Category: 3. Business

The phase 3 STAR-221 study (NCT05568095) evaluating the anti-TIGIT antibody domvanalimab in combination with the anti–PD-1 antibody zimberelimab and chemotherapy as a first-line treatment for patients with advanced gastric and esophageal cancers is being discontinued due to futility, following a recommendation from the study’s independent data monitoring committee.¹

The committee’s recommendation followed a review of data from a prespecified interim analysis of overall survival (OS) of STAR-221, at which time the domvanalimab-based combination did not improve OS compared with nivolumab (Opdivo) plus chemotherapy. The regimen’s safety profile was comparable to that of nivolumab plus chemotherapy, and no new safety data were identified.

“Patients in the domvanalimab-containing arm derived the same benefit as patients treated in the control arm, and there were no new safety concerns,” Richard Markus, MD, chief medical officer of Arcus Biosciences, stated in a news release. “We are disappointed with this outcome and sincerely thank all those who participated in the study and made this research possible. We remain committed to advancing research for people living with cancer and immune-related diseases.”

In addition to STAR-221, the ongoing, multi-arm, global phase 2 EDGE-Gastric study (NCT05329766) evaluating the safety and efficacy of various domvanalimab-based and zimberelimab-based combinations in locally advanced unresectable or metastatic gastric, gastroesophageal junction (GEJ), or esophageal adenocarcinoma, will also be discontinued.^1,2

Arcus Biosciences and Gilead Sciences, the co-developers of domvanalimab, are currently in communication with study investigators to determine appropriate next steps for patients in the study. A detailed analysis will be conducted to further clarify these results.

“The results from STAR-221 are not what we had hoped for, and we have important work ahead to meet the needs of patients on our domvanalimab studies and also accelerate the casdatifan [AB521] and inflammation and immunology programs,” Terry Rosen, chief executive officer of Arcus, added in a news release.¹ “We are fortunate to be well capitalized and plan to focus our resources on casdatifan, including studying new early-line combinations in kidney cancer, broadening its development into new tumor types, and extending our capabilities beyond oncology.”

What prior data were reported with domvanalimab plus zimberelimab and chemotherapy in EDGE-Gastric?

Arm A1 of EDGE-Gastric enrolled treatment-naive patients with locally advanced unresectable or metastatic gastric, GEJ, or esophageal adenocarcinoma.^2,3 All patients received 1600 mg of domvanalimab and 480 mg of zimberelimab intravenously every 4 weeks, plus chemotherapy every 2 weeks, until disease progression or unacceptable toxicity.

Domvanalimab Plus Zimberelimab and Chemotherapy: Reasons for Discontinued Development

• The phase 3 STAR-221 study evaluating first-line domvanalimab plus zimberelimab and chemotherapy for advanced gastric and esophageal cancers is being discontinued due to futility.

• This decision was recommended by the study’s independent data monitoring committee after a review of data from a prespecified interim analysis failed to show improved OS with the combination vs nivolumab plus chemotherapy.

• The phase 2 EDGE-Gastric study, which is evaluating various combinations of domvanalimab plus zimberelimab and chemotherapy in advanced GI cancers, is also being discontinued.

The study’s coprimary end points were investigator-assessed overall response rate (ORR) and safety.³ Secondary end points included OS, progression-free survival (PFS), disease control rate, and duration of response (DOR) in both the overall patient population and in PD-L1 expression subgroups.

First OS results and updated efficacy findings from arm 1 of EDGE-Gastric were presented during the 2025 ESMO Congress.² At the data cutoff of March 3, 2025, and a median follow-up of 26.4 months, domvanalimab plus zimberelimab and chemotherapy produced a median OS of 26.7 months (90% CI, 18.4-not evaluable) and a median PFS of 12.9 months (90% CI, 9.8-14.6) in the overall patient population (n = 41). The confirmed ORR per RECIST 1.1 criteria was 59% (90% CI, 45%-72%). No unexpected safety signals were observed at the time of data cutoff, and the regimen was generally well tolerated.

Results from EDGE-Gastric supported the ongoing development of this regimen in STAR-221.

What was the design of STAR-221?

STAR-221 was a global, randomized, open-label, phase 3 trial evaluating domvanalimab plus zimberelimab and chemotherapy vs nivolumab plus chemotherapy as frontline therapy for patients with locally advanced, unresectable or metastatic HER2-negative gastric, GEJ, and esophageal adenocarcinomas.² The study enrolled 1,040 patients from approximately 30 countries.

Patients were randomly assigned 1:1 to one of 2 treatment arms: 1600 mg of IV domvanalimab plus 480mg of zimberelimab IV every 4 weeks and FOLFOX (oxaliplatin, leucovorin, fluorouracil) every 2 weeks, or 1200 mg of domvanalimab plus 360 mg of zimberelimab every 3 weeks and CAPOX (capecitabine and oxaliplatin) every 3 weeks; vs 240mg of nivolumab IV and FOLFOX every 2 weeks, or 360 mg of nivolumab plus CAPOX every 3 weeks.

