Built for entertaining, just blocks from BU

This gracious, renovated Colonial in the Cottage Farm area of Brookline near Boston University is made for grand-scale entertaining, with its large reception hall off of which is a series of elegant connected rooms and a showpiece grand staircase.

Built in 1890, the seven-bedroom house at 131 Carlton St. has 6,305 square feet of space and is filled with restored woodwork and paneled wainscoting, large windows and glass doors out to patios.

The beige stucco exterior has white trim and black shutters, hip and gable roofs, dormers and a colonnaded front entrance. The 11,000-square-foot lot has a large yard enclosed by a metal fence, screened by bushes and containing many old trees as well as a brick driveway.

The home, which has a renovated kitchen, bathrooms and master bedroom suite and original hardwood floors, is on the market for $2,795,000. The current owners also added new lighting, re-carpeted the hallways and stairways and repainted the entire interior.

You enter into a large reception hall with a grand staircase, a restored wood beam ceiling and coat closets on either side. To the left is a library with lots of windows, built-ins and a fireplace. Adjacent is a sunken mahogany-paneled study/office.

To the right is a large living room with two walls of windows, a fireplace and glass doors out to a bluestone-floored side porch. Off the living room is a track-lit sunroom with brick flooring.

To the left of the sunroom, and accessible from the reception hall through French doors, is a large formal dining room with a large built-in hutch and fireplace. There are glass doors from this room out to a bluestone patio.

The house's renovated kitchen can be entered through a butler's pantry redone in 2007 with new cabinets and built-in hutch, granite counters and a wine cooler.

The large eat-in, recessed-lit kitchen, also done over in 2007, has granite counters, a green-concrete island breakfast bar with pendant lights, and high-end appliances including Thermador wall ovens. There's a sunny eat-in area with a fireplace and window seats as well as glass doors leading out to the patio.

Behind the kitchen is a recently added a half bath with glass mosaic tile.

The showpiece newly carpeted grand staircase features a multilevel landing with a set of bay windows and window seats. Up a few steps there's a laundry room with a full-size washer and dryer and a sink.

There are three bedrooms off a carpeted hallway, including a master suite with a large hardwood-floored bedroom with a seating area and a fireplace. The redone en-suite master bathroom with white Carrara marble floors and walls has a walk-in shower, double marble-topped vanities and a whirlpool tub. A large, redone carpeted master closet features walls of built-in wardrobes and storage areas.

The second and third bedrooms also have hardwood floors and roomy closets and are served by a full bath with white ceramic tile floors and a white subway-tiled tub and shower.

There are four additional bedrooms on the third floor, all with original hardwood floors and closets, along with another white-ceramic tile full bathroom.

There's an additional 450 square feet of space in the partially finished basement, a second laundry room and a full bathroom.

The home is conveniently located about two blocks over the Mass Pike to Boston University's main campus and nor far from the BU Bridge to Cambridge.

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Pay limits tore at TARP bailout

The executive pay limits that came with the bank bailouts of the 2008-2009 financial crisis may have had the unintended benefit of reducing the bailouts' scope, a new study has found.

A report in the Journal of Banking, Finance and Accounting finds that the pay provisions discouraged some banks from participating in the Troubled Asset Relief Program, which ultimately paid out $400 billion of the $700 billion the government budgeted to shore up the U.S. financial system.

"We do know that some high-profile bankers complained that the pay restrictions were onerous. (But) our study suggests that TARP may have been better designed than bankers would have you believe," said Mary Ellen Carter, a Boston College professor of accounting and one of the study's authors. "The restrictions gave financial incentives for bank executives to think carefully about participating and, if they did participate, to get out from underneath the program as quickly as possible."

The researchers studied 263 publicly traded banks that were approved for TARP and found that 35 rejected the funds and that this decision was related to higher levels of CEO pay. However, these banks fared just as well as banks that took TARP money.

So the pay restrictions may have deterred banks that didn't really need the money from taking it, Carter said.

Banks that did take TARP funds saw higher executive turnover than their peers, she said, but the performance of those banks also didn't suffer.

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Addicted to Black Friday

Despite economic worries and Thursday night openings in neighboring states, consumers rewarded Massachusetts retailers and malls for opening earlier than ever yesterday, showing that Black Friday shopping has become as much of a tradition as turkey on Thanksgiving.

And elsewhere across the country — without the Bay State's blue laws to keep the holiday sacrosanct — crowds rushing the stores on Thanksgiving is becoming as common as gridiron tilts for millions, said the National Retail Federation, which expects holiday sales to climb 4.1 percent to $586 billion this year.

"I had no intention of buying a TV, but when I saw the deal it was too good to pass up," said Steve Abellard of Quincy, strapping a 60-inch Vizio to the top of his car early yesterday morning, along with his brother, who also purchased a TV.

Black Friday got off to a busy start at the Wrentham Village Premium Outlets, where a traditional 12:01 a.m. opening, which overcame a challenge by town police this year, had traffic backed up for miles as usual. The trend was self-gifting, with many standing in lines for hours to buy a coveted item for themselves.

"This year the discounts are better than last year," said Ravish Jain, 28, a software engineer from Rhode Island who was shopping for a PlayStation 3 at the Sony store and was among the first in line.

Black Friday shopping is a family tradition for Jeanne Dennis and her daughter — and it started in the womb. Dennis had a Nov. 29 due date for the now 31-year-old Heather Braccialarghe. "That was Thanksgiving weekend, and I was at Filene's Basement," she said. "Fortunately, she was two weeks late."

The two were among the throngs mid-morning yesterday at the Burlington Mall, which had lines at every entrance for its first-ever 12:30 a.m. opening. They were on their fourth stop, after a 5 a.m. start from Mashpee to shop at Braintree's South Shore Plaza, and Kohl's and Crate & Barrel in Burlington.

But Carlos Rodrigues opted to return home after arriving at midnight at Target in Dorchester's South Bay Center, where the line snaked around the corner.

"It was too crazy," he said, after returning in the afternoon. "I gave up quickly. Any deals the first people in line are going to get — not everybody."

Walmart boasted of its best Black Friday ever and downplayed demonstrations and planned employee walkouts at its stores in support of a campaign led by a United Food and Commercial Workers International Union-tied group.

"We are aware of a few dozen protests at our stores," spokesman David Tovar said yesterday. "The number of associates that have missed their scheduled shift today is more than 60 percent less than ... last year."

But groups of two to 30 demonstrated at all 48 Walmarts in Massachusetts yesterday, said Russ Davis of Massachusetts Jobs with Justice. "It's preposterous," he said of Walmart's response.

At Walmart in Quincy, throngs of shoppers jammed the aisles just after the 1 a.m. opening and carts were filled with big-ticket items.

Foot traffic was a bit more muted in downtown Boston later in the morning.

West Roxbury's Gina Huber and Patrick McDonough started shopping at 7:30 a.m., visiting Copley Place and the Shops at Prudential Center. Given the sluggish economy, they didn't plan to go overboard on big-ticket items this year.

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Revved up over Jaguar XJ

The 2013 Jaguar XJ with a 3-liter, V6 engine was a tough sell — at first.

