Mrs. Claus is Coming to Belmont’s Annual ‘Turn on the Town’ Dec. 4

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After 23 years arriving alone, Santa is bringing the Mrs. along for this year’s business trip to Belmont.

Mrs. Claus will join Santa at the Belmont Savings Bank on Thursday, Dec. 4 during the Belmont Center Business Association’s 24th annual “Turn on the Town” celebration. The holiday festivities will run from 6 p.m. to 8 p.m. along Leonard Street in Belmont Center.

Santa and Mrs. Claus will arrive and light the tree adjacent the Bellmont Cafe at approximately 6:20 p.m., before riding their sleigh to the bank’s headquarters at 2 Leonard St. to pose for free photos from 6:30 to 8 p.m.

“It is a true pleasure to be again sponsoring Belmont’s Turn on the Town this year, and we look forward to contributing to the continued success of this annual tradition,” said Bob Mahoney, President and CEO of Belmont Savings Bank.

“This year, we are thrilled to be offering free kiddie train rides. They are the latest example of the wonderful ways this event continues to grow and engage with the Belmont community.”

Returning this year, the Bank’s “Santa’s Helper Contest” offers youngsters a chance to ride in the Sleigh with Santa and Mrs. Claus from the tree lighting to the Bank’s Belmont Center branch. The winning family will also be first in line to have their photo taken with Santa and his wife inside the Bank’s branch. Parents may enter their children to win on a landing page on belmontsavings.com/santashelpers.

Outside the branch, Bank employees will be handing out hot chocolate. Inside, the Bank’s executive garage will be a petting zoo.  Additionally, Belmont Savings will be handing out glow sticks inside the branch. There will also be stocking giveaways inside the bank lobby with gift cards and products from Local Rewards partners.

Residents are encouraged to celebrate the season of giving and bring non-perishable food items or unwrapped toys to be donated to the Belmont Food Pantry.

Letter to the Editor: Online Donations to Help a ‘Great Community Partner’

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To the editor:
Several weeks ago, Gerry Dickhault, proprietor of Champions Sporting Goods in Belmont Center, lost his home to a fire and is now living in a temporary home while his house is being renovated. David High, a generous and caring member of the Belmont community, created a crowd-funding site to help people to donate online to help Gerry out at this time.
We welcome donations of any size to help Gerry rebuild his life. He has been a great partner to this community; donates to many fundraising efforts; and invites anyone and everyone to use his store as a cut-through to Belmont Center.
Let us now return the favor and help him out in his time of need.
Erin Lubien

Opening Day of New Underwood Pool All Depends on the Weather

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The commute for construction supervisor Ernie Raney to his newest assignment can’t be beat.

He leaves his house on Lincoln Street, heads to School Street, then down Cottage Street and there he is, at the site of the new Underwood Pool.

“Really close,” said Raney, who is currently overseeing large earth moving equipment remove the final concrete remains of the historic pool – the oldest outdoor municipal pool in the US which opened in 1912 two months after the sinking of the Titanic and the first game at Fenway Park – as the team begins moving through its list of objectives.

“Right now I have five or six guys doing the demolition,” said Raney, who works for general contractor New England Builders and Contractors of Methuen.

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After bringing in equipment and fencing in the construction site on Monday, Nov. 2, the demolition company made quick work of the 102-year-old bathhouse and pool. Excavators have ripped out the pump room and tore out trees along Cottage Street. On Wednesday, Nov. 12, crews removed large trees along Concord Avenue.

After the demolition process, next for Raney is laying the foundation for the bathhouses.

Then, it’s all about the weather – in particulate, a warmish forecast – which will determine if the construction team will finish the $5.5 million complex by early/mid-July, which Raney said is the “ideal” completion date.

“If we have relatively normal temperatures, we’ll have the foundations done. And we’ll keep going as long as the weather holds out,” said Raney.

“If the temperatures holdout, we could continue work for the next two months,” the Belmont resident said. Most of that work will be framing the bathhouses.

