An executive vice president at Elite Building Corp. in Waltham, Michael Snedeker is an established Massachusetts real estate developer. Guiding commercial projects, from the financing stages to completion, Michael Snedeker stays abreast of the trends and opportunities in the regional market.
Beyond Boston proper, more than a dozen cities in the greater metro region are experiencing economic challenges but have significant growth potential. A common thread linking these communities is that they have underutilized or vacant land near commuter train stops. They have not been fully developed because projects favor hubs around subway stations, which represent a less expensive form of transportation and are thus more popular among those who commute daily. The flip side of convenience is that such neighborhoods often outpace average workers’ ability to afford them once they become well established as bedroom communities.
Estimates place the total numbers of workers and residents who would embrace Gateway Cities if affordable housing and commercial amenities existed at nearly 150,000. Developments in such rail-linked hubs would also benefit the roster of those who use public transportation. They would thus promote sustainable forms of growth that do not add to traffic congestion.