The City Planning Commission (CPC) on Wednesday voted in favor of the Midtown South Mixed-Use (MSMX) Plan, a proposal to bring approximately 9,700 new homes across 42 blocks of Midtown South where housing is largely not allowed today. By mapping Mandatory Inclusionary Housing onto the neighborhood for the first time, and requiring new developments to include affordable housing, MSMX ensures that up to 2,900 of those units will be permanently affordable.
“With commercial vacancies too high and housing vacancies at historically low levels, it’s a perfect time to seize this opportunity to create a 24/7, mixed-use neighborhood,” said CPC chair Daniel Garodnick. “This plan will bring forth a vibrant mix of commercial, manufacturing, and residential uses, creating a truly dynamic community here. Today’s vote takes us one step closer to the affordable homes, jobs, and infrastructure improvements Midtown South deserves.”
The MSMX plan covers four distinct areas centered around Herald and Greeley Squares located roughly between West 23rd and West 40th Streets as well as Fifth and Eighth Avenues. This part of Midtown South is largely saddled with outdated industrial zoning that prohibits new housing, severely limiting opportunities for future growth, according to Mayor Adams’ office.
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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