I am cautiously optimistic about the mid-term prognosis for commercial real estate finance. The Mortgage Bankers Association expects CRE and multifamily mortgage originations to level out over the next few years, “at record or near record levels.” If the market is indeed peaking, the good news is that lenders are applying more diligence to their underwriting
Site design and permitting of the first Topgolf facility in New England including a unanimous town meeting approval for rezoning.
Some of my predictions for 2019 include the following:
Strong job growth and reasonably low vacancy rates should continue into 2019 which will create a positive atmosphere for commercial, residential and industrial properties through 2020.
We’re seeing great progress within City Centre Warwick, a transit-oriented development near Green International Airport. Hyatt Place, a $25 million project, opened this summer. Iron Works Tavern was purchased for $10 million by Newport Harbor Group. A NYC-based company bought the Hilton Garden Inn. Its prior owner has plans to develop a Home 2 Suites adjacent to the property
In 2019 the market will be soft with a 5-10% decrease in sales and leases.
We assisting the MBTA with the Green Line Extension (GLX) project. It has been an amazing experience working on this multi-faceted, important project. Our environmental team looks forward to continued success of GLX in the future.
Marching toward completion on Brio, our luxury condominium project in the Hingham Shipyard.
Building on the second half of 2018, I believe in 2019 we will see a steady growth of life science (biotechnology/pharmaceutical) companies moving their operations to locations outside the city centers to welcoming towns on the outskirts of the city (Norwood, Burlington, Waltham, Andover) taking advantage of the structures left from a bygone era.
My most memorable project in 2018 involved obtaining the approvals for the Farm Pond Framingham Housing project. The project consists of 210 apartments. The approvals included zoning board of appeals’ variances and special permits, as well as planning board special permits and site plan review. The housing project is presently under construction.
The most notable transaction of 2018 was the consummation of the sale of 84 Old Tower Hill Rd. in Wakefield, R.I. This transaction involved the sale of the former Fred Smith automobile dealership, which was one of the last under developed parcels of commercial land in town. The property consisted of five acres with an older dealership building. The process began by