The Cambridge Waterfront Development board paid little attention to the ceremony on Wednesday and focused more on a growing concern: legal costs. While reviewing routine financial reports, board members recognized that legal expenses are exceeding the budget as lawyers work to finalize the complicated regulatory framework for future waterfront development. Executive Director Tracy Ward explained that the extra spending reflects efforts to create a smooth approval process between the waterfront authority, the City of Cambridge, and state agencies—something officials consider crucial before developers start submitting proposals.
The discussion raised questions from board members about whether investing in legal work would ultimately make the development process more appealing to private investors. Officials said the regulations, development agreements, and design guidelines aim to give developers a clear roadmap through the permitting process. The board also emphasized the importance of understanding the waterfront property’s market value as development approaches. One member noted that distinguishing between public infrastructure investment and the property’s eventual sale price will become more important as negotiations with developers begin.
In other matters, the board unanimously approved a one-year extension of Executive Director Ward’s contract through June 2027.