My initial reaction was that the smaller engine would diminish the prestige of the luxury sedan that I'd always known to have an abundance of brawn under the hood.

However, when I laid eyes on the elegant sedan painted up in "British Racing" green with a bold mesh chrome grille, my reaction was anything but dissatisfaction.

While the XJ's exterior dazzles, the interior takes luxury to another level. Well-appointed leather with conspicuous stitching adorned the interior surfaces. Dark walnut wood paneling contrasted the cashew-colored seats.

Our test model included an optional $1,400 comfort package with a front-seat massage feature that is truly a "you gotta check this out" feature. The massage function has three levels of intensity. In addition, the front seats electronically adjust in 12 different ways. Both the front and rear seats were heated and ventilated as part of an optional four-zone climate control system.

The XJ's supercharged V6 engine produces 340 horsepower and is mated to an eight-speed automatic transmission. The combination gives the luxury sedan the performance personality of a V8 with the benefit of respectable gas mileage. The XJ's EPA gas mileage rating is 18 city/28 highway. But for those who can't live without the extra two cylinders, the XJ has three other V8 engine options ranging in horsepower from 385 to 510.

The XJ also has an idle-reducing feature that shuts the engine down when the sedan comes to a stop and restarts in less time than it takes the driver's foot to move from the brake pedal to the accelerator. The default feature, which is showing up on many other manufacturers' 2013 models, increases fuel efficiency in urban driving situations. Drivers unaware of the feature might be fooled into thinking their new car just stalled out. Although I eventually got used to the feature, it's easy to override.

Our test XJ had three driving modes: normal, dynamic and winter. The normal mode delivers a comfortable and leisurely character. Switching to dynamic mode and shifting through the eight speeds using the steering wheel transformed the sedan's character to aggressive and responsive. Regardless of mode or conditions, the sedan was smooth in braking and in handling and felt like a much smaller car as the XJ held its line through corners.

I found it easy to get wrapped up and even a little overwhelmed by the luxury features packed into the 2013 XJ. What intrigued me most about the XJ was what Jaguar was able to accomplish with its six-cylinder engine: a powerful, yet reasonably fuel-efficient luxury sedan.

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Nokia's True Cars map the world

Nokia Corp. is making a giant push for its navigation technology, showing off its so-called True Car mapping vehicle in the Hub and rolling out a new brand called "Here."

"One of the things that distinguishes Nokia is navigation," Aaron Dannenbring, vice president of product management and field operations for Nokia, told the Herald this week.

With $250,000 of equipment on its roof, the True Car captures information about buildings, street signs and roadways on its route, and then puts that information into its maps, which are used by Microsoft's Bing, Windows Phones and cars throughout the world.

Apple learned the hard way how difficult it is to map the world when it botched the rollout of its new navigation app. But Nokia has been working on this for 30 years, and now the mobile tech giant is rebranding its mapping mobile site as Here.com. It can be used by anyone with a data connection. Little-known fact: Nokia is the world's largest private employer of geographers, with more than 2,000 mapping professionals in 60 countries.

Most of the data is collected by one of 15 True Cars around the world. A spinning cylinder with 64 lasers captures the distance to nearby objects, creating a 3-D representation of the world.

Atop the cylinder is a panoramic camera that records street-level imagery, which is integrated with the information captured by the lasers to make a realistic model of the world around.

Lower down, cameras are angled to record street signs, which are then extracted by software to inform the turn-by-turn navigation.

Boston is an important center for Nokia maps, with its search analytic and other data-crunching conducted at its Burlington office.

"At the height of the Big Dig we would have to drive that sucker weekly," Dannenbring quipped.

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Home buyers see few price reductions

Today kicks off the holiday shopping season, which can mean big sales for most shoppers.

But while the retail world is offering deals and slashing prices, many home buyers aren't seeing the same price reductions they were getting in the recent past.

In Boston, the number of price cuts for single-family homes and condos is down 42 percent compared to last year with 1,924 listings reduced compared to 3,995 listings reduced last year, according to information provided from Multiple Listing Service Property Information Network.

Statewide, the number of price reductions for single-family homes and condos also tumbled, down 25 percent compared to last year with 36,248 listings reduced compared to 48,656 listings reduced.

Several factors are contributing to the decreased number of price reductions, including low housing inventory and brokers and sellers pricing property to move quickly.

"In some areas, such as Boston, homes are selling at the asking price at the first open house," said Ed Elkins, principal of Elkins Appraisal Services. "Buyers have a lot less to choose from. We are at about a two-month supply of homes on the market, with more buyers in the market than available properties."

Current inventory of single-family homes and condos is down 44 percent in Boston and down 20 percent statewide compared to last year, according to information provided from the MLS Property Informaion Network.

"Days on market are also lower and these low inventory levels are bringing a faster turnaround for today's sellers," Elkin said.

In Boston, the average days on market is down 38 percent — from 118 days to 73 days. In Massachusetts, the decline in days on market is 31 percent — from 158 days to 108 days.

What is also happening with sellers is they are more realistic about their home value and pricing their properties accordingly. What is guiding these sellers is the fact that they now have some "comparable sales" to judge a suitable listing price unlike the past couple of years, when sellers had only a few sales to support the value of their homes.

Jonathan and Hillary, a couple recently selling their condo in South Boston, sat down with a broker who presented them with a significant number of recent transactions in the neighborhood that made them feel comfortable with their initial listing price of $429,000.

"We had a slew of comparable properties to support the value and listing price of our just 1,000-plus square foot condominium on the east side," said Jonathan. The two-bedroom duplex, converted in 2006 and without parking, sold in just over a week.

With an adequate number of comparable sales and more buyers in the market than available listings, "this balance is helping to sustain price growth, and homes that are correctly priced tend to sell quickly, while those that aren't often languish on the market," Elkin said.

Median home prices for both condos and single-family homes in Boston are up 10 percent from $402,500 to $449,000 and up 3 percent in Massachusetts from $300,000 to $309,000, according to information obtained from MLS Property Information Network.

Jennifer Athas is a licensed real estate broker and can be reached by email at heraldhotproperty@gmail.com. Follow her on Twitter @JenAthas.

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Small biz big on Saturday

Small Business Saturday is quickly becoming the little shopping holiday that could.

Despite being sandwiched between Black Friday and Cyber Monday, local brick-and-mortar retailers say they're happy to fling their doors open tomorrow to lure sales and visibility away from big-box stores.

"The first year it really didn't do much for the store, but as they've been better about marketing and getting people excited about the idea a month or so beforehand it really helps," said Marie Corcoran, owner of Gifted, a jewelry and assorted gifts store in the South End. "We are open every Saturday anyway, but it's just an extra little boost to remind people that small people are out there, too."

Conceived by American Express, Small Business Saturday is designed to help local businesses stay economically viable, while preserving neighborhoods nationwide. This year, 67 percent of Americans surveyed by the corporation and the National Federation of Independent Business plan to "shop small" at local businesses tomorrow, compared to 44 percent last year.

"It's taking on a life of its own," said Jon Hurst, president of the Retailers Association of Massachusetts. "This will probably be ... the biggest day for small Main Street businesses for this season. If it's not the biggest, it will be a strong number two behind the Saturday before Christmas."

