Lynn Mayor Signs Historic Compact Committing to Diversity in Real Estate Development
BOSTON – Mayors from Lynn, Cambridge, Salem and Somerville joined on Monday with leaders from the City of Boston and Lt. Governor Kim Driscoll to sign the CommonWealth Development Compact, committing to historic 25 percent Diversity, Equity, and Inclusion (DEI) evaluation criteria in public real estate development projects within their municipalities, as well as groundbreaking DEI considerations in private real estate projects.
Minority-and women-owned businesses have been severely underrepresented in real estate development, comprising less than one percent of developers nationally and managing less than one percent of real estate assets across the Northeast. According to industry reports, expanding public-private diversity initiatives could create opportunities for close to 1,000 developers of color, resulting in nearly $700 million in new revenue, and 17,000 new jobs in Massachusetts.
“Governor Healey and I are proud to support the CommonWealth Development Compact and applaud our partners in local government for committing to this initiative,” said Lt. Gov. Driscoll. “As a former mayor, I’ve seen firsthand the positive impact that intentional DEI strategies in real estate can have on our communities. Our administration is committed to partnering with municipalities to increase the representation of minority and women-owned businesses in real estate development across the state.”
The mayors were joined by leaders from the Civic Action Project, Builders of Color Coalition, the Boston Society for Architecture, and Eastern Bank Foundation for the historic event in Boston. By signing the Compact, the mayors committed to promote DEI considerations in both public and private real estate development projects in their communities, as part of a pilot project.
The DEI standards can be met through any number of creative ways, including: contracting with minority and women-owned businesses, partnering with diverse equity investors, creating space for community use and retail, or creating diverse internships and talent pipelines. Results of this pilot project will be collected, evaluated, and discussed with other municipalities and Compact partners.
Lynn is where another large Cambodian community living in the commonwealth. Many Cambodian businesses are thriving on Shirely Avenue ranging from food markets, to coffee shop, to hair salons would be likely benefit from this initiative. “My administration is committed to inclusive growth and equity-focused progress that is beneficial to all our residents. I am proud to sign onto the Commonwealth Development Compact, which will pave the way for the next generation of diverse leaders in development,” said Lynn Mayor Jared Nicholson.
