Good morning friends,

We begin today with encouraging news that has the potential to add gradually create hundreds of much-needed new homes in Newton, Wellesley and Needham.

Needham Bank also made headlines yesterday.  

And I want to make sure you know about our big event on July 16, celebrating your chamber’s 110th anniversary because it wouldn’t be the same without you there.

Wellesley and Newton campuses eyed for housing  

Gov. Maura Healey released a list Monday of 17 state-owned properties that could be redeveloped into more than 3,500 new housing units.

The surplus sites are the first of many yet-to-be-named to help address the state’s housing needs, Healey said.

Future lists could include underused portions of state-owned college campuses in both Newton and Wellesley.

As we reported in January, UMass Amherst is accepting proposals from developers to build housing and/or mixed-use projects on its Mount Ida Campus in Newton, as well as on its main campus in Amherst.

And this week the Wellesley Planning Board learned that something similar could be in the works on MassBay Community College’s Wellesley campus, according to the Swellesley Report’s Bob Brown.

“I don’t have any details in terms of how many units or what kind of housing or anything like that,” Wellesley Planning Director Eric Arbeene told the board.  “They’re in an information-gathering stage. They let us know that they are doing some exploration at the moment.”

Here’s the beauty of any potential Mount Ida and MassBay housing projects: Because they’re state-owned, neither site would need special permits or many of the other approvals from their respective municipalities — a process that has made green-lighting multi-family homes so difficult in Newton, Wellesley and many other communities.

Build, baby, build!

Also in Wellesley: Housing report drops, will anyone listen?

Town officials in Wellesley may have little say over any potential multi-family housing on the MassBay campus.

But how they respond to the town’s just-released draft Strategic Housing Plan is entirely in their hands.

Already some in town appear to be satisfied with having met the state’s 10% 40B affordable housing requirement and being MBTA Communities compliant. But the report by Barrett Planning Group warns that the town falls short in meeting real housing demand and could forever price out middle-income families, young professionals and local workers.

• Wellesley is projected to lose 9% of its population under 20 by 2050 while gaining 4.5% in residents 65+. This comes as the town has already lost 3,100 young professionals (25–44 age) in the last decade.

• The median income for Wellesley workers is just $65,723 — far below the $111,595 earned by residents. Service jobs (retail, education, healthcare, hospitality) make up a large portion of Wellesley’s employment base, but housing costs put living in town out of reach for most who work here.

• 82% of homes are single-family detached. Nearly two-thirds of owner-occupied units have 4+ bedrooms, even though half of owner households are just one or two people.

The draft plan isn’t exactly a beach read.  It’s 94 pages long and includes dozens of recommendations and strategies. So it’s going to take while to digest, even though the public comment period closes in one month.

But we have to agree with Select Board member Kenny Largess, who said this week that he was disappointed the plan did not include a suggested number of housing units the consultants felt the town needed. It also did not attach potential unit count to specific recommendations.

We understand that doing so may not have been wise politically.  But not having those measurable goals leaves town leaders off the hook if they fail to make the progress it needs.

(View the slides from this week’s presentation.)

There’s also hope for new homes in Needham

Wait, there’s more!

In an informal discussion with Needham’s Planning Board on Tuesday, Bulfinch Companies' president Robert Schlager, previewed a new concept for the 10-acre former Muzi Ford and Chevrolet dealership off of I-95 and Highland Ave.

“The life science business has pretty much dried up,” he said. “That’s across the entire United States, not just in Massachusetts. We thought that rather than leave a graveyard-type large parcel of land at the entrance to the community, we would explore alternative uses.”

Schlager is now proposing a significant reconfiguration of his previously approved plans for 475,000 SF of lab and office space and replacing it with a more residentially oriented, mixed-use concept that could accommodate upwards of 500 units.

• A 200+ unit multifamily housing complex
• A senior living facility with 130+ units
• Possibly a five-story hotel
• A medical office building and 10,000 SF retail

The board's hour-long discussion focused on parking ratios, traffic flow, community engagement and the long-term viability of proposed shuttle services. Several members expressed early support for the concept, including Justin McCullen, who stated that he supported all of the major uses Bulfinch is targeting.

However, shame on Planning Board Chair Artie Crocker for expressing a strong preference for condominiums because, he implied, rental apartments can lead to higher crime.

Bulfinch expects to begin neighborhood outreach this summer with hopes to return to the Planning Board this fall and Town Meeting in May 2026, with construction starting in 2027.

Read more in the Needham Observer.