Small businesses will see "well over half" of the projected $14 billion in retail sector sales the state will see in November and December, Hurst added. Small Business Administration head Karen Mills is also expected to visit Roslindale tomorrow to discuss the holiday's importance.

Patrons at Gifted will get half off the price of one scarf if they buy another tomorrow, Corcoran said.

Taylor's Stationery in Needham is offering 20 percent off boxes of Christmas cards.

"We love Small Business Saturday because it's just a big influence for people to really remember the little guys that support local towns," said store owner Jack McQuillan. "It's a big push for us and just a great thing."

Nearly 100 merchants in Salem have joined the Small Business Saturday bandwagon this year, city officials said, and holiday weekend parking will be free at municipal lots and garages.

"For some folks, they're not aware of the retailers we have, from toy stores to bookstores, women's clothing apparel and gift items," said Salem Mayor Kim Driscoll.

"There's a fair amount of shopping you can get done without having to leave town."

Yet Rinus Oosthoek, executive director of the Salem Chamber of Commerce, said it will still take time for the holiday to be ingrained in the public consciousness.

"It's the same as if you organize a festival," he said. "It takes a number of years to build it up so it fulfills its mission in a sense."

Concord Cheese Shop owner Peter Lovis said the intentions behind the holiday are noble, but added it would not dramatically alter his business.

"We have a clientele that always shops here and is always aware of the importance of supporting small independent businesses," he said.

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Shoppers pack stores for Black Friday deals

Black Friday got off to a raucous start at the Wrentham Village Premium Outlets, where traffic was backed up for miles and shoppers lined up at high-end stores for deep discounts.The trend was self-gifting, with many people standing for hours in line at stores to purchase one coveted item for themselves.

"This year the discounts are better than last year," said Ravish Jain, 28, a software engineer from Woonsocket, R.I. He was shopping for a Playstation 3 at the Sony store, and was among the first in line.

People around him were buying HD camcorders, laptops and televisions.

Nicole Kniffen, 20, of Medfield, is a Black Friday veteran of the last five years and was guiding her boyfriend toward a television purchase.

"We haven't even decided on the size," she said. "It really depends on the deals."

Karla Valentino, 44, of Hyde Park, was shopping with her twin brother at the Nautica store, where virtually everything was half-off.

Asked whether she planned to spend more this year than last, she replied, "Hell yeah. I think the sales are much better this year."

Lines snaked down the sidewalk at high-end handbag havens Kate Spade and Coach.

Joyce Zheng, a 20-year-old Cornell University student from China, drove up with her friend, fellow student Simon Sun, 22, from Ithaca, N.Y.

"My budget is roughly $200," she said of her impending handbag and shoe purchases at Kate Spade. Having spent two hours in line, she said she felt entitled to go all-out.

The same was true for Donna Lussier, a Woonsocket mom who was planning to buy herself an item she could otherwise not afford: a Coach bag.

"I'm going to be very frugal this year," she said. "It's because of the way the times are."At Walmart, throngs of shoppers jammed the aisles and shopping carts were filled with big-ticket items. One man ran back in for a second trip after he filled the trunk of his car.

Some had not initially planned on spending money.

"I had no intention of buying a TV, but when I saw the deal it was too good to pass up," said Steve Abellard of Quincy, strapping a 60-inch Vizio to the top of his car, along with his brother, who also purchased a TV.

Desirae White of Dorchester spent more than she planned as well. She waited for five hours in line for a doorbuster deal on a HDTV, and then ended up filling her shopping cart with towels, pillows and a mixer. "It was packed," she said.

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Black Friday weekend store hours

Here's a representative list of Bay State store hours. Check individual locations when in doubt.

Best Buy

Friday: 12:01 a.m. or 1 a.m. '10 p.m.

Saturday: 9 a.m. '10 p.m.

Sunday: 10 a.m. '8 p.m.

BJ's Wholesale Club

Friday: 7 a.m. '10 p.m. (Select stores close at 9 p.m.)

Saturday: 8 a.m. '10 p.m. (Select stores close at 9 p.m.)

Sunday: 9 a.m. '8 p.m. (Select stores close at 7 p.m.)

Burlington Mall

Friday: 12:30 a.m. '10 p.m.

Saturday: 8 a.m. '10 p.m.

Sunday: 10 a.m. '7 p.m.

CambridgeSide Galleria

Friday: 6 a.m. '10 p.m.

Saturday: 9 a.m. '10 p.m.

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Cuts at struggling Citibank

As part of a global retrenchment, struggling Citibank will close nine of its 31 Massachusetts branches early next year, the company said.

The bank wouldn't disclose the specific branches that will close, but said they will be mostly outside Boston and the closures will take effect March 15.

"Citibank will maintain a significant branch network presence in the city of Boston, as our strategy is to serve clients with excellence throughout the world's top cities," said Citibank spokeswoman Catherine Pulley. "Like any business with a retail footprint, we are continually acting on opportunities to optimize our branch network, which includes opening, renovating and in some instances closing or relocating branches. Boston remains a U.S. key market for Citibank."

Citibank has already notified employees in the affected branches, Pulley said. Most will have an opportunity to find other positions at Citi, while the rest will receive severance packages, she added.

The company plans to notify customers formally Dec. 3 and will automatically transfer their accounts to other branches, Pulley said. "We want to make this as seamless as possible for our customers," she added.

The company recently announced it is closing nearly half its branches in Greece and three branches in Texas. But it plans to keep the total number of branches in the United States to "around 1,000," Pulley added.

News of the Massachusetts closings comes a month after Citigroup CEO Vikram Pandit stepped down.

"The new management team is looking at every line of business Citi has, from retail banking to investment banking to global banking," said Gerard Cassidy, managing director of bank equity research for RBC Capital Markets. They want to deliver the highest possible return for their shareholders."

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Media screens to light up Innovation Center

Boston's burgeoning Innovation Center will be dressed up with digital signs, as city planners hope the facility becomes a beacon for entrepreneurs when it opens next year.

The Boston Redevelopment Authority is floating plans for flashy "media screens" on the single-story building — the first part of the Seaport Square development that's under construction on the South Boston waterfront.

The high-definition signs will display programming and events taking place at the Innovation Center, along with artwork, ads and information about the area.

The signs will mirror the "digital media tower" that stands outside the Boston Convention & Exhibition Center.

"We think that's been a huge success there and could be good, though with a narrower focus, at the Innovation Center," said BRA spokeswoman Susan Elsbree.

Architect Hacin & Associates designed the Northern Avenue building — the manifestation of Mayor Thomas M. Menino's "Innovation District" — but BRA staffers are taking on the digital signs.

The $5.5 million project, funded by Seaport Square developers John Hynes of Boston Global Investors and Morgan Stanley, broke ground last April and is set for completion next April.

Tim Rowe, founder of the Cambridge Innovation Center, is developing the programming and will manage the day-to-day operations in Boston. The public facility will be outfitted with conference rooms, studios, meeting space for networking and events, and a restaurant with a patio. An official name is still in the works.

