their own, forever home where they could put down new roots and start a new chapter for their family. Cara and her children had no construction experience. However, relying on YouTube tutorials and their own grit and scrappy determination, they successfully built the home of their collective dreams in a mere nine months. More importantly, Cara’s children had learned that they could figure out how to do incredible things.
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At November’s luncheon, Ben Breslau, Chief Research Officer, Americas of JLL shared his thoughts with CREW Boston on a spectrum of potential outcomes for 2021. Some of his observations included:
Covid-19/Pandemic has been the greatest accelerator of trends – e-commerce was growing, but the pandemic has made the switch to technology quicker. The Boston area is a knowledge/innovation economy, positioning our region well for recovery. Hospitality and retail have been impaired by the pandemic and will take longer to recover. Flex spaces (WeWork) may have been impacted during pandemic, but they will likely remain an important part of how we will continue to work in the future. Business travel has been drastically impacted and will take time to recover. Our work from home experience has underscored the value of face-to-face interactions and will no doubt remain a critical part of relationships in the future.
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At November’s luncheon, Peter Standish, SVP of Development at Northland Investment Corp, Michele Quinn, Senior Project Manager at Cube 3, and Michelle Lambert, President and Founder of Lambert Sustainability teamed up to provide a comprehensive overview of Northland’s Newton Development which has been over 40 years in the making. In the Spring of 2020 this project finally received approval to move forward by the Newton City Council after nearly 3 years of community outreach, hundreds of meetings, and a public hearing process that lasted nearly 18 months. This development will be setting the bar for community developments moving forward in sustainability, affordable housing, transit integration and demand, as well as historic perseveration and open space planning.
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At the September 2020 luncheon, Kerry Hawkins, Senior Director, Capital Markets at JLL Boston, and CREW Boston’s President Elect, hosted a panel discussion about the Massachusetts Life Sciences market. The panelists, Doug Cuff, Vice President, IQHQ, McKenna Teague, Vice President, CBRE, and Audrey Symes, Director of Research – Healthcare, Life Sciences, and Advisory, JLL, provided a bullish outlook for a segment of the commercial real estate market that has been relatively pandemic / recession-proof.
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