The study’s primary end points were OS in PD-L1–high tumors, PD-L1–positive tumors, and in the intention-to-treat population. PFS, ORR, DOR, safety, and patient-reported outcomes all served as secondary end points.

References

1. Arcus provides update on phase 3 STAR-221 study and concentrates its R&D investment on casdatifan and emerging inflammation and immunology portfolio. News release. Coherus. December 12, 2025. Accessed December 12, 2025. https://investors.arcusbio.com/investors-and-media/press-releases/press-release-details/2025/Arcus-Provides-Update-on-Phase-3-STAR-221-Study-and-Concentrates-Its-RD-Investment-on-Casdatifan-and-Emerging-Inflammation-and-Immunology-Portfolio/default.aspx
2. Anti-TIGIT domvanalimab plus anti-PD-1 zimberelimab and chemotherapy showed 26.7 months of median overall survival as first-line treatment of unresectable or advanced gastroesophageal adenocarcinomas in the phase 2 EDGE-Gastric study. News Release. Arcus Biosciences. October 12, 2025. December 12, 2025. https://investors.arcusbio.com/investors-and-media/press-releases/press-release-details/2025/Anti-TIGIT-Domvanalimab-Plus-Anti-PD-1-Zimberelimab-and-Chemotherapy-Showed-26-7-Months-of-Median-Overall-Survival-as-First-Line-Treatment-of-Unresectable-or-Advanced-Gastroesophageal-Adenocarcinomas-in-the-Phase-2-EDGE-Gastric-Study/default.aspx
3. Janjigian YY, Oh DY, Pelster M, Wainberg ZA, Prusty S, Nelson S, DuPage A, Thompson A, Koralek DO, Sison EAR, Rha SY. Domvanalimab and zimberelimab in advanced gastric, gastroesophageal junction or esophageal cancer: a phase 2 trial. Nat Med.(2025). doi: 10.1038/s41591-025-04022-w.

Governments and companies constantly face decisions about how to allocate finite amounts of money to clean energy technologies that can make a difference to the world’s climate, its economies, and to society as a whole. The process is inherently uncertain, but research has been shown to help predict which technologies will be most successful. Using data-driven bases for such decisions can have a significant impact on allowing more informed decisions that produce the desired results.

The role of these predictive tools, and the areas where further research is needed, are addressed in a perspective article published Nov. 24 in Nature Energy, by professor Jessika Trancik of MIT’s Sociotechnical Systems Research Center and Institute of Data, Systems, and Society and 13 co-authors from institutions around the world.

She and her co-authors span engineering and social science and share “a common interest in understanding how to best use data and models to inform decisions that influence how technology evolves,” Trancik says. They are interested in “analyzing many evolving technologies — rather than focusing on developing only one particular technology — to understand which ones can deliver.” Their paper is aimed at companies and governments, as well as researchers. “Increasingly, companies have as much agency as governments over these technology portfolio decisions,” she says, “although government policy can still do a lot because it can provide a sort of signal across the market.”

The study looked at three stages of the process, starting with forecasting the actual technological changes that are likely to play important roles in coming years, then looking at how those changes could affect economic, social, and environmental conditions, and finally, how to apply these insights into the actual decision-making processes as they occur.

Forecasting usually falls into two categories, either data-driven or expert-driven, or a combination of those. That provides an estimate of how technologies may be improving, as well as an estimate of the uncertainties in those predictions. Then in the next step, a variety of models are applied that are “very wide ranging,” Trancik says, “different models that cover energy systems, transportation systems, electricity, and also integrated assessment models that look at the impact of technology on the environment and on the economy.”

And then, the third step is “finding structured ways to use the information from predictive models to interact with people that may be using that information to inform their decision-making process,” she says. “In all three of these steps, how you need to recognize the vast uncertainty and tease out the predictive aspects. How you deal with uncertainty is really important.”

In the implementation of these decisions, “people may have different objectives, or they may have the same objective but different beliefs about how to get there. And so, part of the research is bringing in this quantitative analysis, these research results, into that process,” Trancik says. And a very important aspect of that third step, she adds, is “recognizing that it’s not just about presenting the model results and saying, ‘here you go, this is the right answer.’ Rather, you have to bring people into the process of designing the studies and interacting with the modeling results.”

She adds that “the role of research is to provide information to, in this case, the decision-making processes. It’s not the role of the researchers to push for one outcome or another, in terms of balancing the trade-offs,” such as between economic, environmental, and social equity concerns. It’s about providing information, not just for the decision-makers themselves, but also for the public who may influence those decisions. “I do think it’s relevant for the public to think about this, and to think about the agency that actually they could have over how technology is evolving.”