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The Ticker

Hostess winding down

A bankruptcy court judge yesterday approved a request by Hostess Brands Inc. to begin winding down its operations.

The ruling came after the maker of Twinkies, Ding Dongs and Wonder Bread failed in last-ditch negotiations to end a strike by its second-largest union.

Hostess now has the green light to terminate the jobs of its 18,000 workers without risking legal action, and to sell off its brands.

Zipcar shares zoom on financial report

Shares of Zipcar soared to a six-week high after Goldman Sachs Group raised its rating for the Cambridge car-sharing service.

The company's profit may rise more than investors expect because of "potentially higher operating margins in new and established markets" such as Boston, New York, San Francisco and Washington, the investment bank said.

Ban on gifts to docs weakened

The Massachusetts Public Health Council approved regulations to implement a law passed last summer allowing pharmaceutical and medical device companies to provide "modest" meals to doctors and other prescribers.

"It's unfortunate we have taken a step back on the gift ban passed in 2008," said Amy Whitcomb Slemmer, executive director of Health Care for All.

The council voted to increase the reporting requirements for meals outside medical settings, but it will be up to Public Health Commissioner Lauren Smith to decide exactly what must be reported.

Facebook may end voting on privacy

Facebook is proposing to end its practice of letting users vote on changes to its privacy policies. But the social network said it will continue to let users comment on proposed updates.

Today

L U.S. financial markets are closed for Thanksgiving.TOMORROW

L Retailers kick off the holiday shopping season with Black Friday sales.

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Walmart making wait worth it by guaranteeing sale items

Walmart is bracing for protests on Black Friday, but not from shoppers who will get an in-store guarantee on select items for the first time this year, an attempt by the retailer to ensure that long waits in line won't be in vain.

The three items — an iPad 2, Emerson 32-inch HDTV, and LG Blu-ray Player — are middle-of-the-road gifts. Walmart is guaranteeing that anyone waiting in line during the first hour of the store's opening (1 a.m. in the Bay State) will get those devices at Black Friday prices, even if the store sells out of those items.

"This is our Super Bowl," said Walmart spokesman William C. Wertz. "We prepare for this all year-round."

The 16GB iPad 2 comes with a $75 gift card on Black Friday, and is being sold at the regular price of $399. The Emerson TV is $148, about half off the regular retail price, and the Blu-ray player is more than half-off the retail price at $38.

If Walmart sells out of the guaranteed items, shoppers in line within the first hour will be able to receive the item in the mail before Christmas.

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CVS scraps plans for Nantucket

There once was a man from Nantucket, who opposed CVS so much it said ... forget it.

Greg Hinson, a family doctor, photographer and 12-year island resident, started an online petition that prompted the pharmacy giant to scrap plans to replace a supermarket in the summer playground where large retail chains are banned.

"There was a big cheer," Hinson said yesterday, hours after residents and business owners packed into a special afternoon town meeting called for "discussion regarding an in-town grocery store."

But before anyone made a peep, a CVS lawyer waved the white flag. The operator of 7,400 stores nationwide, including 356 in Massachusetts, would not try to expand its pharmacy empire into Nantucket.

CVS wanted to take over the Grand Union supermarket that recently closed, leaving Stop & Shop as the lone grocer on the island. Supermarkets are exempt from the town's 6-year-old chain-banning bylaw, a loophole CVS presumably would've exploited with its broad product selection.

"We have decided to support the community's desire to secure a grocery store for downtown Nantucket. In that spirit, CVS will work cooperatively with the property owner to find an appropriate tenant," said CVS spokesman Mike DeAngelis.

Boston-based Winthrop Management, which manages the property for a realty trust, declined comment.

A proud Hinson said he collected 4,533 signatures on his Change.org petition that declared, "We will NOT shop at a CVS on Nantucket." Many were defending the island's three local pharmacies, including one that Hinson called a "classic Currier and Ives drugstore" with a soda fountain and lunch counter.

Facing the specter of CVS, some downtown business owners temporarily closed up shop to go to yesterday's meeting, leaving notes on doors apologizing for their absence. Board of Selectmen chairwoman Patty Roggeveen said Nantucket leaders were prepared to go to court to defend the town's bylaw that bans "formula businesses" that have 14 or more stores.

We would've been holding fast to a certain line in the sand that certainly would've made it difficult for CVS to open," she said. "We really support the local economy and we'd like to keep that character here."

Now residents may get what they wished for. Another bidder for the Grand Union space was Don Mignosa, owner of Fruit Center Marketplace, an upscale grocer with stores in Milton and Hingham.

"This would be an excellent location," said spokesman Michael Dwyer. "He's passionate about the island and would love to expand his business there."

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National Grid sued over missing pay

A group of 10 local unions are suing National Grid after thousands of workers haven't been paid some of their hard-earned wages for nearly a month, even forcing some to miss mortgage payments, according to court papers filed yesterday accusing the utility giant of dragging its feet on fixing a payroll glitch.

Local branches of the Utility Workers Union of America and United Steel Workers filed suit in Middlesex Superior Court, claiming National Grid breached their collective bargaining agreement after failing "for approximately 30 days to pay wages due," paying some workers late or partial amounts, and neglecting "to take steps to correct the problems with its payroll system."

It's forced some workers to miss mortgage and child support payments in addition to absorbing "non-payment" fees, according to the complaint.

The Herald reported last week that a new payroll system installed at National Grid experienced what company officials called "software errors," robbing part of its 17,000-employee workforce — including hundreds of Bay State workers pulling 18-hour shifts in other states to clean up superstorm Sandy's mess — of their proper paychecks.

National Grid officials said in a statement yesterday they take "the timely and accurate compensation of its employees very seriously" and called fixing the problems a "top priority."

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Expert sees a gathering storm for top fund manager

NEW YORK — The arrest of a former hedge fund portfolio manager in what prosecutors are calling one of the most lucrative insider trading schemes ever indicates that prosecutors may be setting their sights higher — toward a wealthy business leader the suspect's firm was connected to, an expert says.

Mathew Martoma made an arrangement to obtain secret, advance results of tests on an experimental Alzheimer's drug that netted more than $276 million for his fund and others, according to charges filed in U.S. District Court in Manhattan.

He was arrested Tuesday on allegations that he used the information to advise other investment professionals to buy shares in the companies developing the drug, then later to dump those investments and place financial bets against the companies when the tests returned disappointing results.

Martoma's trades helped reap a hefty profit from 2006 through July 2008, while he worked for CR Intrinsic Investors LLC of Stamford, Conn., an affiliate of SAC Capital Advisors, a firm owned by Steven A. Cohen, one of the nation's wealthiest hedge fund managers.

The government has been scrutinizing SAC since at least November 2010, when the FBI subpoenaed SAC and other influential hedge funds. Martoma is the fourth person associated with SAC Capital to be arrested on insider trading charges in the past four years.

Martoma will have great incentive to cooperate with the government because the size of the gains would add years, if not decades, to any potential sentence upon conviction, said John Sylvia, co-chairman of the securities litigation practice at the Mintz Levin law firm in Boston.

It was clear from the court papers that Cohen was referenced frequently and was a likely target of investigators, he said, though they might not be able to build a sufficient case against him.

