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November 21, 2023

Rezoning Debate Heats Up In Newton After Voters Ousted Pro-Housing Councilors

Hear From Leslie Reid, CEO At Madison Park Development Corp., At Boston Affordable Housing Summit Dec. 7

With weeks left before a state-imposed deadline, Greater Boston cities and towns are in the home stretch to comply with the historic MBTA Communities Law and enact new zoning plans to allow more housing development.

Of those that need to comply by the end of the year, one of the most prominent has been Newton. The wealthy Boston suburb saw a contested election this month, in which voters ousted pro-housing elected officials, and continues to see scathing debate among a divided city council.

The city has yet to vote on its new zoning guidelines, with city council meetings held last week and Monday night in which lawmakers failed to end debate and hold a vote. The discussions have created a rift among city councilors and among residents who differ on whether the city should allow more housing.

Rezoning Debate Heats Up In Newton After Voters Ousted Pro-Housing Councilors

"There are clearly two sides that are not doing a lot of listening to each other and they are pretty much set on where they want to go," Charles River Regional Chamber CEO Greg Reibman told Bisnow Tuesday morning. "At the end of the day, I'm pretty confident that they…

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This Week's Boston Deal Sheet

This Week's Boston Deal Sheet  

The developer of a high-end Seaport condo tower has received $240M in financing as it looks to accelerate sales amid a slow market

Cronin Development received the senior mortgage financing from Cottonwood Group for its 22-story St. Regis Residences development at 150 Seaport Blvd. Also on Monday, sales firm The Collaborative Cos. announced it worked with Cronin on a bid sale for 10 units at the tower. It said the bids started at $1.4M…

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With Hundreds Of Closures Coming, Drugstores Can't Find The Cure For What Ails Them

With Hundreds Of Closures Coming, Drugstores Can't Find The Cure For What Ails Them  

In just the last two years, the country’s three largest pharmacy chains have announced plans to close some 1,500 locations nationwide, a response to increased competition and dampened demand that have bitten into their budgets.

This contraction comes as the retail category overall continues to improve slowly after years of bankruptcies and buyouts. Drugstores including Walgreens, CVS and Rite Aid can’t seem to seize on the broader retail reset as consumers find more convenient ways to get their medications and get pickier about the retailers they frequent.

More closures could be coming, especially in the wake of the September Chapter 11 bankruptcy filing of Rite Aid, the smallest of the three large chains. Rite Aid said in the filing it could close as many as 500 stores. “Sales are down, occupancy costs are…

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PODCAST: Asland Capital CEO James Simmons On Building Complex, Diverse Capital Stacks

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Getting a development financed is one of the biggest challenges in real estate, and when it comes to affordable housing, it is basically impossible without some form of subsidy. That is according to Asland Capital Partners CEO James Simmons, who said capital stacks are becoming more complex and companies are…

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