0 Mobile Banking (Trucks)?

Posted on by
mobile banking truck in Boston

Credit: BBJ

Your bank comes to you, no not via an App or the internet, but rather the roadways. This give a whole new meaning to mobile Banking. Look for this from East Boston Savings to service schools, nursing homes and perhaps areas of Boston’s CBD.

According to the BBJ:

East Boston Savings (Nasdaq: EBSB) has asked state regulators for permission to open a so-called mobile banking branch, essentially a bank on wheels, complete with a teller window, ATM, and space for two desks, not to mention security cameras and an alarm system. While mobile offices are relatively popular in other parts of the country, only one Massachusetts-based bank in recent memory, Century Bank, has applied for and received approval for a mobile banking unit, and it never put a vehicle on the road, according to the state Division of Banks…Assuming the itinerant office gets the government’s OK, Gavegnano wants to put the branch on the road as soon as May. Four clients have already committed to a weekly visit from the mobile branch, including a manufacturing facility, assisted living facility, and two high schools, and more customers have expressed interest, [East Boston Savings CEO] Gavegnano said.

The East Boston Savings branch will be staffed with two tellers and a full-time driver.

0 Prospective Developers Vying for Winthrop Square Location

Posted on by
Boston Winthrop Square

Credit: Curbed

These eight developers are jockeying for position for the Winthrop Square site in Boston:

  1. Millennium Partners
  2. Thomas O’Brien, a former director of the Boston Redevelopment Authority
  3. Accordia Partners
  4. Hudson Group North America
  5. Trinity Acquisitions
  6. The Fallon Company
  7. Steven Belkin of Trans National Properties
  8. Lincoln Property Co

For more information, Curbed Boston has a breakdown of all eight proposals.

 

0 Boston Among Top Hubs for International Investment

Posted on by
Boston skyline

Credt: Bisnow

Since I am from Boston, I am clearly biased in thinking that this is The Hub. Boston has a wonderful cross section of talent and disciplines that make our collective community diverse as we compete in the public theatre.

This also holds true in real-estate and investment activity, according to a report from real estate firm JLL, “which ranked Boston 14th in the world, and fourth in the U.S., in terms of international investment activity in the last three years, relative to its size.”

“JLL listed Boston among a number of small to medium-sized cities in the U.S., Europe, and Australia with strong infrastructure and talent-driven economies that have become popular with foreign capital, as prices have surged in the most expensive big markets. Those cities have doubled their share of global real estate investment over the last decade.”

You can read more on the Boston Globe.

0 Can Small Businesses Grow and Evolve in Co-Working Spaces

Posted on by
boston co-working office space

Credit: Bisnow

Yes, you can. The devil is in the details, and at some point when your head count gets above a certain level you will want to create your own company culture.

From Bisnow:

Over just the past couple of years, we’ve watched modern co-working become a multibillion-dollar industry, seemingly right under our noses. WeWork’s now valued well into the 11-digit range, and attempts to jump into the fray are everywhere, from in-house shared space provided by companies like Silverstein Properties, to small operations popping up outside of traditional office districts. But if part of the point of co-working spaces is to help small companies grow, what happens when they do?

The answer: they evolve and develop an internal culture to reflect its products and corporate values.

0 Starbucks Unveils “High-End” Spin-Off Cafe

Posted on by
Starbucks high-end cafe concept, Reserve in NYC

Credit: Bisnow

Starbuck on a high end scale?  Well, some customers might appreciate the vibe and who would have thought that a bottle of water would be more expensive than a gallon of gas in 2016?

According to Bisnow, Starbucks is trying its hand at upscale cafes, called Reserve, “where a 12-ounce cup of plain black coffee will go for $4—twice as much as the chain’s signature Pike Place roast…the store’s interior—with color palette evidently inspired by coffee—is an art aficionado’s dream. The walls are decked out with artwork for purchase; the center of the store is a cozy lounge complete with armchairs, sofas, standing lamps and a vintage rug; hand grinders and other coffee accessories are on display around the store.  The menus—hand-lettered pieces of paper clipped to backer boards—include exclusive and rare coffees, with prices up to $4.50 for a medium serving.”

The Reserve brand originates from Starbucks’ specialty coffee line, and is expected to grow to 500 stores globally over the next several years.

 

0 Seaport Office Boom Leads to Traffic Complications

Posted on by
Boston seaport office building on Congress St

303 Congress Street (click to view property details)

The Seaport is a vibrant live, work and play location that continue to evolve.  The next challenge for all the success is how to mitigate the traffic.

