Good morning.  And happy Pi day!

NASA and SpaceX are proceeding with plans to launch a Falcon 9 rocket at 7:03 p.m. tonight from Kennedy Space Center in Florida that should lead to bringing Needham’s Sunita Williams and Barry “Butch” Wilmore back to Earth as soon as next week.

If all goes as planned, Crew 10 should arrive at the International Space Station on Saturday and Williams, Wilmore and two additional astronauts could be heading back to Earth as early as next Wednesday.

Neighborhood wins fight to keep looking at this

Looks like that seven-year-old hole in the ground in Nonantum is going to remain a hole in the ground for the foreseeable future.  

This week, neighbors came out once again in full-throttle, truth be damned, opposition to a modest 13-unit condominium complex, leading the developers to ask that their permit and zoning request be withdrawn without prejudice.  

Read the Newton Beacon and Fig City stories.  But mostly listen to the remarks from resident Gail Deegan who summed it up perfectly.

Five years after the pandemic, many restaurants struggle to stay even

Restaurant revenue in Newton was up more than 18% at the end of last year compared to the last quarter of 2019, just before the pandemic arrived.

In Wellesley, revenue had increased just over 25%  

Needham was less fortunate, with just a 7% increase.

But Watertown (which benefited from the growth of new restaurants at Arsenal Yards and elsewhere) saw revenue increase by 55.25%.

Still pretty good news all around, right?  Wrong.

“Not if you consider that in an era of high inflation, that's hardly an increase,” writes Grant Welker at the BBJ. “The consumer price index over that time has risen 23%.”

Welker calculated restaurant revenue in each community, based on the local option meals tax. (Numbers here.)

Almost every restaurateur I talk to these days says business is off to a slow start this year and that’s making a lot of owners nervous. Those with liquor licenses also indicate that Dry January and a general decrease in alcohol consumption have negatively impacted their bottom line.

And, of course, there is inflation, tariffs, bird flu, worries about deportations, etc.

First quarter numbers for 2025 will be worth watching closely.  

It also seems appropriate to be especially worried for the well-being of our restaurants in Needham.

Lab owners warn BERDO could cost them and Watertown millions

The proposed BERDO ordinance now before the Watertown City Council could lead to a multi-million devaluation of the life science building lab sector that has helped the city build schools without overrides and fully fund its pensions.

That was the message lab building owners delivered to the city council Monday.

The owners noted that they’ve already invested heavily in energy efficient buildings. Under BERDO, they would be required to replace still relatively new state of the art systems at a great expense, or pay hefty fines in the form of mandated carbon offsets and RECs.

“[BERDO] suggests that tens of millions of dollars of equipment be thrown away. Well, I can tell you what that means: That devalues my building (and if) my buildings get devalued, so do my taxes,” Mark Deschenes, principal at Boylston Properties, told the council.

“Even a 10% devaluation of the life science stock in the city would result in a $5 million dollar hit to the city’s tax role,” Deschenes added.

Here’s Boylston’s letter to councilors.

Also expressing concerns Monday were apartment and condominium association representatives.

Friday grab bag

• There’s just 24 days until Spring Seasonings: A Taste of our Towns.
  
  
• The MA LGBT Chamber of Commerce is offering complimentary time from a civil liberty attorney to any LGBT community member who is thinking about starting a business in Massachusetts and needs basic guidance. The LGBT chamber will also pay forthe Commonwealth of MA Entity Registration Fee for the first year ($500 value)and offering free access to a 6-session financial basics program. Contact Angie Montalvo
  
  
• Babson College is developing a 1–2-day program to help small and medium-sized businesses leverage AI for efficiency and innovation. Share your input and get a 20% discount by taking this brief survey
  
  
• GetKonnected! will celebrate its 17th anniversary by honoring Trailblazing Women: Legends, Leaders, Pioneers, and Allies, April 8 at One Financial Center, Boston
  
  
• The League of Women Voters of Newton will host a virtual discussion on Newton’s municipal budget on March 19, from 7 p.m. RSVP.
  
  
• Perennial candidate Al Cecchinelli says he is running again for Newton mayor.
  
  
• The ICE Detainee Locator System can be used to locate a detainee who is currently in ICE custody or who has been in U.S. Customs and Border Protection’s custody for more than 48 hours.
  
  
• Join the Newton Fair Housing Committee for a virtual training for real estate professionals. Learn about fair housing laws, best practices and essential resources, March 19, 8 a.m., Zoom link here.
  
  
• Needham Community Council’s Party for the Pantry is happening March 29.  Proceeds support the council’s food pantry.  Tickets.  

Women in Government breakfast next week

For the past eight years, our annual Women in Government series has provided an intimate platform for chamber members to hear from a diverse group of female leaders.

Past speakers have included Rep. Katherine Clark, Supreme Judicial Court Justice Kimberly Budd, Labor Secretary Lauren Jones, State Sen. Cindy Creem and Navy Commander BJ Farrell.

We’re taking a different approach this year. We’re hosting a fireside chat with two local leaders who are stepping back from their jobs: Needham Town Manager Kate Fitzpatrick, who is retiring in July after nearly 35 years with the town, and Newton’s first female mayor, Ruthanne Fuller, who will conclude her eighth year as the city’s chief executive in December, after serving eight years as a city councilor.

It’s happening one week from today, (March 21) 8:30 a.m. at Charles River Country Club. RSVP.

Newton Corner property sells at a deep discount

In yet another sign of a weakened office market, a mixed-use building in Newton Corner just changed hands -- at a steep discount.

City Realty has acquired 313 Washington St. -- which includes Buff’s Pub and the Corner Café, along with office space --  from Wellesley’s Grander Capital Partners,

The 81,000-square-foot office sold $8 million, less than two-thirds of the $12.6 million it traded for two decades ago, reports Greg Ryan at the BBJ.

The building is about 66% leased to 20 tenants. City Realty plans to move its offices to the building.

Not just sticks, carrots too

Gov. Maura Healey told lawmakers last week that her administration will continue to withhold state funding from cities and towns that fail to comply with the MBTA Communities law.

This week the Healey administration made good on plans to also support communities that have embraced the law by awarding $8.7 million from the new MBTA Community Catalyst Fund to ten fully compliant municipalities.  

The grants will support local infrastructure projects and improvements and in total are expected to unlock up to 2,332 housing units.

A reminder:  Hear directly from Healey on housing and a host of other economic development issues when she joins at our Government Affairs Forum, March 31, 9 a.m. at the Newton Marriott.  RSVP

Before you go…  a request

Finally, you haven’t done so yet, please take a few minutes to complete our annual Business Outlook Survey.  

Your input will help us understand your top business concerns and inform our advocacy efforts and programming.  Thanks!

That’s what you need to know for today — Happy Purim — unless you need to know why you especially should steer clear of wild turkeys right now.

See you next week.

Greg Reibman (he, him)

President & CEO

Charles River Regional Chamber

617.244.1688

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