MJBizMag February 2023 - 39

LAND-USE RESTRICTIONS
RAISE REAL ESTATE PRICES
Among the most common inflators of
cannabis real estate prices are zoning
regulations and land-use restrictions.
" The first driver is restrictive zoning, "
Blackwell said. " Municipalities will
typically set up one or two commercial
or industrial zones, but they'll also
layer in additional restrictions around
setbacks from sensitive uses such as
churches, schools, parks. When you
layer in those two factors, the supply
of available, compliant real estate gets
pretty small pretty fast.
" When you have a high-demand
area-maybe a metro area or just a desirable
place to do business-but there's
only 12 compliant pieces of real estate,
and you have many groups chasing
those, it's going to drive the price up. "
Ryan George, CEO of Sacramentobased
420 Property, added: " It's the
principle of supply and demand. "
FEES, FINANCING AND FEAR
A second driver is contingencies related
to holding periods, Blackwell said.
In many states, regulators require
cannabis business license applicants
to already have property secured at
the time of application. Even when
real estate isn't a requirement, it can
make sense to secure property before
securing a license if that property or the
real estate terms seem like winners.
Dank Bank
New England Treatment Access (NETA) in Brookline, Massachusetts, celebrated an important
historical event in October: the 100th anniversary of the Brookline Bank building.
The beaux-arts-style building, constructed with Italian marble, is the crown jewel of the Brookline
Village Commercial District, which is listed on the National Register of Historic Places. It's also
home to NETA, a marijuana retailer that launched medical sales from the historic location in
2016 and recreational sales in 2019.
The building was designed by Swiss-American architect Franz Joseph Untersee, who was best
known for Romanesque-style Catholic churches. It features a domed skylight, an ornate teal
ceiling, chandeliers, arched windows with mahogany frames and a balcony overlooking the
Italian marble floor.
Ryan
George
STORIED STOREFRONT
As part of the deal to purchase the building, NETA agreed with the Brookline Historical Society
to maintain the property to the group's historical standards. While some might see historical
upkeep as a needless expense, NETA officials responsible for the deal argued that maintaining a
building so important to the town helps foster a positive relationship with local residents.
" Being in a place like this helps the brand tremendously. If I can bring all this added value
by virtue of its iconic status, that is a wonderfully happy byproduct, " a NETA executive told
MJBizDaily in 2017. " This building gives us another way to communicate with Brookliners and
introduce them to the concept of regulated medical cannabis. "
The effort seems to be paying off. Representatives from the Brookline Chamber of Commerce
and local luminaries attended a party to celebrate the historic building's centennial.
" We are so proud to call this gorgeous building home and have done our best to honor its original
designs while converting it into a state-of-the-art dispensary, " NETA President Alli Henriquez told
local media outlets during the fall 2022 event.
- Omar Sacirbey
mjbizdaily.com | February 2023 39
New England Treatment
Access maintains the
Brookline Bank building,
where it conducts retail
marijuana sales, to
historical standards.
Courtesy photo

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MJBizMag February 2023

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