In the study, the team highlighted priorities for further research that needs to be done. Those priorities, Trancik says, include “streamlining and validating models, and also streamlining data collection,” because these days “we often have more data than we need, just tons of data,” and yet “there’s often a scarcity of data in certain key areas like technology performance and evolution. How technologies evolve is just so important in influencing our daily lives, yet it’s hard sometimes to access good representative data on what’s actually happening with this technology.” But she sees opportunities for concerted efforts to assemble large, comprehensive data on technology from publicly available sources.

Trancik points out that many models are developed to represent some real-world process, and “it’s very important to test how well that model does against reality,” for example by using the model to “predict” some event whose outcome is already known and then “seeing how far off you are.” That’s easier to do with a more streamlined model, she says.

“It’s tempting to develop a model that includes many, many parameters and lots of different detail. But often what you need to do is only include detail that’s relevant for the particular question you’re asking, and that allows you to make your model simpler.” Sometimes that means you can simplify the decision down to just solving an equation, and other times, “you need to simulate things, but you can still validate the model against real-world data that you have.”

“The scale of energy and climate problems mean there is much more to do,” says Gregory Nemet, faculty chair in business and regulation at the University of Wisconsin at Madison, who was a co-author of the paper. He adds, “while we can’t accurately forecast individual technologies on their own, a variety of methods have been developed that in conjunction can enable decision-makers to make public dollars go much further, and enhance the likelihood that future investments create strong public benefits.”

This work is perhaps particularly relevant now, Trancik says, in helping to address global challenges including climate change and meeting energy demand, which were in focus at the global climate conference COP 30 that just took place in Brazil. “I think with big societal challenges like climate change, always a key question is, ‘how do you make progress with limited time and limited financial resources?’” This research, she stresses, “is all about that. It’s about using data, using knowledge that’s out there, expertise that’s out there, drawing out the relevant parts of all of that, to allow people and society to be more deliberate and successful about how they’re making decisions about investing in technology.”

As with other areas such as epidemiology, where the power of analytical forecasting may be more widely appreciated, she says, “in other areas of technology as well, there’s a lot we can do to anticipate where things are going, how technology is evolving at the global or at the national scale … There are these macro-level trends that you can steer in certain directions, that we actually have more agency over as a society than we might recognize.”

The study included researchers in Massachusetts, Wisconsin, Colorado, Maryland, Maine, California, Austria, Norway, Mexico, Finland, Italy, the U.K., and the Netherlands. 

Governor Kathy Hochul today announced the completion of Alafia Phase 1, a $387 million mixed-use development that will create 576 affordable homes in the East New York neighborhood of Brooklyn. The project is the first phase of a six-phase plan to redevelop the former Brooklyn Developmental Center campus into more than 2,400 affordable homes and is part of the State’s Vital Brooklyn Initiative — a comprehensive community development program designed to address social, economic, and health disparities in Central Brooklyn. Under Governor Hochul’s leadership, New York State Homes and Community Renewal has created or preserved nearly 10,000 affordable homes throughout Brooklyn. Alafia Phase 1 continues this effort and complements Governor Hochul’s $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.

“The Alafia development is a powerful example of how we can transform underutilized State-owned land to create vibrant, healthy communities,” Governor Hochul said. “By combining affordable housing, supportive services, and high-quality health care in one sustainable development, we are delivering the type of holistic investments that Central Brooklyn deserves. These 576 new homes reflect our commitment to advancing health equity, expanding housing opportunities, and building a stronger and more resilient Brooklyn for generations to come.”

Alafia Phase 1 was built on the site of the Brooklyn Developmental Center, a former State institution for individuals with disabilities. As part of the Vital Brooklyn Initiative, it integrates housing, health, and economic benefits for the surrounding community. The development expands access to preventative health care with a 15,000-square-foot One Brooklyn Health outpatient clinic providing primary and specialty care, blood-drawing and infusion services, an on-site laboratory, and a pharmacy. The clinic’s design and programming were shaped through extensive community engagement to ensure that services meet the specific needs of local residents.

The all-electric development incorporates a micro-grid, geothermal system for heating and cooling, rooftop solar, wastewater heat recovery systems, a green roof, urban farm, on-site composter, and Energy Star appliances. These features lower utility costs, reduce energy consumption, and improve indoor air quality. There is also 7,800 square-feet of retail space for small local businesses including a supermarket, enhancing the community’s economy and access to fresh food.

All apartments are available to households earning up to 80 percent of Area Median Income.

The development includes 132 supportive apartments reserved for eligible individuals with mental illness or individuals with developmental disabilities. On-site support services will be delivered by Services for the UnderServed and will include care coordination, daily living skills training, health and wellness coaching, employment support, and community-based mental health services.

The development also includes units that are accessible and equipped for people with mobility impairments, as well as hearing and visual impairments. 

The project is developed by L+M Development Partners, Services for the UnderServed, Apex Building Group, and RiseBoro.