"There's little doubt as to where the government's sights are," Sylvia said. "I don't think it takes Sherlock Holmes to figure it out."

Martoma was arrested at his home in Boca Raton, Fla., and made an initial appearance in federal court in West Palm Beach, Fla., where he was released on $5 million bail on charges of conspiracy to commit securities fraud and securities fraud. He was scheduled to return to court Monday in Manhattan.

Martoma's attorney, Charles Stillman, called his client "an exceptional portfolio manager who succeeded through hard work and the dogged pursuit of information in the public domain. What happened today is only the beginning of a process that we are confident will lead to Mr. Martoma's full exoneration."

SAC spokesman Jonathan Gasthalter said the company and Cohen "are confident that they have acted appropriately and will continue to cooperate with the government's inquiry."

The Securities and Exchange Commission filed civil papers in the case against CR Intrinsic Investors, Martoma and Dr. Sidney Gilman. The civil complaint said the illegal money was earned in July 2008, when various hedge funds traded ahead of a negative public announcement involving the clinical trial results of an Alzheimer's drug being jointly developed by Elan Corp. and Wyeth, both pharmaceutical companies.

The SEC complaint said that Martoma carried out the scheme with Gilman, an 80-year-old professor of neurology at the University of Michigan Medical School who served as chairman of a safety committee overseeing the clinical trial. Gilman was selected by Elan and Wyeth to present the final clinical trial results at a July 29, 2008, medical conference.

Messages left with the University of Michigan Medical School were not immediately returned.

Gilman's lawyer, Marc Mukasey, said his client is cooperating with the SEC and the U.S. attorney's office, and has entered into a non-prosecution agreement with federal prosecutors.

A copy of the agreement released by federal prosecutors Tuesday showed that Gilman will forfeit nearly $187,000 that he received from Elan for consulting work in 2007 and 2008 and from an expert networking firm for consultations between 2006 and 2009 with Martoma's hedge fund.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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The Ticker

Bay State homeowners see mortgage relief

Massachusetts homeowners have received more than $266 million in total relief through the end of September from a national mortgage settlement with five major banks.

The banks have reported more than $21.9 billion in completed consumer relief nationwide between March and September of this year. Under terms of the national settlement, the banks were ordered to provide an estimated $257 million worth of mortgage relief across the state and an estimated $14.6 million in cash payments to Bay State borrowers in post-foreclosure relief.

Cape Cod man charged in Ponzi scheme

Secretary of State William F. Galvin has charged James R. Cruise Jr. of Centerville with fraud for his alleged involvement in a two-decade-long real estate Ponzi scheme that snared 25 Bay State investors in more than $1.2 million in unregistered securities. An administrative complaint seeks a cease and desist order against Cruise, an accounting of all proceeds from the alleged wrongdoing, an administrative fine, and an offer to compensate investors.

Mass. gas prices talk turkey

With Thanksgiving travel looming, Bay State regular unleaded gas prices have dropped 3 cents this week to $3.58 a gallon, according to AAA Southern New England. Yet the price is still 17 cents above the national average of $3.41, and 25 cents higher than prices a year ago.

Activist calls for Edgewater shake-up

Echo Lake Capital Founder Ephraim Fields has urged Wakefield-based Edgewater Technology's board of directors to hire a "reputable investment bank" to explore strategic alternatives designed to maximize shareholder value, in the wake of the company's stock price dropping 55 percent from 2007 to 2011. The company declined to comment on Fields' letter to board members.

Twinkies get a reprieve for now

Hostess Brands, maker of the iconic Twinkies and other treats, said it will follow a request from the U.S. Bankruptcy Court for the Southern District of New York to enter a confidential mediation with one of its largest unions, the Bakery, Confectionary, Tobacco and Grain Millers Union.

Intel CEO stepping down in May

Intel CEO Paul Otellini, 62, surprised many by announcing plans to retire in May, giving the world's largest maker of microprocessors six months to find a new leader as it confronts two major challenges: a shaky economy and a shift toward mobile devices that is reducing demand for its PC chips.

SiriusXM to play 'Car Talk' reruns

SiriusXM Radio said it will begin this Friday airing three back-to-back daily episodes from the 25-year collection of "Car Talk" — the brainchild of automotive experts Tom and Ray Magliozzi, also known as the Tappet Brothers — weekdays on its SiriusXM Public Radio channel.

The station will also air a Thanksgiving Day "Car Talk" marathon from Nov. 22 at 9 a.m. until 5 a.m. Friday, featuring such favorite shows as Tom and Ray's special Thanksgiving Show.

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No fun for Black Friday

Holiday shoppers with toys on their lists may do well to sleep in on Black Friday.

A study that tracked the online prices of 252 toys last year — including those on the Toys 'R' Us "hot toy" list — found that Black Friday ranked as the worst day to buy them. The best day to get a toy below its original holiday price was the first Saturday in December, when nearly three in five of the toys were on sale.

"The good news is that actually a lot of products are on sale (on Black Friday) compared to their prices at the end of September, but it wasn't even close to the best day," said Andrew Mahon, co-founder and vice president of marketing at Maynard-based Evoqu Inc., whose ShopAdvisor website and app allows consumers to create shopping lists and receive alerts when prices hit a certain point. "Between Black Friday and Christmas, it turned out to be the worst sale day. Black Friday was the day when the lowest percentage of products (46 percent) were on sale below their original holiday prices."

Prices for nearly a quarter of the toys actually spiked on Black Friday, second only to the day before Dec. 23, when two in five of the toys were priced at a premium.

Shoppers willing to take a risk did best in the last two weeks before Christmas. At least one in 10 toys were discounted by 30 percent or more on each of the last 14 days before Christmas. But, the prices of almost as many toys increased by 30 percent or more during that time.

"Let's say there's one of three toys that I know one of my kids wants," Mahon said. "There's a pretty big chance that one of them is going to go on peak sale ... in the two weeks before Christmas."

Consumers can follow some of ShopAdvisor's analysis of this year's toy prices on its blog, which is tracking 24 toys on the Toys 'R' Us 2012 "hot toy" list announced in September.

For shoppers who still prefer to get their shopping done on or before Black Friday, online price-tracking sites are a great resource, according to Somerville consumer advocate Edgar Dworsky, founder of ConsumerWorld.org.

"Consumers are kind of notoriously bad at doing comparison shopping and worse on following up on purchases that they made to see if the prices dropped," Dworsky said. "It's wise to shop at a store that has a price guarantee, so if you buy an item on Black Friday, and the price goes down, you can go back and get the difference."

Dworsky concedes that not everything is cheaper on Black Friday, but advertised items tend to have "pretty good" prices and door-busters tend to have "great" prices. Some retailers are starting their online Black Friday sales — which include toys — as early as just after tonight, at 12:30 a.m. tomorrow. A list of those stores and their starting hours can be found at BlackFriday.GottaDeal.com/Tracker.

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SBLI chief Bob Sheridan leaves 'on a high note'

Savings Bank Life Insurance Co. CEO and President Bob Sheridan, a major player in Boston business and philanthropy, retired yesterday after 20 years as the boss at the Woburn-based life insurer founded in 1907 by Louis Brandeis.