From Banker & Tradesman:

Seaport Boulevard is a hotbed of construction, boasting corporate headquarters with worldwide name recognition…[and] with only two bridged access points, the neighborhood’s traffic is not yet overwhelmingly terrible (at least not any more than the rest of the city), but it grows worse with every new high-rise. Parking is becoming increasingly scarce, particularly in the winter months.

City planners are well aware of these issues and are taking steps to address them. Despite growing pains, the neighborhood known varyingly as Fort Point, the Seaport and yes, even the Innovation District, is an unparalleled success.

0 BRA Wants the Lights Dimmed on Boston’s Seaport

Posted on by
Fan Pier in Boston across the water

Credit: B&T

How bright is too bright for Boston’s Seaport?  It appears that what has been proposed in the design phase is significantly dimmer than post construction and the regulators are rethinking approvals going forward.

From Banker&Tradesman:

The Vertex Pharmaceuticals headquarters’ “eye-catching arrays have met with mixed reviews in a city that often views changes in the skyline with suspicion.”

“Personally, I loathe the lighting on those buildings,” said Michael Davis, co-chair of the Boston Civic Design Commission. “We like interesting, progressive architecture, but subtlety is important and the new lighting we’re getting on the Fan Pier, no one would call subtle or sophisticated.”

Now, Boston Redevelopment Authority (BRA) officials are asking the developer to tone down the light show.

0 Boston Office Space Closes Out 2015 with Peak Rents

Posted on by
office rent prices in Boston over the past few years

Credit: B&T

According to our research office rents will continue to grow through 2017 within the greater Boston market.  On top of that, construction costs continue to climb while tenant improvement dollar’s decline and rent abatement all but disappears.

From Banker & Tradesman:

Rents in Class A downtown office towers jumped 7.4 percent in 2015, with a nearly 4 percent jump in the last three months of the year, according to Lisa Strope, New England research director for JLL.

Leasing activity downtown leaped 18 percent during the fourth quarter.
The average rent for top-shelf office space in Boston ended 2015 at just under $61 a square foot, up from $52 at the end of 2013.

“Suddenly downtown is looking good to a lot of people,” Strope said.

0 Boston City Hall Plaza Transformation Edges Closer

Posted on by

Boston’s City Hall Plaza is poised to change to become a destination location for locals and tourists.

rendering of Boston city hall plaze redevelopment

Credit: Boston Globe

From the Boston Globe:

The owners of TD Garden have won a bid to remake Boston’s City Hall Plaza, proposing to transform the little-loved, windswept brick expanse at the heart of the city into a bustling year-round hub of arts, food, and leisure. Delaware North Cos. was tapped for the project Thursday by the administration of Mayor Martin J. Walsh, beating out two competitors. The company said in its bid it was willing to invest “upwards of $15 million” in improvements and attractions.

While its plans are conceptual and will require public input and further approval from the city, Delaware North made numerous suggestions for the plaza, including:

  • An “iconic” observation wheel, up to 200 feet high and featuring 42 climate-controlled gondolas.
  • A “casual cool” restaurant featuring local ingredients in a temporary two-story building surrounded by outdoor eating and beer garden areas. Nearby, a ground-level “#BOSTON” sign would become “an instant landmark . . . the ultimate new Boston selfie station.”
  • An “urban beach” area would be set up in summer, replete with sand, beach chairs, umbrellas, and cabanas.
  • A winter garden and ice skating venue, featuring “cozy warming huts,” hot cocoa stations, and — why not? — curling.
  • Additional concert series that would build on the success of the popular Boston Calling festivals.
  • A series of interactive art installations, inspired by the glow-in-the-dark “Impulse” seesaws in Montreal that also play music.
  • Semi-permanent food and coffee stalls near the Government Center MBTA station.

 

0 Boston Waterfront Redevelopment a Possible Byproduct of GE Deal

Posted on by
Seaport Bridge in Boston

Credit: Boston Globe

The influx of GE jobs may bring Seaport improvements along with them.  Traffic in and out the Seaport offers frustrations beyond which Waze can redirect.  Let’s hope we see much need infrastructure upgrades.

According to the Boston Globe, “Tucked in the agreement to bring General Electric Co.’s global headquarters to Boston is a commitment from the city to spend as much as $100 million to reopen the Old Northern Avenue Bridge, while the state will kick in $25 million to improve roads, pedestrian walkways, and bike lanes throughout the Seaport District…The money, city and state officials said Tuesday, is beyond what they publicly pledged to encourage the industrial conglomerate to relocate about 800 employees from its home office in Fairfield, Conn. The GE deal, announced last week, included up to $120 million in state subsidies for property and infrastructure expenses and as much as $25 million in tax breaks from the city.”

You can read more on the financial overtones of GE’s move to the Seaport on the Boston Globe’s website, here.