Photo courtesy of Google Maps
Could Porter Square see a 15-story affordable housing tower?
That’s certainly in the cards after Cambridge nonprofit developer Just a Start inked a $10.5 million deal with Lesley University to buy two parking lots across from the school’s Porter Square Exchange building.
Under Cambridge’s affordable housing overlay zoning, the property is now eligible for building heights up to 15 stories if a development is made up entirely of income-restricted units.
If it takes advantage of the full zoning height, Just a Start would be the first developer to take advantage of a doubling of the height allowed for affordable projects last year.
What else is on tap today?
BCSB Hires from BankFive: Bristol County Savings Bank has hired a familiar face from the state’s banking industry as its new chief financial officer.
Wu Tax Bill Stalled Again: The tax rate increase deal is again on ice on Beacon Hill amid fears more towns and cities could follow Boston’s lead and ask to raise tax rates on commercial properties.
491-Unit Worcester Proposal: A Holden housing developer submitted initial plans for 491 apartments on a former junkyard property that it acquired in 2023.
Don’t Miss This
The five biggest real estate and banking stories you have to read today, including from B&T’s pages.
1) Has Boston Mayor Michelle Wu managed to unite real estate developers and neighborhood activists against her with pending tax increases on homeowners and the White Stadium redevelopment? (Scott Van Voorhis in Banker & Tradesman)
2) Lowell developer Jim Lichoulas is closing his popular Mill No. 5 mall development and donating the building to a charter school. (MassLive)
3) Immigrants’ share of America’s construction workforce has never been bigger. (Bisnow)
4) Newton’s own carbon emissions rules for buildings over 20,000 square feet in size hit a delay last night. (Newton Beacon)
5) Greystar’s first modular apartment building is set to open in Pennsylvania. And it’s got six more in its pipeline nation-wide. (Wall Street Journal)