State financing for Alafia Phase 1 includes $38.1 million in permanent tax-exempt bonds, Federal Low-Income Housing Tax Credits that will generate $117.8 million in equity from the private sector and $174.9 million in subsidy from New York State Homes and Community Renewal’s (HCR) New Construction Program and Community Investment Fund. The development also benefits from $946,000 in Clean Energy Initiative funding, a partnership between HCR and the New York State Energy Research and Development Authority (NYSERDA). NYSERDA also provided over $850,000 in support for rooftop solar through the State’s NY-Sun initiative. The project is also expected to qualify for federal Solar and Geothermal Tax Credits that will generate $670,000 in equity. The New York State Office of Mental Health (OMH) is providing $430,000 in a Program Development Grant. Operational funding for the supportive units is funded through the New York State Office for People With Developmental Disabilities (OPWDD), as well as funded through the Empire State Supportive Housing Initiative and administered by OMH. The project’s site was owned by the Dormitory Authority of the State of New York and was acquired by the developers.

In 2018, Empire State Development, in partnership with New York State Homes and Community Renewal, issued a Request for Proposals to redevelop the Brooklyn Developmental Center campus in East New York into a modern, mixed-use wellness-oriented community. ESD facilitated the procurement process through its General Project Plan, ultimately selecting a development team consisting of Apex Building Company, L+M Development Partners, Services for the UnderServed, and RiseBoro Community Partnership. The master plan for the six-phase redevelopment was designed by Dattner Architects.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “The first phase of Alafia delivers on the promise of the Vital Brooklyn Initiative by bringing together affordable housing, supportive services, health care, and sustainability in one thoughtfully planned community. This development reflects years of engagement with local residents and a shared vision for a healthier, more equitable East New York. We are grateful to our partners at OMH, OPWDD, One Brooklyn Health, and the entire development team for their commitment to this transformative project.”

New York State Office of Mental Health Commissioner Dr. Ann Sullivan said, “This phase of the Alafia project is providing safe, affordable homes for individuals living with mental illness along with the supportive services designed to ensure that they live and thrive in their community. The completion of this project reflects Governor Hochul’s continued support for programs like the Empire State Supportive Housing Initiative, which are expanding supportive housing statewide.”

New York State Office for People With Developmental Disabilities Commissioner Willow Baer said, “The transformation we have been able to achieve at the former Brooklyn Developmental Center moves New York from a time of institutionalization to the freedoms of independent living that Alafia will provide. This is a hallmark of the progress made over the last fifty years to include New Yorkers with developmental disabilities as respected and valuable members of our communities. Thank you to Governor Hochul for continuing to create these opportunities for affordable and safe housing that allows people to live with dignity and purpose.”

NYSERDA President and CEO Doreen M. Harris said, “New York State is helping transform the way buildings are constructed by incentivizing the use of the latest energy efficiency and electrification technologies. NYSERDA is proud to support the all-electric Alafia Phase I affordable housing development, which provides a healthy, modern living experience for residents in Brooklyn while also contributing to the state’s equitable transition to a clean energy economy.”

Empire State Development President, CEO and Commissioner Hope Knight said, “Under Governor Hochul’s leadership, we’re proving that affordable housing developments can be catalysts for comprehensive community transformation. Alafia Phase 1 delivers 576 new homes alongside essential health services and sustainable features — the kind of holistic investment that strengthens neighborhoods and creates lasting opportunity. Empire State Development is proud to support this Vital Brooklyn Initiative project, which addresses long-standing disparities and builds a more equitable future for Central Brooklyn.”

Senator Kirsten Gillibrand said, “All New Yorkers deserve access to safe and secure housing, but for far too long, affordable housing options have been scarce across much of the city. The Alafia housing development creates much-needed new housing, health care, and supportive services in Brooklyn and will help strengthen the local community. I am proud to support this project, and I will continue pushing to bring federal dollars back home to New York to fund projects like this.”

House Democratic Leader Hakeem Jeffries said “I am grateful to Governor Kathy Hochul for her commitment to addressing the affordability crisis that continues to ravage New Yorkers, while Donald Trump and House Republicans abdicate their duty to bring costs down. The creation of 576 affordable homes, healthcare facilities and access to healthy food in the Alafia Phase 1 development are a transformational investment in building a thriving East New York. I look forward to the completion of this project and its future stages to ensure more people can afford to remain in the greatest city in the world.”

State Senator Roxanne J. Persaud said, “The completion of Alafia Phase 1 is a great step forward for East New York and our entire community, delivering much-needed affordable homes, essential health services, and real economic opportunity where it’s needed most. Thank you to Governor Kathy Hochul and the partners who are invested in expanding access to quality housing, supporting community-driven solutions, and investing in the health and wellbeing of our residents.”

