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Here's what we both missed last week

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Here's what we both missed last week

Larry David’s statute of limitations expires EOD. But I’m a believer in wishing everyone I see a happy new year right through most of Q1.

In fact, look for an announcement shortly about our big annual new year party -- happening in February. Noise makers optional.

For now, here’s what you and I missed last week and what you need to know going forward.

Needham Bank IPO a big success 

Congratulations to our friends at Needham Bank for their successful IPO last week.

Shares (NASDAQ:NBBK) began selling at $10 each Thursday, rose by more than one-third in the bank’s first day of public trading and closed yesterday at $13.59.

The bank was one of a very small group of Boston-area companies to go public last year, according to the BBJ.

Newton thisclose to hitting 40B threshold

Newton is just 17 units short of reaching its 40B safe harbor threshold, Mayor Ruthanne Fuller announced late last month.

The city inched closer with the recent approval of the Northland Charlemont, a 370-unit apartment project just off of Needham Street.

The designation would put the city in compliance with the state-required but rarely-achieved 10% affordable housing requirement (or 1.5% of developable land area) that allows developers to bypass certain local zoning requirements.

Newton is approaching that milestone just as a new city council was sworn in this week. The new council now includes a number of development-skeptical councilors, a combination that will likely make it hard for any large scale projects, or new upzoning, to gain approval in the next two years.

Here's one consolation: Even once the city reaches this threshold, it will not impact several 40Bs already filed, including the Toll Brothers 40B project on Route 9/Boylston Street at 528 Boylston Street, that's giving abutters fits.

Also in Newton’s 40B pipeline:

  • Boylston Properties’ 307 apartment, four building project at 78 Crafts Street in Newtonville.

Watertown Square post office closing Jan. 24

The U.S. Postal Service has signed, sealed, delivered its plans to close the Watertown Square Post Office for the next two years.

And so far, all "please Mr. Postman" calls by city leaders to convince the USPS to open a temporary location in the square have been returned to sender.

The current location, at 126 Main St., across from City Hall, is slated for demolition. That and adjacent properties will be replaced by O’Connor Capital Partner’s five-story mixed use building, with retail on the ground floor and four stories of residential above. 

The project includes a location for a new post office, plus 137 must-needed rental apartments and five town houses. O'Connor is also contributing mitigation funds for the Watertown Square project, BlueBikes, a pedestrian safety and mobility study, street lighting and more

Postal service spokesman Steve Doherty tells the Watertown News the branch will close Jan. 26 but they "hope to move back into the newly renovated building" in two years.

"In the interim, we will be moving operations into our New Town office which is about a half mile away at 123 Galen St. in Watertown.”

Other nearby P.O. locations are in Nonantum and East Watertown.

Progress reported on getting migrants work permits 

The number of new arrivals in Massachusetts’ emergency shelter system who are now eligible work in the U.S. has more than tripled in the last two weeks, the Globe’s Samantha A. Gross reported yesterday.

The increase follows a recent pilot program run by state and federal officials designed to expedite the work permit process as well as supports like legal assistance, case management, and other services for newly arrived migrants, along with some federal efforts, Gross adds.

If your business is interested in hiring job seekers with limited English language skills, who may be fluent in French, Spanish and Portuguese among other languages, fill out this form.

MassHire will attempt to refer recent immigrants to you who are a qualified match.

Today's grab bag 


  • Looking for a college intern or co-op this summer? Register now for the Mount Ida Campus UMass Amherst internship fair, Jan. 25, 2-5 p.m. Email Jenny Reynolds for more info.

  • Businesses with 100 or fewer employees could get a tax credit worth 50% off the startup costs of setting up a qualified retirement plan such as a Simple IRA or 401(k), up to $5,000. Businesses with fewer than 50 employees can get a startup credit of 100% of administrative costs up to $5,000. You cannot both deduct the startup costs from expenses and claim the credit. (BBJ)


  • The City of Watertown will hold the next in its series of events exploring feedback and options for Watertown Square the evening of Feb. 29. Time and location TBA.

  • The Massachusetts minimum wage is not increasing this year. This chart from the Mass Restaurants Association may be helpful to you or your employees.


  • The Watertown Public Arts and Culture Committee is accepting applications though Sunday (Jan. 7) for sculptures be added to the Community Sculpture Walk which follows the Community Path from the parking lot behind the Watertown Free Public Library.

  • The National Restaurant Association is hosting a free webinar Jan. 9 at 2 p.m. about the status of Employee Retention Credit including the claim processing moratorium and what to expect from the IRS in the coming months. Register.

Beloved Wellesley business owner dies

Cuong Nguyen

Wellesley and Newton customers are mourning the loss of Cuong Nguyen, known locally as Tony the Tailor, who passed away at the age of 70, according to the Swellesley Report.

Nguyen immigrated to the United States from South Vietnam in 1975, having been a tailor, and then a paratrooper in the military before arriving here.

He worked for a tailoring business in downtown Wellesley before going out on his own some 40 years ago in Lower Falls.

“We were often in the shop and found this small business so reliable, quietly helpful and dedicated to their work, a staple in our community for 40 years,” state Rep. Kay Khan tells us.

Chamber Environment Committee expanding 

Finally today, our chamber’s Environment Committee is looking to expand its membership in 2024.

This a forum to share ideas, best practices and help shape realistic public policy. It is not a place to promote your company’s specific green products or services. The committee meets via Zoom in the third Thursday of the month at 9 a.m.

If you work for a chamber member business and are passionate about sustainably and helping others businesses become greener, email me. 


That’s what you need to know for today, unless you’ve yet to see Fast Company’s business jargon that defined 2023, or the words this annual study says should be banished in 2024.


Be back Friday
 
Greg Reibman (he, him)
President & CEO
 
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