But Raney said the major work on the pools will need to wait until the spring of 2015 due to the material being used.

“Winter isn’t the time to pour concrete for an outdoor pool,” said Raney.

Once the temperatures rise, the majority of the work will be done; pouring and curing the concrete, laying the plumbing, installing fixtures and installing the filter systems.

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“It will be very busy in the spring, it’s when we will have the most guys here on site,” said Raney.

In the next week, the public will have two chances to learn more about the construction and the time frame it is working under:

• The Underwood Pool Building Committee will hold a public meeting on Thursday, Nov. 20, at 7 p.m., in the Assembly Room at the Belmont Public Library, where the members of the construction team will be introduced and answer questions.

• The Building Committee and the Belmont Board of Selectmen invite the public to the official groundbreaking ceremony for the new pool complex on Friday, Nov. 21 at 8:15 a.m. at the construction site.

Belmont’s Panos Named to Yearly Top 50 Women in Law in Mass

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Belmont’s own Laura Panos has been named one of 50 Top Women of Law in Massachusetts for 2014 by Massachusetts Lawyers’ Weekly.

This annual award is given to “exceptional women who have made outstanding achievements in the field of law, and highlights women who are pioneers, educators, trailblazers, and role models.”

“I am honored to join the list of extraordinary honorees for 2014,” said Panos.

This year has been a strong year of growth and progress for the Law Office of Laura Panos, located in Belmont Center at 50 Leonard St., which provides employment and labor law counsel to companies and individuals, including a large number of locally-owned businesses.

Panos represents clients in all aspects of employment law, and is frequently before the Massachusetts Commission Against Discrimination. The practice uses a small-firm, relatable approach to provide prompt, cost-effective and practical representation for a range of workplace issues with a high level of client satisfaction.

“Our familiarity with both sides of the employment relationship makes us strategic advocates for all of our clients,” said Panos. She and her team are committed to giving back to the community, and have dedicated over 50 hours of pro bono legal services this year.

For additional information please visit www.panoslawoffice.com .

Cushing Village Returns to Planning Board Tonight as the Developer Speaks Out

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Sixteen months after receiving the go ahead to begin constructing the 167,000 square-foot, multi-use development in the heart of Belmont’s Cushing Square, the developer of Cushing Village will be back before the Belmont Planning Board tonight at 7 p.m. in Town Hall. 

But don’t expect any major announcements from the first appearance by Smith Legacy Partners before a town governmental board since coming to the Board of Selectmen in March. According to documents at the Office of Community Development, the development team will propose four minor design modifications to the Project Plans, approved by the Planning Board in July 2013.

In an email sent to selected residents late last week, Smith Legacy’s principal partner Chris Starr asked residents to show up to the meeting, saying “[w]e hope that you can attend this Planning Board meeting, which is another critical step in making the vision of new quality rental housing and retail space for Cushing Square a reality.”

As noted in the Community Development documents, the “proposed modifications [does not] alter the size of the development or reduce the number of apartments or parking spaces.”

Cushing Village’s emergence before town officials is the first time since September when the Acton-based developer began actively shopping the three-block site to an array of commercial developers to take on Smith Legacy as a partner, or to purchase the future home of 115 residential units, 230 parking spaces and nearly 36,000 square feet of retail at the corner of Trapelo Road and Common Street.

The last time the development came before the town was in March when Smith Legacy requested a month-to-month extension for the closing date for the $850,000 purchase and sale agreement for the municipal parking lot on Trapelo Road.

As part of the agreement, the developer agreed to pay a $20,000 penalty for each month it delayed the purchase. To date, Smith Legacy has paid $100,000 into town coffers.

Despite the delays and uncertain future of his involvement with the project he spent eight years seeking to build his first large-scale development, Starr continues to make optimist statements on the future of the retail/residential project.

“We realize that it is a project with many moving parts and lots of stakeholders to protect, so we understand how important our project execution is to the town. Our work will need to be carefully integrated with the Trapelo Road Redevelopment project that will be active in Cushing Square at the same time as our project,” said Smith as he also introduced members of the development team in the message.