Brooklyn Borough President Antonio Reynoso said, “Alafia is an essential investment for East New York — affordable housing, quality healthcare, and opportunity all in one place. With the completion of phase 1 bringing accessible housing for people with disabilities and green energy to support low and affordable utility costs, Alafia strives to meet the needs of Brooklynites in a meaningful way. I am thankful to Governor Hochul for prioritizing a project that puts families first and to our community partners who build with the community in mind.”

New York City Councilmember Chris Banks said, “The completion of Alafia Phase 1 is a major victory for East New York and a powerful example of what development should look like when we put a community’s needs first. For decades, this site symbolized isolation and disinvestment — but today, it represents opportunity, health, and affordability for the families who call this neighborhood home. As Council Member for the 42nd District, I am proud to see a project that brings more than 570 affordable homes, a full-service healthcare clinic, supportive housing, and green, sustainable infrastructure directly into a community that has long been overlooked. This is the kind of investment our residents deserve. We deserve housing that is dignified, deeply affordable, environmentally responsible, and built with the understanding that stability and wellness go hand in hand. Alafia reflects our shared commitment to addressing the housing crisis, expanding access to preventative healthcare, and creating a stronger, healthier future for East New York. I look forward to continuing to work with the State, the development team, and — most importantly — our community, to ensure that the next phases of this project deliver the same level of care, innovation, and equity for the people of this district.”

Services for the UnderServed President and CEO Perry Perlmutter said, “Alafia represents a promise kept to provide New Yorkers not just with housing, but with opportunity, dignity, and a foundation for healthier lives. With the opening of Phase I, hundreds of individuals and families will have a safe, stable home built to the highest sustainability standards, and access to on-site healthcare and community amenities. This is what it means to build for the future.”

L+M Development Partners CEO Lisa Gomez said, “Today we celebrate the opening of the first phase of Alafia, a unique community that will serve as an example for how affordable homes should be built, with sustainability driving the design from the outset.

We are proud to see this vision come to life and become a home for those in the community that need it most, with an eye to improving health outcomes and keeping communities together. Thank you to Governor Hochul for her leadership and to our partners for getting this project over the finish line.”

Apex Building Group CEO Lee Brathwaite said, “Apex Building Group is proud to celebrate the ribbon cutting of Alafia’s first phase, a transformative investment in East New York Brooklyn’s future. We believe that high-quality, affordable housing and vibrant, healthy neighborhoods go hand in hand. Working side by side with all of our partners and community stakeholders, we’ve delivered affordable homes that promote a community of wellness while creating new opportunities for the families who live here today and for generations to come.”

RiseBoro Community Partnership CEO Kieran Harrington said, “At RiseBoro, we believe that a home is more than four walls — it is access to care, opportunity and community. Alafia embodies that vision. By integrating supportive services, health care, green space and sustainable design, this project offers residents the stability they deserve and creates the conditions for a thriving community. We’re proud to join our partners in bringing this transformative model to uplift East New York’s families today and for generations to come.”

One Brooklyn Health CEO Sandra Scott, MD said, “This partnership with Alafia exemplifies how health, housing, and economic opportunity can come together to build stronger, healthier communities. It’s a model for how we can reimagine public investment to create lasting change in the lives of New Yorkers.”

Governor Hochul’s Housing Agenda

Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives, capital funding, and new protections for renters and homeowners. Building on this commitment, the FY26 Enacted Budget includes more than $1.5 billion in new State funding for housing, a Housing Access Voucher pilot program, and new policies to improve affordability for tenants and homebuyers. These measures complement the Governor’s five-year, $25 billion Housing Plan, included in the FY23 Enacted Budget, to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. Nearly 70,000 have been created or preserved to date.

The FY25 and FY26 Enacted Budgets also strengthened the Governor’s Pro-Housing Community Program — which allows certified localities exclusive access to up to $750 million in discretionary State funding. Currently, more than 380 communities have received Pro-Housing certification, including New York City.

The Planning Department this month recommended approval of real estate actions to advance the redevelopment of Parcel M in the Raymond L. Flynn Marine Park and Pier 5 in the Charlestown Navy Yard, and recommended an extension of the Office to Residential Conversion Program to the BPDA Board. Staff also recommended approval of nine new development projects representing approximately 321,688 square feet (SF). All were approved. The newly approved development proposals will create 278 new homes, including 170 units that are designated income-restricted, and will support approximately 296 construction jobs and 159 permanent jobs. The projects advanced today will help make Boston a more resilient, affordable, and equitable city.

Office to Residential Conversion Program extended

The Planning Department recommended and received approval to extend the Office to Residential Conversion Program. The program, which formally launched in October of 2023, has received 22 applications to convert 1.2 million square feet of office space across 27 buildings into 1,517 new homes, including 284 income-restricted units, far exceeding initial city goals. Four projects totaling 236 units are currently under construction, and one of the first buildings to apply for the program at 281 Franklin Street has already fully tenanted its 15 units. A total of 251 units are either under construction or completed. Applicants during this extended period must commit to pulling a full building permit and starting construction by December 31, 2027 to benefit from the program. 

