BIG LAB PROJECT HITS DELAY: Federal Realty Investment Trust is delaying groundbreaking of a life science project at Somerville’s Assembly Row, citing “oversaturation” in the lab development market.
A special permit for the 381,529-square-foot lab building at 350 Assembly Row is set to expire this week. FRIT instead is seeking a two-year extension for the building’s special permit.
Two other major lab developments are nearing completion at BioMed Realty’s Assembly Innovation Park And Greystar’s 74M tower without any announced tenant commitments. Another developer, DivcoWest, last month sought a two-year extension for permits of its 19-story, 596,000-square-foot tower at 120-132 Middlesex Ave.
What else is on tap today?
SALES JUMP, HOME PRICES JUMP MORE: The latest batch of home sales stats for April caused GBAR to herald “a rebirth” of the Greater Boston market. But it wasn’t nearly enough to keep prices in check.
TRANSFER TAX’S SMALL IMPACT: The Healey administration’s own estimates show a proposed real estate transfer tax would only build around 3,000 homes over five years, compared to the 200,000 the state needs.
WU TAX PLAN A $2.6B HIT TO CRE: A temporary shift in Boston’s tax structure would hike commercial properties’ tax bills by 17 percent in fiscal 2025 while reducing their cumulative value by $2.6 billion, according to a new analysis.
FDIC CHAIRMAN OUT: Martin Gruenberg offered to step down Monday, a departure that follows the release earlier this month of a damning report about the agency’s toxic workplace culture.
Don’t Miss This
The five biggest real estate and banking stories you have to read today, including from B&T’s pages.
“If city and town officials truly want to see a transfer tax clear the State House in their lifetime, they might consider making some concessions” on zoning reform. (Banker & Tradesman)
️ Jamie Dimon says his retirement is getting closer – finally (WSJ)
Why is the global real estate industry hooked on interest rate cuts? (Bisnow)
️ Harvard is using trains, not trucks to haul away dirt from its big Allston development site. (CommonWealth Beacon)
️ Cape Cod has seen a surprising bump in new home listings, kindling hope that the era of ever-declining inventory might be coming to a close – at least in Barnstable County. (Banker & Tradesman)
