Development industry’s plight seen in Beacon Hill proposals
In normal times, developers push hard to get local and state approvals as fast as possible. Time is money and delays in construction can prove costly.But these are not ordinary times.
Instead of lobbying for swifter action, the development industry’s local trade group is pushing state lawmakers to let builders across the Bay State take a breather during the downturn.
A proposal by NAIOP Massachusetts would give developers who already have their permits lined up, but have been unable to start construction, another three years to work with before their approvals expire.
Gov. Deval Patrick and the Senate have both taken up versions of this proposal, with another permit extension bill under review by a key House committee.
If nothing else, the proposals provide a window into the depth of the current recession and how hard it has hit local developers.
A proposal NAIOP submitted last year called for a two-year permit extension, three years as proposed now.
Realistically, it means many projects may not get rolling until the middle of the decade.