Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Wu Administration Eyes $100M Development Incentive Program for Stalled Projects
Boston Mayor Michelle Wu is proposing a $100-million development incentive program to help jumpstart large residential developments her administration says are stalled by high construction and borrowing costs, the Boston Business Journal reported Monday.
The program would start with $31 million for four development projects totaling about 1,400 units, including One Mystic, a 408-unit tower in Charlestown’s Sullivan Square, and a 341-unit building at Allston Yards. These, along with a second Allston project and another in Brighton, fit the Wu administration’s target for larger projects that need only a financial boost to become feasible and start construction. City officials said the projects could be ready to launch construction early next year.
The initiative needs approval by the Boston Planning & Development Agency, which is set to consider approval at its next meeting in October. If approved, it would be a significant expansion of developer incentives in the city, reported the Business Journal.
- ◦Financing
- ◦Policy/Gov't
