The proposed 12-story building would be built nearly entirely from laminated wood, a relatively new concept called mass timber that is both more cost effective and energy efficient.
The median-priced single-family home in the region still sold for $967,000 in July, according to new figures released by the Greater Boston Association of Realtors.
Representatives for the powerful industry said they were alarmed by a proposed rent control ballot question and are prepared to spend heavily to fight it.
A tenant coalition is launching a campaign to bring a “rent stabilization” plan to Massachusetts voters next year, more than three decades after similar rules were outlawed statewide.