“Soon we will sending out invitations for you to join us for a cup of coffee and meet the team. We think it is important that we keep the channels of communications flowing. I look forward to sitting down with you to discuss your ideas and concerns for the project,” said Smith.

Belmont’s Sweet Peach Diner Changes Hands

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Dennis Dyer knows diners.

Dyer has owned the New York Diner on Mt. Auburn Street in Watertown Square for the past eight years, helping to approve what’s served and other aspects of the business.

And in the next few days, the Watertown resident will add Belmont’s Sweet Peach Diner to his inventory of investments.

On Monday, Nov. 3, the Belmont Board of Selectmen approved unanimously a change of ownership of the Trapelo Road eatery at its scheduled meeting at the Chenery Middle School.

“I heard it was for sale, I looked at it, [the current owner and I] agreed on the price and that’s basically it,” Dyer told the Belmontonian at an earlier visit to the Selectmen.

“I like it because it’s a new place, all the equipment is new and clean,” he said.

Dyer, who owns commercial and rental property in Watertown and Boston, is purchasing the two-year-old restaurant located at 628 Trapelo Rd. for cash for an undisclosed amount.

Dyer told the selectmen that he enjoys the diner’s current menu and has talked to the staff and has no plans to change either.

Known for its breakfasts and southern-inspired menu, the Sweet Peach, opened by Ellen Carter, was highlighted on “The Phantom Gourmet” in 2013. It replaced Andro’s Diner.

 

Former Macy’s Landlord Reveals A Peek at the Site’s Future

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Don’t expect big changes to the outside of the former Macy’s/Filene’s Belmont Center location over the next year; the excitement will be left for what will go inside, according to the landlord of the property who revealed just a bit of the site’s future Thursday night.

Locatelli Properties’s Kevin Foley and his colleague, Len Simons, held a public meeting on Oct. 30, at Belmont Town Hall to preview their presentation to the Belmont Zoning Board of Appeals as they seek three special permits to allow “minor” alterations to the building.

If everything goes to plan, retailers and restaurants at new site – without a name for now – will open for business by the spring of 2016.

The presentation before the ZBA will be held on Monday, Nov. 3 at 7 p.m. in the Belmont Gallery of Art, on the third floor of the Homer Building in the Belmont Town Hall complex.

After the renovation work is completed, the site – located at the corner of Alexander and Leonard streets  –  will have approximately 48,000 sq.-ft. of commercial space available to lease, said Foley.

Since the late 60s, the building has “not been touched so it needs to be updated to bring back ‘zip’ to the Center,” Simons said of the commercial space leased to Filene’s from May 1941 to September 2006 when Macy’s bought Filene’s. Macy’s closed in January 2013.

Belmont-based Locatelli will seek ZBA permission on Monday, Nov. 3, to build a new vestibule off the parking-lot side of the building where the stairs to the women’s department was located, the installation of accessibility ramps and an elevator at the rear of the building, a renovated entryway and a new roof system on the Leonard Street side. In addition, windows will be installed and new entry ways created along Leonard Street.

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“We need to include an elevator as we are required to make all floors accessible to the law,” said Simons.

In addition to accessibility features, a new office space of about 600 sq.-ft will be constructed on the top floor.

Simons said the renovations will have no effect on the number of parking spaces in the Locatelli parking lot or in vehicle traffic patterns.

“We believe the improvements for access purposes will support our efforts to bring a mix of quality retailers to the Leonard Street area,” said a written press release handed out at the meeting.

“Once Locatelli has obtained the necessary permits, we will be able to pursue potential tenants and regenerate retail activity in Belmont Center,” said the statement.

“We anticipate two large tenants and four to five smaller ones, like those down [Leonard] street,” said Foley, who doesn’t expect one retailer to take both floors “because that’s a challenge for a retailer.”