Real Estate

Planning advances redevelopment of Parcel M on the South Boston Waterfront 

The Board awarded tentative designation to Marcus Partners for the redevelopment of Parcel M in the Raymond L. Flynn Marine Park (RLFMP) at 3 Dolphin Way. Marcus Partners is proposing a new advanced marine manufacturing and research and development facility to support the development, integration, and testing of marine technologies. The project would also install a new floating dock at the East Jetty. The proposal is estimated to create hundreds of temporary construction jobs and new permanent ‘blue tech’ research and development jobs. Like all publicly-owned parcels in the RLFMP, the selected development team will be required to meet Diversity, Equity, and Inclusion evaluation criterion, including Minority and Women-Owned Business Enterprise (M/WBEs) in all aspects of their development process.

Planning advances redevelopment of Pier 5 in Charlestown

The Board awarded tentative designation to Courageous Sailing to redevelop Pier 5 in the Charlestown Navy Yard. Staff issued the original RFP for this site in September 2024 focusing on creating public open space and enhancing waterfront access and education. Because of the significant deterioration of the current pier, the RFP also included up to $8 million in public funding for the pier’s rehabilitation or demolition. The requirements of the RFP were based on extensive feedback from the community over the last several years. The Courageous Sailing team, which currently operates out of nearby Pier 4, is proposing to demolish the current pier and build a new building and public open space including: a roof terrace, harbor pool and floating dock, an ecological learning lagoon, and a public venue. The new building on site would include classrooms, office space, concessions, and other public amenities, increasing year-round public access to the waterfront. The team will continue to refine their proposal with Planning Department staff over the next year.

Planning staff advance an Invitation For Bids (IFB) to extend Harborwalk in Charlestown

The Board accepted a $500,000 grant from the state Department of Conservation and Recreation’s MassTrails program and approved an IFB to advance the construction of the Little Mystic Channel Harborwalk Extension in Charlestown. This project will complete a missing section of the Boston Harborwalk, providing connectivity, supporting pedestrian safety, and allowing equitable access to the waterfront. 

Development Projects

15 Supertest Street grocery store and housing project, and Hood Park PDA amendment move forward 

Housing: 32 residential units, 26 income-restricted units

Jobs: Approximately 52 construction jobs, approximately 34 permanent jobs

Community: New local grocery store

Sustainability: LEED Gold, all-electric building

Located in Charlestown, the project at 15 Supertest Street will build a new grocery store with 32 homes above it. Of those units, 26 will be income-restricted. The income-restricted units are being delivered early as part of the income-restricted unit requirement from the proposed 25 Supertest Street hotel and residential project. A grocery store and affordable housing were identified as key community needs in PLAN: Charlestown. The project will also contribute new landscaping, public realm improvements, $18,595 to the Boston Transportation Department in support of the bikeshare system, and more than $102,000 in mitigation funding. 

4259-4267 Washington Street project will create new senior housing in Roslindale and incorporate hallmark features of Squares + Streets zoning

Housing: 41 housing units for seniors, all income-restricted

Jobs: Approximately 38 construction jobs

Community: Home for the Thrift Shop of Boston in Roslindale Square

Sustainability: NZC compliant, Passive House-Certified, close proximity to public transportation

This project will transform a prior bank parking lot into a six-story building with ground-floor retail and housing above. Located in the heart of Roslindale Square, the building will create 41 homes for seniors and older adults (age 55+), all of which will be income-restricted at or below 60 percent AMI. Residents will have access to a multi-purpose room, a fitness center, bike storage, management offices, shared laundry, a roof deck, and resident services. A transit-oriented development, the project is located near a number of MBTA bus routes and the Roslindale Village Commuter Rail. The project will also include an outdoor courtyard and improvements to the public realm along Washington Street such as widening the sidewalks, protecting three existing trees, and planting at least two additional trees. 

This project is fully zoning compliant and is the first project to be approved in Roslindale Square since the area was rezoned with Squares + Streets zoning districts. The project incorporates the vision of Squares + Streets with active ground floor uses, new homes near transit and small businesses, and community spaces including a courtyard and roof deck. 

Senior housing project at 151 Lenox Street moves forward in Roxbury

Housing: 38 units of income-restricted, senior housing 

Jobs: Approximately 30 construction jobs

Community: Ground floor community room, resident services, programming for seniors, close proximity to neighborhood resources

Sustainability: NZC compliant, fully electric building, Passive House

Located in Roxbury, this transit-oriented development will turn a vacant publicly-owned lot into 38 units of income-restricted senior housing. The project also plans to partner with local organizations to deliver health, wellness, education, and cultural programs to residents. Public realm improvements will include reconstructing sidewalks and planting new street trees. 

