Image courtesy of Leggat McCall Properties
Suffolk Files $10M Suit: Suffolk Construction is seeking millions in damages from developers of The Smith No. 99, a South End luxury apartment block that opened in May following months of delays.
According to the complaint filed in Suffolk Superior Court, developer BentallOakGreen instructed Suffolk Construction to begin the final punch list process prematurely, forcing Suffolk to hire substitute labor.
Located at 99 East Dedham St., the Smith No. 99 is the second phase of the 600,000-square-foot project and opened in May. The complex was originally scheduled to open in fall 2023.
What else is on tap today?
Powell Shifts Tone on Cuts: Talking to Senators in his semi-annual testimony, the Federal Reserve chair stepped away from a single-minded fight against inflation, suggesting the central bank is moving closer to cutting interest rates.
Senate Backs Everett Stadium: The House and Senate have both supported the idea over the past few years, but have not been able to get on the same page this year. It’s left the stadium again at the mercy of a conference committee.
Record Cape Sale: An oceanfront, seven-bedroom home in Osterville has set a record for the highest-priced single-family real estate sale on Cape Cod to date.
$23M Retail Sale: A Fidelity Investments fund acquired a 250,000-square-foot Weymouth retail property anchored by Lowe’s Home Improvement Warehouse.
Don’t Miss This
The five biggest real estate and banking stories you have to read today, including from B&T’s pages.
Some suburban Boston developers are turning to cottage developments to meet the demand for modest-sized homes and price tags to match. (Banker & Tradesman)
The American elevator explains why housing costs have skyrocketed. (New York Times Opinion)
✊ Another month, another big jump in home prices. Here’s what the Massachusetts Association of Realtors is doing to solve the problem. (Amy Wallick in Banker & Tradesman)
Only one for-profit office building owner won a property tax challenge in Boston this year. (Boston Business Journal)
Boston City Councilor Ed Flynn wants a commission to study downtown office vacancies. (Boston Globe)
