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January 20, 2010
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THIS MORNING:
$250 MILLION FOR DEVELOPERS
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| Working on public infrastructure improvements could score you $250 million from the state. With NAIOP’s help this morning, a room full of attentive ears was encouraged to apply. Given the usual red tape, Secretary of Finance Jay Gonzalez assured the group, if you’re doing a project that qualifies, “We’ll find a way to get it done.” |
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We snapped the panelists, Quincy Mayor Thomas Koch, Jay, Federal Realty Investment Trust’s Donald Briggs, and Choate Hall & Stewart’s James Shea. Jay says I Cubed (Infrastructure Investment Incentive Program) is the state’s way of sharing risk with developers. Mass. will float bonds and pay debt service before a project is complete. He expects Q1 approval of $50M for the first project, Don’s $1.2B, 5M SF mixed use redevelopment of Assembly Square, in Somerville. Don tells us I Cubed is an innovative idea, and developers need flexibility to make it work.
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Concord Square Planning’s Angus Jennings wondered if this first approval for Assembly Square (1.1M SF retail, 1.75M SF offices, 2100 residences, and 200 hotel rooms) means the criteria for winning I Cubed dollars are set. Jay says “we’ll assess project by project.”
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DOING GOOD BY DOING GOOD
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At its kick-off party for R.E. Action 2010, a real estate industry year of community service, the non-profit organizer Building Impact got together sponsors and participants at the Fort Point Channel offices of ADD Inc. We snapped BI’s Paul Teplitz with Boston Art’s John Kirby (who supplies art for corporate spaces) and TRO Jung|Brannen’s Bob Hoye. Paul says the year of community service will help the real estate industry get closer to their neighborhoods.
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Sponsors support R.E. Action 2010’s 22 events, from an Earth Day clean up of the Charles River, to getting school supplies to kids, to the Jan. 30 renovation of the New England Center for Homeless Veterans. Boston Business Journal’s Dorrian Cohen Fragola, Boston Art’s Kelly Lynn Filocco, Bulfinch Properties’ Leaura Levine, and Paradigm Properties’ Kevin McCall. Not a sponsor, but still there for morale support: Building Impact’s Sarah Gudernatch.
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Showing us that CRE is more than developers, brokers, and architects, we snapped folks from another R.E. Action sponsor, Waltham Services, the pest control folks: Eric Brown, Clarke Keenan, and Douglas Smith. They do their share to keep buildings inviting by keeping out those perennial party crashers.
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| GRAY HAIR A GOOD THING |
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Tetra Tech Rizzo’s Bob Daylor looks like he’s having a great time at a recent ULI event. He did enjoy the reception, but he’s also smiling about his new role as an engineering and environmental consultant. Bob, who sold his Daylor Consulting Group to TTR in 2008, tells us he’s in a field in which age doesn’t work against you. When people see his white hair, “they think you’re old enough to be wise.” Next, Bob is sharing his Solomonic thoughts travelling to Pakistan to master plan a university 50 km from Karachi. At home, he’s front-end planning for a Quincy parkway and Lowe’s stores. Don’t ever dye those locks, Bob.
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| Send story ideas to Susan Diesenhouse, susan@bisnow.com |
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