Majority income-restricted housing project moves forward at 294 Hyde Park Avenue in Jamaica Plain

Housing: 48 residential units, 43 income-restricted units

Jobs: Approximately 44 construction jobs

Community: Public realm improvements

Sustainability: All-electric, NZC compliant

Located in Jamaica Plain, this project will create 48 new homes, 43 of which will be income-restricted. These will be a mix of studios, one-, two-, and three- bedroom units. The building will also include bike parking and recreational space for tenants. The project will also improve the public realm by widening the sidewalks on site and adding or preserving trees. The building will be all-electric and Net Zero Carbon compliant, contributing to the City’s sustainability goals.

1 Longfellow Place project to convert offices to housing

Housing: 24 housing units, five income-restricted

Jobs: Approximately 11 construction jobs

Community: New residents living Downtown

Sustainability: Adaptive re-use and preservation of existing building

This project will renovate two floors of office space into 24 new homes Downtown, including five income-restricted units. The two-tower, 38-story building is already primarily residential. This project is one of 22 applicants to Mayor Wu’s successful Office-to-Residential Conversion Program, which is on track to create more than 1,500 units from the conversion of 27 vacant office buildings. 

Project at 1 & 10 Emerson Place to bring new homes Downtown

Housing: 33 housing units, six income-restricted 

Jobs: Approximately 18 construction jobs 

Community: New residents living Downtown

Sustainability: Adaptive re-use and preservation of existing building

This project will renovate office space into housing in two buildings that are already primarily residential. The renovation will deliver 33 new homes Downtown, six of which will be income-restricted. This project is one of 22 applicants to Mayor Wu’s successful Office-to-Residential Conversion Program, which is on track to create more than 1,500 units from the conversion of 27 vacant office buildings.  

Project at 1028-1032 Dorchester Avenue to bring new housing to Dorchester

Housing: 22 residential units, four income-restricted units

Jobs: Local business to tenant ground floor

Community: Public realm improvements, bike parking, close proximity to public transportation

Sustainability: Solar-ready roof

Located in Savin Hill, this project will build a new four-story building with 22 residential units, four of which will be income-restricted. These will be a mix of studios, one-, two-, and three-bedroom units. The project is a transit-oriented development, will include bike parking on site, and will contribute $8,008 to the Boston Transportation Department in support of the bikeshare system. 

110 Wales Street will bring new homeownership opportunities to Mattapan

Housing: 40 homeownership units, seven income-restricted units

Jobs: Approximately 41 construction jobs

Community: Public realm improvements

Sustainability: Passive House, all-electric, solar panels, EV charging stations, green roof and rain garden

This project will build a new five-story building with 40 homes, seven of which will be income-restricted. This project will contribute $11,000 to the Boston Transportation Department in support of the bikeshare system, and will improve the public realm by widening the sidewalks on site and adding or preserving trees.

New office and assembly space move forward at 100 Magazine Street in Newmarket

Jobs: New office and assembly space

Community: Public realm improvements

Sustainability: Increased tree canopy, new EV parking

This project will renovate a vacant warehouse and existing office space into new offices. This project falls within the PLAN: Newmarket study area which encourages the preservation and growth of industrial jobs. Exterior improvements will be made to the existing building, including a new roof, facade and window renovations. Nearly 50 trees and pollinator planting beds will be placed across the site to help minimize the urban heat island effect. Other pedestrian-focused improvements include widening sidewalks and narrowing the driveway curb cuts on site. The project will also contribute $10,285 to the Boston Transportation Department to support the bikeshare system.

In addition to these projects, the board approved:

• An update to a previously approved project at Allston Square to reduce the amount of parking on site.
• An update to a previously approved project at 257 Washington Street to increase the number of income-restricted and family-sized units on site.
• A change of use at 4 Alger Street from industrial to exercise and entertainment.
• An Invitation for Bid (IFB) to realign Fid Kennedy Avenue in the RLFMP.
• A Demonstration Project Plan for 11 Ashmont Park to facilitate the property being acquired and redeveloped for use by the Boston Fire Department.

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About the Planning Department

The City of Boston’s Planning Department shapes growth that serves Boston’s residents and centers their needs. Our mission is to address our City’s greatest challenges: resilience, affordability, and equity, and to take real estate actions and prioritize planning, development, and urban design solutions that further these priorities. We seek to build trust with communities through transparent processes that embrace predictable growth and shape a more inclusive city for all. Learn more at bostonplans.org, and follow us on Twitter and Instagram @BostonPlans.

Binance is set to explore the tokenization of up to $2 billion in bonds, treasury bills and commodity reserves in Pakistan, Reuters reported on Friday.

The memorandum of understanding (MOU) with the world’s largest crypto exchange by trade volume highlights Pakistan’s push to use blockchain technology to unlock liquidity and attract foreign investment as it explores a formal crypto regulatory framework.

Pakistan’s Finance Ministry said the initiative could pave the way for tokenizing additional government-owned real-world assets and distributing them on blockchain-based platforms.