The tenants will work with Locatelli on dividing up the interior to best utilize the space.

While Foley appeared hesitant to add another bank branch in the Center, he said just about any business would be considered.

“As long as they are high quality,” said Foley, including national retailers, existing businesses and restaurants.

“I think a mix of restaurants and retail would be the best for [foot] traffic in the day and the evening,” said Foley.

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Belmont Savings Records Quarterly Earning Record Despite Down Industry News

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Don’t tell Belmont Savings Bank you can’t make money taking in deposits and selling loans

Bucking a downward trend affecting the US financial sector where many banks are struggling with sluggish loan growth, BSB Bancorp, the holding company of Belmont Savings Bank, announced record quarterly earnings yesterday, Thursday, Oct. 23, as the Belmont-based state chartered savings bank doubled its net income compared to the same three-month period last year.

The bank, headquartered on Leonard Street in Belmont Center, saw net income in the third quarter of 2014 – in July, August and September – reach $1.2 million with an emphasis on commercial real estate lending and municipal banking. In the first nine months of 2014, the bank reported net income of $2.9 million as compared with $1.3 million in the first three quarters of 2013. 

Since the beginning of the year, the bank’s assets have grown by $281 million to total $1.3 billion on Sept. 30, nearly doubling the size of the bank from $688 million in June 2011 when Belmont Savings went public.

“I am so proud of the work of each of our colleagues. Few teams could accomplish this level of growth while maintaining credit quality and expense control,” said Robert Mahoney, the bank’s CEO and president, in a press release.

Belmont Savings’ stock price (BMLT), $18.40 a share at Friday, Oct. 24 at 1 p.m., is just off its 52 week high of $18.71.

Deposits totaled $931 million, an increase of $168 million or 22 percent from $764.8 million at Dec. 31, 2013. The 33 percent annual growth in deposits in the second quarter of the year, is nearly triple the growth rate of the other 58 Massachusetts banks and double the 17 percent growth among its peers with assets between $925 million to $1.4 billion.

 “We are very pleased that core deposit growth has remained strong. Customer counts and relationship expansion continue to increase in our retail and small business franchises,” said Hal Tovin, the bank’s executive vice president and COO.

But it’s in lending where the bank continues to take big strides. Since the beginning of the year, net loan growth increased by $255 million, up 30 percent. Residential one-to-four family loans, commercial real estate loans, home equity lines of credit, and indirect auto loans increased by $120 million, $63 million, $32 million and $23 million, respectively.

While the bank continues to churn out commercial and business loans – one example being a $18 million loan for Fresh Pond Circle, a 40 unit modular apartment complex in Cambridge – its portfolio is ranked first in lending safety with less than a quarter of one percent (.23 percent) of loans are non-performing. Statewide, the rate is 1.01 percent.

The bank’s lending activity was honored by winning the Best Commercial Real Estate Lending category in Banker & Tradesman’s Best of 2014 issue.

The bank is also increasing its community outreach. Since its creation as a result of the IPO (when it was initially infused with $2 million), the Belmont Savings Bank Foundation has given more than $400,000 to approximately 40 non-profits and educational institutions in Belmont, Watertown, Waltham, Newton and Cambridge. Last month, the foundation  provided a $200,000 matching grant that helped secure the contraction of the new Underwood Pool in Belmont.

Belmont Selectmen Ponder Cellar’s Request for Earlier Sunday Opening

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When is it too early to sell beer on a Sunday in the “Town of Homes”?

That’s the question before the Belmont Board of Selectmen after hearing a request from the owners of the Craft Beer Cellar to allow the wildly-successful Belmont Center store to swing open its doors at 10 a.m. on Sundays at its meeting Monday, Oct. 20 at the Beech Street Center .

Suzanne Schalow, Cellar’s co-owner (with Kate Baker), said the business, located at 51 Leonard St., is seeking a “Change in Hours” to its business license, from its current noon opening. The CBC operates from noon to 6 p.m. on Sunday and 10 a.m. to 10 p.m. Monday through Saturday.

