The executive vice president of Elite Building Corp. in Waltham, Massachusetts, Michael Snedeker identifies commercial real estate development opportunities and helps secures project financing. With more than a decade of experience in the industry, Michael Snedeker possesses extensive knowledge of commercial real estate trends and topics in the Boston area.
In January 2021, the Boston Planning & Development Agency (BPDA) board of directors approved several new development projects aimed at increasing the number of income-restricted housing units and jobs in the city of Boston. The approved projects will ultimately create more than 3,300 new residential units and generate a potential 3,800 construction jobs.
The projects will advance Mayor Martin J. Walsh’s goal of supporting the middle class through the expansion of affordable housing. In the past five years, the BPDA has approved developments totaling $43 billion and more than 86 million square feet. Among the recently approved projects is 776 Summer Street, which will rehabilitate existing buildings and add 860,000 square feet of office and research space, 80,000 square feet of retail space, and 610,000 square feet of residential space. Additionally, the development will improve access to the Harborwalk through additional pedestrian and cycling paths.