"Bob has shepherded SBLI through tremendous growth and success, all the while establishing the company as one of our region's most generous corporate citizens," said Jim Brett of the New England Council. "He is truly a model for the new generation of corporate leaders."

During Sheridan's tenure, SBLI has grown from a Massachusetts-only company to an insurer that sells policies in every state except New York. The outgoing CEO said yesterday: "New York has such a hostile regulatory environment. It's the Afghanistan of the life insurance business, but we'll get there."

Quick-witted, affable and self-deprecating, Sheridan opened up to the Herald in a November 2010 profile about losing both parents within a year when he was still in college.

"I'm 64. I lost both my parents when they were 64. It became an important number for me," Sheridan said yesterday when asked why he picked this year to step down. "I'd have to lie on a couch and have an analyst tell me why. If I drop dead in a few weeks, it won't have been the smartest decision. They'll say, good job, Sheridan."

Since Sheridan took the reins in 1992, SBLI's assets have climbed 150 percent to $2.25 billion and net income has risen nearly 500 percent to $17.7 million.

"I'm proud of building a national company, nurturing and developing an all-star staff and staying true to our mission, which is to provide safe, low-cost life insurance," said Sheridan, whose well wishes yesterday included a message on the Century Bank electronic sign visible from Interstate 93. "I've learned you have to stay focused, but be willing to take on risk. You will make mistakes, but you have to learn from them and move on."

"I had a front row seat watching Bob Sheridan's hard work and perseverance grow SBLI into the national company it is today. His singular focus is admirable and the result is without peer," said Andrew Calamare, executive vice president of the Co-operative Central Bank and former president of the Life Insurance Association of Massachusetts.

"I think I'll miss the people the most," said Sheridan yesterday. "I won't miss the pressure and the stress. I can feel this weight being taken off my shoulders and it feels nice."

"We were grateful to formally thank Bob Sheridan by honoring him at this year's Community Leadership Awards Dinner. For years he has supported Franciscan Hospital for Children. In our opinion, he is leaving his career on a high note, as both a well respected businessman and philanthropist," said John Nash, president and CEO of Franciscan Hospital for Children.

As for his future plans, Sheridan will serve on the SBLI — and other boards — and said: "I look forward to learning to be a grandparent. My daughter is expecting our first grandchild on Nov. 29."

As for SBLI, Sheridan said it will be in good hands with new CEO Chris Pinkerton.

"I want to feel it was mission accomplished. I want to feel I made this company better than when I got here," Sheridan said. "SBLI was a backup plan. I wanted to be a safety in the NFL, but I couldn't run fast or jump. Then, I wanted to be a Supreme Court Justice, and that doesn't look so promising."

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Cambridge proves true V.C. hub

Boston has been touting its Innovation District, but Cambridge continues to outpace the Hub in venture capital, angel and corporate investment, and that gap appears to be widening, according to a report released yesterday.

Cambridge saw $305 million invested in 30 deals over the last quarter and $991 million in 122 deals over the past year, according to industry tracker CB Insights.

Compared to the four prior quarters, the city saw a 5 percent increase in funding and a 27 percent increase in deal volume, the better predictor of regional health because it's less prone to dramatic shifts from an atypically large deal.

"Obviously there's a big university component in Cambridge, with a lot of smart, young talent and a lot of venture capital firms setting up shop there because of that," said Anand Sanwal, co-founder of CB Insights.

Boston had $129 million in 22 deals over the last quarter and $541 million of funding in 63 deals over the past year, the report found.

The four most recent quarters were down 13 percent in the number of deals in Boston versus last year, but funding was up 8 percent.

Dot Joyce, a spokeswoman for Mayor Thomas M. Menino, said Boston has a "robust" economy that continues to grow and attract new business in financial services, higher education, health care and biotechnology and tourism.

"While it is great to compete with each other," Joyce said in a statement, "the truth of the matter is what is good for Cambridge and what is good for Boston benefits the entire state and region."

The report also found that Cambridge and Boston are drawing venture investment away from Route 128 stalwarts Woburn and Waltham, where several venture capital firms have set up shop.

"Cambridge and Boston have ascended, while Waltham and Woburn have diminished," Sanwal said.

Waltham, for example, had $292.8 million in 12 deals over the last quarter and $611.8 million in 41 deals over the past year, while Woburn had $5.6 million in two deals over the last quarter and $59.7 million in nine deals over the past year.

"Compared to those cities and Boston, Cambridge has the benefit of Harvard and the Massachusetts Institute of Technology, with many startups by students and a great density of office and lab space and therefore the most appropriate infrastructure for startups," said Michael Greeley, general partner of Flybridge Capital Partners, a Boston venture capital firm. "The action is really where the young entrepreneurs are."

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Rooftop farm plants seeds in the Seaport

A Hub urban agriculture startup has landed a location for a rooftop farm in South Boston's Seaport District.

Higher Ground Farm has signed a lease to grow vegetables and fruits atop the eight-story Boston Design Center.

The 55,000-square-foot organic farm will be the second largest open-air commercial rooftop farm in the world and the first in Boston, according to John Stoddard, who co-founded Higher Ground Farm with Courtney Hennessey.

The partners are raising funds to start operations next spring, pending city approval and the weather.

"It's an awesome view," Stoddard said. "It's going to be a great place to work."

Plans call for an on-site farm stand and selling produce to restaurants and through community agriculture shares (CSAs). A partnership with an unnamed nonprofit also is in the works.

"What they do is subsidize CSAs so lower-income people can afford it, and farmers get the prices that they need," Stoddard said. "They also do distribution to corner stores. It's a nice way to reach people with our food that might not ordinarily be able to access it as easily."

Higher Ground Farm needs to raise $350,000 for Somerville's Recover Green Roofs to install a green roof system and other startup costs. It plans an online Kickstarter campaign and fund-raisers at Boston restaurants in addition to pursuing grants.

The Boston Design Center, which has showrooms catering to design professionals, sees the rooftop farm as another way to showcase original design concepts and promote sustainability, general manager Julie Rogowskis said.

"The BDC has ample roof space that we are eager to see go green," she said in a statement. "We are thrilled to be a part of this innovative plan, and we look forward to enjoying the fruits — and vegetables — of Boston's first rooftop farm."

The rooftop venture first requires a zoning variance, since the city is in the process of creating rooftop agriculture zoning guidelines, according to the Boston Redevelopment Authority.

"We see it playing a significant role in the future of urban agriculture in Boston," spokeswoman Melina Schuler said.

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Markets set sale for holidays

The markets are switching into full holiday mode with trading weeks interrupted by days off, hyped-up concern about retail sales and end-of-the-year sell offs.

But add heightened concern over conflict in the Middle East and uncertainty about the fiscal cliff and we may get to the New Year without a dull moment.

Look for more earnings reports this week, including Urban Outfitters today and Best Buy tomorrow, to shed some light on the retail climate.

For a wider economic picture, the Commerce Department releases housing starts for October and Eaton Vance Corp. and Hewlett-Packard Co. report quarterly earnings tomorrow.

On Wednesday, the Conference Board releases leading economic indicators for October.