Schalow said the change would be in keeping with modifications to the so-called state “Blue Laws” approved by the legislature and signed by Gov. Deval Patrick in July allowing retail businesses catering to alcohol and beer sales to seek an earlier opening. Nearby towns, such as Burlington, have approved such changes, according to news reports.

In addition, the new opening time will make the 10 a.m. opening consistent with the other six days.

“Customers are rattling the door” at 10 a.m., wondering why the business isn’t open, said Schalow. She said many customers this time of year are seeking to purchase beer for pro football viewing parties.

Since opening four years ago next month, CBC’s support of the rapidly growing US microbrewery industry with passionate and knowledgeable employees and managers has been a hit with customers, resulting in the Belmont-based business becoming a national retail trendsetter with 12 CBC stores in Massachusetts, Missouri, Florida, Maine and Vermont with another nine – including proposed locations in the Bay State, Colorado, Mississippi and California – in the planning stages.

For at least one Selectmen, the idea of an early opening is a bit off-putting. While praising the store as a great example of a small business doing good for the town, Selectman Mark Paolillo was hesitant to approve the application out-of-hand.

“I’m not so sure that is the right time for us,” said Paolillo.

While the full board delayed making a decision on the application, it wasn’t due to one town officials personal preference but rather if the board has any jurisdiction on the matter.

“I don’t know if we have the right to turn this application down,” said Selectmen Chair Andy Rojas as the new law could have legal sway over local authorities. Rather than a simple up-or-down vote, the board referred the matter to Belmont Town Counsel George Hall for review.

Football and other sports fans will have to wait until noon before stocking up for at least a few more weeks before a decision is known.

Belmont Savings Named Best Commercial RE Lender by Peers

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In 2010, the new leadership at Belmont Savings Bank – a small lender with $650 million in assets without much of a business presence in the area – made a decision that the institution’s future would be tied to lending. As larger regional and national banks tightened requirements or simply ignored the mid-sized borrower, Belmont Savings would fill the void by being, as CEO and President Robert “Bob” Mahoney said at the time, “the most admired bank in the Metro West.”

One of those lending area would be commercial real estate; from office space, retail sites and multi-unit housing. In 2011, the bank loaned $9.1 million in construction financing for a 37-unit apartment project, 7 Cameron, in Davis Square, Cambridge. While far from the biggest loan made that year, the bank was willing to work hard to complete the deal.

“[The bank] was a pleasure to work with,” says developer Paul Ognibene, president of Urban Spaces.

“They really took a sensible business approach to the loan,” he said, putting in language in the loan to enable the owner to convert the units to condominiums if the market switch in that favor.

Since then, the bank continues making loans – from a $1.6 million mortgage for a small multi-family on Columbus Avenue in Boston to making a $35 million loan on three office buildings in Waltham – seeing lending growth increase in double digits each year as the bank has doubled in size in less than five years.

That commitment to this core business resulted in the Belmont-based bank winning the “Best Commercial Real Estate Lending” category in Banker & Tradesman’s “Best of 2014” poll.

Banker & Tradesman, New England’s leading real estate and lending business publication, asked leading lenders and real estate pros to choose the best service providers to the real estate and industrial sectors in Massachusetts.

“It is a privilege to be recognized by Banker and Tradesman as their rankings underscore the immense strides we have made in our commercial lending services,” said Mahoney.

“The Best of 2014 distinctions are a clear signal that Massachusetts real estate companies prefer the personalized service offered by Belmont Savings over even some of the nation’s largest financial institutions.”

Earlier this year, Mahoney was honored by the Boston Business Journal as a “most-admired CEO,” an award voted on by BBJ readers in an online poll. The bank has also had recent success increasing its assets twofold over the past three years to $1.2 billion dollars and opening three new in-store branches in Shaw’s supermarkets.

Belmont Savings Bank is a $1.2 billion, full-service Massachusetts savings bank dedicated to quality, convenience and personalized service.