The announcement comes one day after the Chairman of Pakistan’s Virtual Assets Regulatory Authority (VARA), Bilal Bin Saqib, announced in a video interview with CoinDesk his country’s plans to accelerate crypto adoption, leverage Bitcoin mining, and launch a national stablecoin.

Pakistan’s regulatory moves mirror a broader global trend. The United Arab Emirates, Japan and parts of the European Union are expanding formal licensing rules ‍for crypto exchanges amid broader global regulatory tightening.

Binance founder Changpeng Zhao said the agreement was “a great signal for the global blockchain industry and for Pakistan”, adding that it marks the start of a move toward full deployment of the tokenization initiative.

Also today, according to Reuters, the VARA said it issued early approvals to Binance and HTX after reviewing their governance and compliance controls, allowing them to register on the Anti-Money Laundering system, set up local units and prepare full applications.

Binance did not immediately respond to a CoinDesk request for more information.

JAKARTA, Indonesia (Press release) – The International Labour Organization (ILO) reaffirmed its commitment to strengthening financial inclusion in Indonesia to bolster economic resilience and support the transformation of micro, small, and medium-sized enterprises (MSMEs), particularly micro and small entrepreneurs and informal workers in rural areas. This commitment was conveyed during a media briefing held in Jakarta on Thursday (11/12).

During the forum, the ILO emphasized that financial inclusion is a key catalyst for MSME transformation toward formalization, strengthened rural value chains, and the creation of decent jobs. This focus aligns with the government’s national agenda to accelerate sustainable economic growth by expanding access to formal and digital financial services.

“Financial inclusion is not only about access; it is about creating meaningful improvements in people’s livelihoods. Within the framework of the Decent Work Agenda, the ILO promotes financial health, productivity, stable income, and enterprise resilience. When MSMEs and farmers are connected to formal financial services, they become more resilient to risks, more productive, and better positioned to expand their businesses,” said Djauhari Sitorus, PROMISE II IMPACT Project Manager.

On the other hand, the Financial Services Authority (OJK) reiterated the importance of expanding safe and responsible financial services, especially for small and micro enterprises and farmers in rural regions. OJK highlighted digitalization as a critical driver, particularly through the Alternative Credit Scoring (ACS) mechanism. “When businesses lose assets due to incidents such as disasters, digital records, from e-commerce transactions to mobile phone, are highly relevant, enabling banks to continue assessing borrowers’ creditworthiness,” stated Djoko Kurnijanto, Head of the Department of Regulatory and Licensing for Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets at OJK.

In this context, OJK and the ILO have jointly developed several digitalization programs, including the dairy value chain ecosystem, through an Enterprise Resource Planning (ERP) system integrated with ACS to improve financing distribution for smallholder dairy farmers and stimulate regional economic growth.

Meanwhile, the Swiss State Secretariat for Economic Affairs (SECO) shared key lessons and positive impacts from the Promoting Small and Medium Enterprises by Enhancing Their Access to Financial Services Phase 2 Project (PROMISE II IMPACT). The project has expanded access to affordable financial services by strengthening value chain ecosystems across three key sectors in three provinces: dairy in West Java, seaweed in Sumba, and patchouli in Aceh, while modernizing local financial institutions.

A total of 6,000 MSMEs accessed financing through Rural Banks (BPR) and Regional Development Banks (BPD), amounting to IDR 167 billion, supported by ILO initiatives, including the deployment of a Mobile Loan Application, upgrades to core banking systems, and the development of a Loan Origination System (LOS). Additionally, 3,610 MSMEs utilized savings and deposit services for investment and financial planning, amounting to IDR 20 billion, enabled through ILO’s support in strengthening BPR core banking systems.

Ariadirja Martoni, Deputy Head of SECO Indonesia, noted, “We see multi-stakeholder collaboration as key to the success of this initiative. Moving forward, we remain committed to strengthening a sustainable financial inclusion ecosystem. We will also work closely with the ILO to conduct further assessments and develop plans for the next phase.”

The Coordinating Ministry for Economic Affairs commended ILO through PROMISE II IMPACT for increasing the awareness of formal financial access among local communities. The government views the programs as a model that can be adopted through Regional Financial Access Acceleration Teams (TPAKD). “These project-supported initiatives will be incorporated into TPAKD’s portfolio of strategic programs to ensure continuity,” said Erdiriyo, Assistant Deputy for Financial Inclusion Enhancement at the Coordinating Ministry for Economic Affairs.

Closing the discussion, the ILO underscored that financial inclusion is a critical element in strengthening social well-being. When financial services align with decent work principles, the impact extends beyond enterprise resilience to improved social protection and expanded employment opportunities.

“Going forward, the ILO remains committed to advancing the financial inclusion agenda together with the government and financial institutions as part of efforts to catalyze progress toward a more equitable and sustainable labour market,” Djauhari concluded.

 

For more information, please contact:

Adelin Alexandra
ILO Communication Officer for PROMISE II IMPACT Project
[email protected]