U.S. financial markets are closed for Thanksgiving, but in many states Turkey Day is turning into Black Thursday with some major retailers opening just after dinnertime to get a jump on holiday sales.

In Massachusetts, where the Blue Laws and tradition still preserve some holiday sanity, the shopping madness begins at midnight.

Friday is all about doorbuster and shopping mall craziness.

Despite the looming fiscal cliff — tax increases and federal budget cuts set to kick in Jan. 1 if Congress and President Obama can't reach a deal — and the sputtering recovery, retailers are projecting an increase in holiday sales over last year.

Go ahead, shop till you drop, because the economy could sure use it.

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'Twilight' finale dawns with $141.3M weekend

LOS ANGELES — The sun has set on the "Twilight" franchise with one last blockbuster opening for the supernatural romance.

"The Twilight Saga: Breaking Dawn — Part 2" sucked up $141.3 million domestically over opening weekend and $199.6 million more overseas for a worldwide debut of $340.9 million, according to studio estimates Sunday.

The finale ranks eighth on the list of all-time domestic debuts, and leaves "Twilight" with three of the top-10 openings, joining 2009's "New Moon" (No. 7 with $142.8 million) and last year's "Breaking Dawn — Part 1" (No. 9 with $138.1 million).

Last May's "The Avengers" is No. 1 with $207.4 million. "Batman" is the only other franchise with more than one top-10 opening: last July's "The Dark Knight Rises" (No. 3 with $160.9 million) and 2008's "The Dark Knight" (No. 4 with $158.4 million).

Though "Twilight" still is a female-driven franchise, with girls and women making up 79 percent of the opening-weekend audience, the finale drew the biggest male crowds in the series. Action-minded guys had more to root for in the finale as Kristen Stewart, Robert Pattinson and Taylor Lautner join in a colossal battle to end the story of warring vampires and werewolves.

"Our male audience particularly has enjoyed this film," said Richie Fay, head of distribution for Lionsgate, whose Summit Entertainment banner releases the "Twilight" movies. "With the action scenes in this one, we're hoping the holdover business will reflect the fact that males have kind of found it out."

The movie also helped lift Lionsgate into the big leagues among Hollywood studios. Paced by its $400 million smash with "The Hunger Games" and now the "Twilight" finale, Lionsgate surpassed $1 billion at the domestic box office for the first time.

Some box-office watchers had expected the last "Twilight" movie to open with a franchise record the way the \"Harry Potter [website]\" finale did last year with $169.2 million, the second-best domestic debut on the charts.

"I thought that for the final installment, it might eclipse the franchise record, but to look at $141.3 million and say that's a disappointment, that's kind of crazy," said Paul Dergarabedian, an analyst for box-office tracker Hollywood.com. "It's one of the most consistently performing franchises of all time."

The "Twilight" finale took over the No. 1 spot from Sony's James Bond adventure "Skyfall," which slipped to second-place with $41.5 million domestically in its second weekend. "Skyfall" raised its domestic total to $161.3 million.

The franchise's third film starring Daniel Craig as Bond, "Skyfall" began rolling out overseas in late October and has hit $507.9 million internationally at the box office. The film's global total climbed to $669.2 million, helping to lift Sony to its best year ever with $4 billion worldwide, topping the studio's $3.6 billion haul in 2009.

"Skyfall" passed the previous franchise high of $599.2 million worldwide for 2006's "Casino Royale."

Steven Spielberg and Daniel Day-Lewis' Civil War drama "Lincoln" expanded nationwide after a week in limited release and came in at No. 3 with $21 million. Distributed by Disney, "Lincoln" lifted its domestic haul to $22.4 million.

The comic drama "Silver Linings Playbook," released by the Weinstein Co., got off to a good start in limited release, taking in $458,430 in 16 theaters for a solid average of $28,652 a cinema. By comparison, the "Twilight" finale averaged $34,717 in 4,070 theaters.

"Silver Linings Playbook" stars Bradley Cooper, Jennifer Lawrence and Robert De Niro in a quirky romance involving a man fresh out of a psychiatric hospital and an emotionally troubled young widow.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Walmarts to be besieged

Walmart shoppers may get more than they bargained for on Black Friday.

Activists plan demonstrations at Massachusetts Walmarts on the day after Thanksgiving to call attention to the retail giant's alleged retaliation against employees who speak out for better work conditions and unionization.

The actions are part of a nationwide "Making Change at Walmart" campaign led by a United Food and Commercial Workers International Union-affiliated group. They follow the first-ever strike against Walmart last month and worker walkouts in California and Seattle last week, with promises of future walkouts and Black Friday strikes in other states.

Workers' complaints include health-care cost hikes, hours and the opening of stores outside of Massachusetts on Thanksgiving.

"Hours are a big issue," said Russ Davis, executive director of Massachusetts Jobs with Justice, a coalition of community, faith and labor groups that's leading Black Friday actions in Massachusetts. "People don't get enough hours to get by, and hours are random. A lot of them are part-time workers, so they don't know how many hours they'll get per week."

Community delegations plan to be stationed at Walmart stores in Methuen, Salem and Northampton, and faith-based groups plan vigils at the Walpole and Fall River stores. A light brigade will demonstrate at an overpass in Framingham, and there will be a customer "speak-out" in Northboro.

"Right now we have activities at 30 stores, and we're trying to cover all 48 of the (Massachusetts) Walmart sites by Black Friday," Davis said. "Different unions and community organizations are adopting stores."

A spokesman for Walmart, which filed an unfair labor practice complaint against the UFCW with the National Labor Relations Board on Thursday, called the actions "just another exaggerated publicity campaign aimed at generating headlines to mislead our customers and associates."

"We've been working on our Black Friday plans for almost a year now, and we're prepared to have a great event," spokesman Dan Fogleman said. "The fact is, many of these ongoing tactics being orchestrated by the (UFCW) are unlawful, and we will act to protect our associates and customers from the ongoing illegal conduct."

The UFCW has been trying to organize a union at Walmart for years with no success. OUR Walmart (Organization United for Respect at Walmart), an employee group, was founded last year with support from the UFCW.

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The Ticker

Hub man convicted in mortgage fraud

Sirewl R. Cox, 37, of Boston was convicted late last week on charges relating to a massive mortgage fraud case.

A jury found Cox guilty on counts of wire fraud, bank fraud and conducting an unlawful monetary transaction. Sentencing is scheduled for Feb. 6.

In 2006 and 2007, Cox identified multiple-family buildings for sale and recruited straw buyers to purchase the buildings, prosecutors said. Cox and others then recruited straw buyers who obtained mortgages using false information to purchase individual units in buildings that Cox controlled.

Cox faces up to 60 years in prison, to be followed by 11 years of supervised release and a $1.5 million fine.

Abiomed discloses, disputes class action suit

Danvers-based Abiomed, which makes heart support technologies, disclosed Friday that a class action suit has been filed against the company and its officers over the marketing and labeling of its Impella 2.5 device. Abiomed, founded by the late David Lederman, right, said it has reviewed the complaint and believes the allegations are without merit. The company plans to vigorously defend itself.

The suit follows the company's disclosure earlier this month of a related Justice Department investigation, which sent shares plummeting 34 percent.

