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May 30, 2023

This Week's Boston Deal Sheet

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Moderna has expanded operations outside of Cambridge with the acquisition of a new biomanufacturing facility in Marlborough.

This Week's Boston Deal Sheet

The pharmaceutical and biotech giant bought the 140K SF good manufacturing practices facility at 149 Hayes Memorial Drive for $91M from Oxford Properties Group, the seller announced Tuesday. Moderna is expected to bring 200 new jobs to the city by 2026.Oxford acquired the 24-acre property in 2021 and developed the two-story facility. “We acquired…

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'Call Your Lawyers': A New Law May Have Quietly Upended Philly's Affordable Housing Market

Amid the hubbub surrounding Philadelphia’s primary elections, a bill was quietly passed that could have massive implications for affordable housing preservation in Philly.

On May 4, the city council passed the People’s Preservation Package, a pair of bills introduced by District 3 Councilmember Jamie Gauthier targeting the estimated 12,000 subsidized rental units across the city with affordability contracts expiring in the next 10 years.

'Call Your Lawyers': A New Law May Have Quietly Upended Philly's Affordable Housing Market

One of the bills simply directs the city to build a database of all subsidized housing units and their contracts’ expiration dates. The other is Philly’s own version of what is popularly known as a tenant opportunity to purchase act, or

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Office Valuations Expected To Fall As Owners Take What They Can Get

Office Valuations Expected To Fall As Owners Take What They Can Get

Commercial property deal volume has been stuck in low gear since interest rates started their march upward last year, and the lack of deals has stalled a reset in valuations, especially for the beleaguered office sector.But as office owners look to get what they can this year, that reset may be underway,

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Angry Neighbors, Aging Policies, Lack Of Political Will Dig A 10-Gallon Hole In Texas Housing

 

A single lot sits undeveloped on the edge of North Central Expressway in the densely packed suburb of Lake Highlands in Dallas. Though surrounded by the trappings of suburban life — a nearby Home Depot, a busy law office — a prominent “No Trespassing” sign is the only indication anyone is looking after the property.

The vacant plot of land seems unwanted, but its owner has been fighting for years to turn it into desperately needed housing. It’s an endeavor that makes sense on paper but has been thwarted at nearly every turn.

Cypress Creek at Forest Lane, located in an area zoned for commercial development, would offer market-rate apartments but also accept housing vouchers for rent-restricted units set aside for low-income families. That has drawn the fury of nearby residents, who have swarmed local meetings in opposition, claiming the project would lead to crime and lower property values.

Their campaign has been so effective that no construction has begun to this day despite the project winning federal tax credits and the near-unanimous support of city council.

“We have been working diligently to try and make this project a reality, and it has been stunted by obstacles for two years,” developer Zachary Krochtengel of Sycamore Strategies told the Dallas Public Facilities Corp. in late February. 

The uproar surrounding Cypress Creek at Forest Lane is a microcosm of what is unfolding across Texas communities large and small.

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