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August 30, 2022

Developers See New Opportunity In Suburbs As Mass. Finalizes Multifamily Zoning Requirements

Leggat McCall's Adelaide Grady Discusses 2,699-Unit Bunker Hill Housing Project Oct. 20

The years-long push to encourage more housing development in Boston’s suburbs took a major step forward this month. 

Gov. Charlie Baker on Aug. 10 finalized the state’s rules for the new law that requires communities with transit stations to create multifamily zoning districts. The rules set a minimum number of multifamily units that each community must allow, and in total, they would add more than 280,000 units of development potential. 

The ball is now in the courts of towns and cities to create the required zoning districts, and then it will be up to developers to start building new projects in a host of suburban communities that have historically been resistant to multifamily development. 

Developers See New Opportunity In Boston Suburbs As State Finalizes Multifamily Zoning Requirements

Developers told Bisnow that they see the law as making it easier to build multifamily in these towns because they can pursue as-of-right projects, meaning they fit within the allowed zoning and don’t require lengthy processes to rezone properties. However, these developers are still waiting for the cities and towns to…

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This Week's Boston Deal Sheet

Pennrose filed plans with the Boston Planning & Development Agency for the adaptive reuse of the former Blessed Sacrament Church in Jamaica Plain.

This Week's Boston Deal Sheet

The plans call for the former church, located at 361 Centre St. near Hyde Square, to be transformed into a 63K SF mixed-use and mixed-income housing development. The development would include 55 residential units and a multipurpose performance space. The units would consist of 14 studio apartments, 22 one-bedrooms and 19 two-bedrooms.The 108-year-old…

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Weekend Interview: Bulfinch Chief Operating Officer Pamela Yang

This series gets into the heads of the decision-makers of CRE, the people shaping the industry by setting investment strategy, workplace design, diversity initiatives and more.

Pamela Yang is relatively new to commercial real estate, having spent over 20 years in the investment management industry before joining The Bulfinch Cos. as its first-ever chief operating officer in January 2021. She said her experience running investment teams has made her well-suited to working in CRE.

"I have been loving this new arena and would not look back," Yang said. 

She helps guide daily operations for Bulfinch, a Boston-based owner and developer with nearly $3B in assets. She also works closely with its financial reporting team and with the firm's ownership on corporate strategic planning. 

Yang previously served as head of charitable asset management at State Street Global Advisors. Before that, she held multiple financial and leadership roles at Harvard University and at PwC, where she began her career.

This year, Yang was awarded with GlobeSt's 2022 Women of Influence Award. She is a member of The Boston Economic Club, an organization that focuses on finance and public policy, and is a former chair of the board of CFA Society Boston.

The following has been lightly edited for clarity and style.

Weekend Interview: Bulfinch Chief Operating Officer Pamela Yang

Bisnow: Baron Rothschild once said the “time to buy is when there’s blood in the streets.” Where is the blood today?Yang: In our real estate investment world, valuations for retail and Class-B CBD office assets appear quite distressed, with sentiment and psychology extremely negative. At times this may create opportunity.…

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Huge Firms Like Blackstone Are Slowing Their SFR Purchases. They Won't Be Down For Long

 

Blackstone’s single-family investment arm announced last week that it was pausing all purchases in 38 U.S. cities, making it just the latest example of a huge buyer backing off acquisitions in what was one of the hottest real estate asset classes in the last two years.

But while sales activity is slowing and prices are cooling due to rising interest rates, experts told Bisnow it's only a matter of time before institutional investors, with their ability to buy homes in cash, return to the market in full force with an even bigger advantage over individual homebuyers and mom-and-pop investors.

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Why Lawyers Are Leading The Return-To-Office Race

What happens when three equity partners and a junior associate in a law firm walk into a conference room? They leave with a renewed appreciation for the office.

At least, that was the experience of Phil Appenzeller, CEO of Dallas-based firm Munsch Hardt Kopf & Harr. That moment, which was before his firm mandated a companywide return, crystallized why he feels in-person work is still critical for lawyers, even in the era of work-from-home.

“One of our first-year lawyers was here, and one of my partners came down and said, ‘Hey, I've got a problem. Can we go into this conference room?’” Appenzeller said. “For [a first-year associate], being able to sit and watch how we work through things, I think in person was much better than it would be if he was trying to watch it over Zoom or on the phone.”

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