Trinity Financial Files 900K SF Plans: A priority site identified by Boston officials to turn surplus property into mixed-income housing will include four apartment and condominium towers, a gymnasium and artist live-work units.

In November, the Boston Planning & Development Agency designated Trinity Financial to redevelop the 5.1-acre BPDA-owned property at 100-168 New Rutherford Ave. that has been used for Bunker Hill Community College parking.

Trinity kicked off permitting for the estimated $495 million project this week with its submission of a project notification form.

The Boston-based developer proposes four buildings designed by ICON Architecture and Klopfer Martin Design Group ranging from eight to 13 stories and totaling 900,000 square feet, including 700 apartments and condominiums, plus commercial space, amenities and an early childhood education center.

What else is on tap today?

$62.6M Apartment Sale: A former Weymouth motel property redeveloped as an apartment complex was acquired by Chicago-based Equity Residential.

Extra Millionaire’s Tax Haul: Massachusetts has collected about $1.8 billion from a surtax on the state’s highest earners through the first nine months of the fiscal year, much more than what was expected.

Fed Sees Longer Path to Rate Cuts: Minutes from the Federal Reserve’s last interest rate-setting meeting show officials think it will take longer than they thought until inflation comes down far enough that they can cut interest rates.

Don’t Miss This

The five biggest real estate and banking stories you have to read today, including from B&T’s pages.

Everyone stopped buying downtown office buildings in Boston. Everyone but David Greaney’s Synergy. (Boston Business Journal)

Cape Cod’s first responders can’t afford to live in the towns they serve, anymore. (WBUR)

Commercial real estate firms that aren’t ready for a digital transformation will be left behind, MIT researcher James Robert Scott argues. (Banker & Tradesman)

⏱️ More than four years since the MBTA first slashed transit service in response to the pandemic, the agency still hasn’t restored full service on its subway and bus systems. (Boston Globe)

Leasing and presales of 252 apartments and condominiums is beginning at a Brighton property that had previous incarnations as a granite quarry and hospital. (Banker & Tradesman)

The B&T Daily: May 23, 2024

by James Sanna time to read: 1 min