Friday grab bag

• J.P. Cacciaglia is no longer Needham’s Economic Development Manager. He was hired in 2023. (Needham Observer)
• All underground trolley service on the Green Line between North Station and Kenmore remain shut down through Sunday, with shuttle buses providing service.  Want to understand why – or complain to the guy in charge?  Join us for a conversation with MBTA GM Phil Eng on June 17
• The BBJ’s list of the state’s Largest LGBTQ-owned businesses includes several in our footprint, including Sapers & Wallack Financial Services, Cappelli Law, Gardner Resources Consulting LLC, and Sarah A. Scala Consulting. Chamber member Endless Energy Home Services, based in Marlborough, also made the list, ranking sixth overall.
• LaToscana’s in Wellesley Square has closed. “In today’s economy, a business must remain busy in order to survive, and we unfortunately were unable to produce enough revenue to sustain this business,” reads a message on the restaurant’s website (Swellesley Report)
• Faber Daeufer & Itrato PC, a boutique life-sciences-focused law firm that employs 50 attorneys and staff in Waltham, has been acquired by global firm Crowell & Moring LLP. (BBJ)
• Watertown High School chemistry teacher Liz Mundy was named one of Massachusetts STEM Teachers of the Year.
• Newton start-up Courage Therapeutics has brought in a seed investment of up to $7.8 million. The company is working on medications to treat obesity and restrictive eating disorders.
• Commonwealth Corporation will host a free webinar on June 18, at 10 a.m. to guide Massachusetts employers and workforce professionals through available grant funding opportunities.
• Can’t say we didn’t warn you: Next Friday’s Women’s Conference is sold out. We’ve started a wait list.
• Nice going Gary Gillis (from the Needham-based Last Minute Productions) for coming up with a winning New Yorker cartoon caption.

Needham Bank grows through acquisition

Needham Bank has entered into a $212 million cash-and-stock deal to acquire the parent company of BankProv, an Amesbury-based bank, reports the Globe’s Jon Chesto.

Needham Bank has 11 branches, primarily in our communities and nearby towns, while BankProv operates seven branches on the North Shore and in Southern New Hampshire.

Together, the combined organization will have $7.1 billion in assets and will be the sixth-largest Massachusetts-based bank in the Boston metro area.

Have no fear, the Needham Bank name isn’t going away. Rather BankProv branches will rebrand once the merger closes at the end of the year, Chesto writes.

Report reflects economic uncertainty across New England

New Englanders are spending less at stores and restaurants. Employers are pausing hiring. And declining confidence among prospective homebuyers has meant weak home sales, the Federal Reserve Bank reported this week in its latest Beige Book.

In addition, the outlook heading into summer here is "characterized by a mix of cautious optimism and blunt pessimism," reports Colin A. Young at State House News.

"A clothing retailer, which typically tags items with prices months in advance, took the rare step to retag items with higher prices to cover the cost of tariffs, and those items will hit store shelves this summer. Restaurant menu prices were stable, but tariffs on imported foods could drive menu prices higher over the summer," the report said.

"Hotel prices in Boston increased modestly year-over-year. Staffing firms’ billing rates were unchanged, although their insurance costs increased sharply."

At our Spring Business Breakfast last month, economist Dr. Mary Burke of the Boston Fed said her organization is looking for companies interested in becoming Beige Book contributors.  Apply here to be considered.

Newton City Council refutes White House’s claim

All 24 members of the Newton City Council signed a joint statement this week refuting claims by the U.S. Department of Homeland Security that alleged the city is engaged in “a lawless insurrection against the supremacy of Federal law and the Federal Government’s obligation to defend the territorial sovereignty of the United States.”

Mayor Ruthanne Fuller issued a similar rebuttal last week.

Newton was one of 12 Massachusetts cities and hundreds nationwide that appeared on a since-removed (without explanation) DHS target list.

Fig City News has more.

Funny, we don’t feel a day over 109

Founded in Newton in 1915, our chamber has expanded, rebranded and grown to become the 4th largest chamber in Massachusetts, representing businesses and nonprofits across four municipalities and adjacent communities.

On July 16, we'll be celebrating our 110th anniversary and the local businesses, nonprofits and community leaders who have shaped our region for more than a century—along with those who will lead us forward.

This special evening will take place at the historic Nathaniel Allen House in West Newton, featuring live-action grilled pizza from Sweet Tomatoes, seasonal grazing stations, and craft beverages from Flora’s Wine Bar and the Beer Mobile—all set against a backdrop of conversation, connection and celebration.

Tickets, starting at $75, go on sale next week.

However, if you are able, I’d be grateful if you'd sign on as a sponsor for this special evening. Proceeds benefit our advocacy and programming, which frankly feels as essential as anytime in our 110 year history.

• Friend – $110: 1 ticket, name on event website and onsite signage
• Supporter – $500: 2 tickets, name on all event marketing and recognition at event
• Event Sponsor – $1,000: 5 tickets, logo on marketing and at event
• Presenting Sponsor – $2,500: 10 tickets, logo on all promotions.

Sign up here or contact Lise Elcock for further information.

We’re grateful for your consideration and look forward to seeing you on July 16.

That’s what you need to know for today — the 81st anniversary of D-Day — unless you need a father’s day gift for the dad who has everything but likely doesn’t have one of these.

Yes, you will probably need an umbrella again on Saturday.

Greg Reibman (he, him)

President & CEO

Charles River Regional Chamber

617.244.1688

Max Woolf contributed to today’s newsletter.

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