Building an economically diverse downtown begins with Winthrop Square - by Kenan Bigby

Kenan Bigby, Trinity Financial

With Boston’s population and economy growing rapidly, it makes sense that construction in the city is booming as well. The only problem? A large percentage of the new towers and skyscrapers taking shape overnight are home to expensive condos and apartments, homes that the average Bostonian could never imagine being able to afford. As we celebrate Boston’s continued growth and development, we must also reflect on the kind of city we want to create.  As Boston looks to maintain its identity as the home of innovation, a sought after destination for companies like GE, it also needs to remain affordable for those responsible for making Boston such a desirable destination.

Earlier this year, the city of Boston released a report called Guiding Growth: Towards an Inclusive City as part of Imagine Boston 2030, Boston’s first citywide plan in over 50 years. The report delineated how Boston should guide positive physical change over the next 15 years, with one of the top priorities emphasized being middle income workforce housing. Of the 53,000 unit housing production goal detailed in the Guiding Growth report, 20,000 of those units are slotted to be middle-income workforce housing. Of these, 11,000 are to be “market-produced,” meaning they will not rely on direct financial assistance from the city or state. To help those units come to fruition and work towards the city of Boston’s goal for middle income workforce housing, Boston needs developers willing to build iconic buildings that do more than reinforce the “luxury only zone” that is taking shape downtown. 

Winthrop Sq. represents a unique opportunity to deliver on this vision. In the heart of downtown, where history and legacy meet innovation and fresh ideas, Trinity Financial’s development team is proposing a tower that will gracefully and elegantly integrate into the surrounding neighborhood and become a distinctive addition to the Boston skyline. Even more importantly, this site presents a tremendous opportunity to contribute to economic diversity in downtown Boston. Trinity’s proposal designates 40% of the residential units affordable to middle-income households, creating 258 units of housing affordable to households with incomes up to 120% of the area median income. This means housing created specifically for the middle income workforce (defined as households making between $55K and $130K annually) featured so prominently in the mayor’s plan, and represents 32% of the mayor’s goal of producing 800 unsubsidized middle-income workforce units per year and more than 3 times the amount required by the city’s Inclusionary Zoning Policy.

If we are committed to upholding Boston’s reputation as an inclusive, diverse and innovative city, we need to be ready to commit to creative solutions to get there that help promote sustained growth and success. Promoting long-term economic growth and housing for the middle class are values that we all share, and Winthrop Sq. has the potential to go a long way towards creating a lasting legacy of a more diverse, inclusive and sustainable Boston for years to come.

Kenan Bigby is managing director of Trinity Financial, Boston, Mass.