MONDAY

The Boston Redevelopment Authority holds a public meeting on developer First Bristol's plan for a 177-room Hilton Garden Inn and two restaurant/retail sites on Route 1A in East Boston, near Logan International Airport.

The Home for Little Wanderers officially opens its new Walpole campus following completion of an $18 million construction project and sale of its Jamaica Plain property.

TUESDAY

The U.S. Commerce Department releases housing starts for October.

WEDNESDAY

The Conference Board releases leading economic indicators for October.

THURSDAY

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Developer not sold on downtown

Not everyone is moved by the momentum in Boston's Downtown Crossing.

A New York developer who filed plans for a 28-story apartment and retail tower on Washington Street four years ago — in the teeth of the Great Recession — is not yet sold on the shopping district's recovery.

"We wouldn't consider doing anything until that hole across the street is filled," said John Usdan, president of Midwood Management, referring to the partially demolished Filene's block.

Another New York developer, Millennium Partners, won city approval in September to replace that eyesore with a skyscraper as part of a $620 million project that's on track to start next spring with the restoration of the adjacent Burnham Building.

But that's not enough for the $200 million One Bromfield project to make a comeback.

"We don't have a particular time-frame other than when we think conditions have improved enough," Usdan told the Herald. "We just don't think it's viable yet."

According to Midwood's mothballed plans, the developer would replace four buildings at the northern corner of Bromfield and Washington streets with a tower containing 260 luxury apartments atop several levels of retail and parking.

Mayor Thomas M. Menino trumpeted the project during a tour of Downtown Crossing in July 2008 — a promotional event that coincided with the excavation of the former Filene's building for New York developer Vornado Realty Trust's ill-fated One Franklin project.

Rosemarie Sansone, president of the Downtown Boston Business Improvement District, said she hasn't heard anything about the One Bromfield project "for ages."

"It is a very important location and, based on the interest and activity in the district, I would expect something to develop in the near future," she said.

A tenant in one of the Midwood-owned buildings that would be replaced is in a wait-and-see mode.

"I'm sure they'd like to do something," said Fred Rosenthal, owner of Bromfield Pen Shop. "The building is empty except for me and Payless Shoes."

In addition to the Millennium Tower project at the Filene's site, Downtown Crossing has seen a string of successes this year including the construction of the Millennium Place condo tower, Walgreens' announced takeover of the shuttered Borders store, a Chicago developer's plans for a boutique and Lafayette Corporate Center switching space back to retail.

"There's a lot to celebrate, but it's just not going to happen all at once," said David Begelfer, CEO of commercial real estate group NAIOP Massachusetts. "Companies are going to be cautious. They're not going to get ahead of themselves. We'll see some of these projects come closer to completion before others start."

Midwood's Usdan needs physical proof that Downtown Crossing has turned the corner.

"I want to see foundations poured," Usdan said from his Manhattan office. "Call me when you see some shovels."

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Spindle app spools out hype - and investors

A new app developed by three former Microsoft workers helps people find the most interesting social media updates from businesses and organizations at any given time.

Spindle 1.1 — released on Thursday in Boston and San Francisco, with other major cities to come — mines Twitter and Facebook, using signals such as location and time of day to tell users what's happening near them, sorted by categories such as restaurants, shopping and nightlife.

"What differentiates us is timeliness and the fact that we're updating constantly, based on user feedback," said CEO Pat Kinsel, who founded Spindle with Alex Lambert and Simon Yun, all former engineers and managers from Microsoft's New England Research and Development (NERD) center in Cambridge. "There's nothing else out there like that."

Unlike apps that reshuffle a static list of businesses, Spindle evaluates in real time what each one is sharing to determine what's interesting and relevant now.

Users can filter the updates by categories such as restaurants to find what they're looking for without the extra "noise."

They can also use the map function to zoom in on a location and find out what's happening there, or search for a specific business or organization and add it to their favorites list for updates on only those places.

Users can tell friends where they're going, let them know when there's something happening in their current location or point people to something they've discovered via Facebook, Twitter, SMS or email.

The new app's release coincided with Spindle's announcement that it raised $2.3 million in total funding from Polaris Ventures, Greylock Partners, Lerer Ventures, SV Angel, Atlas Venture, Broad Beach Ventures, Project 11, Ray Ozzie and Raman Narayanan.

"They are super-smart guys with serious social search chops who've worked together before to solve hard problems," Dave Barrett, general partner at Polaris Ventures, said of Kinsel and his team. "Beyond the app itself, their big data back-end and their vision for it are incredibly compelling."

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Best defense: Made in USA

New Balance is on a mission to provide lightweight military sneakers made in the United States, and it wants the Defense Department to equip soldiers with them, company head Rob DeMartini told the Herald.

"For whatever reason, the sneaker is the only piece of equipment for a uniform that services don't require to be" made in the U.S., said DeMartini, New Balance's president and CEO.

The Berry Amendment, originally passed on the eve of World War II, requires the Department of Defense to procure clothing and other items made in the United States. The 950 is New Balance's first Berry-compliant sneaker, DeMartini said.

Suggesting why the Defense Department doesn't require U.S.-made sneakers, DeMartini said, "They would say one of the reasons is nobody made a Berry-compliant shoe, and so we have made one."

The sneaker is "fiber forward," meaning everything that goes into the shoe has U.S.-based content, "starting from literally the grass sheep eat," company spokeswoman Amy Dow added.

Last month, more than four dozen members of Congress appealed to the Defense Department to make training shoes Berry-compliant in a letter spearheaded by U.S. Rep. Duncan Hunter of California and U.S. Rep. Michael H. Michaud of Maine, where New Balance has three factories and close to 900 workers.

The politicians claimed the Defense Department circumvented the U.S. procurement policy by issuing cash allowances for soldiers to purchase their own training shoes, leading to servicemen and women relying more on foreign-made shoes than ones manufactured and available in the United States.

"We should not rely on other countries, particularly those who may have competing global interests, to supply our forces with basic items. This is especially true when there are millions of Americans looking for work," the letter said. "More importantly, our soldiers deserve to fight in uniforms, including footwear, that are made in the USA."

Hub-based, 107-year-old New Balance, which hopes to break ground on its new Brighton headquarters, hotel, office and athletic complex early next year, has made military apparel — including running shorts, protective fire-retardant underwear and overboots — for more than 25 years, DeMartini said.

"We do it for two reasons — one, we think it's right to serve in the military, but two, the technical demands that they have help us build a better brand," he said.

For the fourth year in a row, New Balance is the presenting sponsor of the Run-Walk to Home Base fundraiser. The 9K run or two-mile walk event supports the Red Sox [team stats] Foundation and Massachusetts General Hospital Home Base Program, which has raised $7.3 million to provide clinical care and support to Iraq and Afghanistan veterans and families affected by combat stress and traumatic brain injury.

The New Balance 950 shoe will be manufactured in Massachusetts and will sell under a contract price with military branches, DeMartini said, adding the new sneaker could create 250 jobs primarily in the company's manufacturing and manufacturing support sectors.

"It's basically ... completed and it's waiting to be called for," he said.

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