Chef Batali baking up Seaport pizzeria plan

Fort Point's restaurant scene is getting hotter, this time with news that a certain flame-haired celebrity chef is in talks to open a Summer Street restaurant.

Mario Batali is in negotiations to open a pizzeria at 320 Summer St., a source involved in the deal said.

Batali tweeted on Saturday that he would be opening a Babbo pizzeria in Boston "very soon," but the source close to the negotiations said the restaurant would be a third location for his Otto Enoteca Pizzeria. No agreement has been signed, the source said.

"They wanted Boston, they wanted the Seaport," said the source, who wished to go unnamed because talks are supposed to be confidential. "It would be a great use for the building and great for the Seaport."

Batali is negotiating for 6,500 square feet at 320 Summer St., a former warehouse building to which Woburn software firm LogMeIn will relocate its headquarters next year.

A competing Portland, Maine, company already operates pizzerias in Brookline and Cambridge under the Otto brand, which could account for the name discrepancies for Batali's plans.

A spokeswoman for the chef said an official statement would be released in the next two weeks.

A cookbook author and co-host of ABC's "The Chew" daytime talk show, Batali has 20-plus restaurants with business partner Joe Bastianich, including the flagship Babbo Ristorante e Enoteca in New York and Otto Enoteca Pizzerias in New York and Las Vegas, which sell pizzas for $7 to $15.

Batali would be added to a roster of big-name Fort Point chefs who include Barbara Lynch (Drink, Sportello, Menton), Joanne Chang (Flour) and Ming Tsai, who's slated to open the 70-seat Blue Dragon at 324 A St., by year's end.

Former nightlife-king-turned-restaurateur Seth Greenberg plans to open a French bistro at 49 Melcher St. next year, but said it was too early to reveal the chef. Also, Berkeley Investments reportedly will bring in a celebrity chef for a restaurant at 381 Congress St.

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Help wanted in manufacturing

State officials and industry leaders today will hold the first meeting of the Advanced Manufacturing Collaborative to draw attention to a sector whose work force is aging and projected to have 100,000 job openings over the next decade.

While some analysts have predicted the decline of industry as a major economic player, manufacturing is Massachusetts' fifth-largest private sector, accounting for some 7,500 companies and 250,000 jobs, said Northeastern University Professor Barry Bluestone, who serves on the collaborative's board.

"A lot of people don't know that Massachusetts manufactures things," said Mitch Tyson, the collaborative's industry co-chairman and former CEO of PRI Automation. "The reality is so much of high-tech products in the state are made here. All manufacturing jobs have not moved to China."

But while productivity in the sector has increased by about 8.7 percent annually since 2007 in Massachusetts, the manufacturing work force is aging and expected to have 100,000 job openings by 2022, said Bluestone, who co-authored a report on the industry this year.

Of 700 Bay State manufacturing companies surveyed for that report, 70 percent said they expect to increase employment over the next five years alone, Bluestone said.

The collaborative, which met informally for more than two years before it was formally established in August as part of the jobs bill Gov. Deval Patrick signed, has been working with vocational school and community college leaders to better align their curriculum with companies' needs and to tout manufacturing careers through promotional campaigns like "AMP it up!"

"We need to find ways to attract employees and train them," Bluestone said.

Manufacturing companies in Massachusetts pay an average of $27,000 per year for unskilled, entry-level workers and $52,000 per year for skilled production workers, Bluestone said.

"There's lots of room for people to have secure, good-paying jobs in this industry," said Eric Nakajima, assistant secretary for innovation policy.

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The Ticker

Hotel firm enters Mass.

RLJ Lodging Trust has acquired the 275-room Embassy Suites hotel in Waltham, marking the Bethesda, Md., company's first move into the Massachusetts market.

The company said it paid $64.5 million for the 550 Winter St. property near Route 128 and the Cambridge Reservoir. The hotel underwent a $12 million renovation and brand conversion from DoubleTree last year.

The seller was HEI Hotels & Resorts, a Norwalk, Conn., company that owns about 40 hotels including the Liberty in Boston and Le Meridien in Cambridge.

Publicly traded RLJ's portfolio consists of 145 hotels in 20 states.

Wentworth dorm earns approval

The Wentworth Institute of Technology recently won approval from city planners for a 305-bed dorm on Huntington Avenue in Boston.

The seven-story building will allow the school to house 96 percent of its students on campus.

The $43 million project will create 275 construction jobs, according to the Boston Redevelopment Authority.

TODAY

American Eagle Outfitters and Guess release quarterly financial results.

TOMORROW

Emily Rooney, host and executive editor of WGBH's "Greater Boston," addresses the women's network breakfast hosted by the Greater Boston Chamber of Commerce.

Standard & Poor's releases the S&P/Case-Shiller home price index for September and the third quarter.

Analog Devices and Sycamore Networks release quarterly financial results.

The Conference Board releases the Consumer Confidence Index for November.

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Allston Urban Outfitters, Petco site sold

A Newton real estate company has purchased a retail and medical office building in Allston for $11.7 million.

An investment affiliate of National Development bought the three-story building at 226 Harvard Ave. from Chicago's Wrightwood Capital.

The 28,000-square-foot property, built in 2009, is fully leased to four tenants: Urban Outfitters, Unleashed by Petco, Hair Cuttery and Steward Medical Group.

"We like the fact that this is a new property at a prime visible location at the intersection of Harvard Street and Commonwealth Avenue," said Ted Tye, a managing partner at National Development. "It has great MBTA access and strong long-term leases."

The building, which fell into foreclosure in 2010 after the construction loan matured, sits between a Staples store and T.J. Maxx.

Elsewhere in Boston, National Development said in September that it was selling six buildings in the Fort Point neighborhood.

Tye declined comment on a report that the firm has reached a $130 million deal with Clarion Partners, a New York real estate investment manager.

National Development bought the buildings — one of which features the iconic Boston Wharf Co. neon sign on its roof — for about $74 million in 2007.

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Cyber Monday to be super

Experts estimate that Cyber Monday will top a record-breaking $1.5 billion in sales to become the largest online shopping event in history, with blockbuster deals that rival or exceed Black Friday doorbusters.

"We believe you'll find better deals and savings if you shop online from the comfort of your home or work," said Howard Schaffer, CEO of the Internet deal aggregator Offers.com. "We don't see any reason to risk going to the store and having to deal with the chaos of parking."

Consumers are increasingly savvy about online discounts. And in an increasingly mobile landscape, 45 percent of consumers are likely to use a smartphone or tablet to shop this holiday season, according to RetailMeNot.

Fueled by this growth in mobile commerce, the number of U.S. online holiday shoppers is expected to grow 3 percent from last year. But the amount of money those shoppers spend is increasing even more, according to a recent report by Forrester Research. The average U.S. holiday shopper will spend $419 online, a 12 percent jump over last year, Forrester estimates.

Cyber Monday spending has more than doubled from the time the term was coined in 2005 to last year, when consumers spent $1.25 billion.

This year, shoppers are expected to "showroom" certain products beforehand, with 42 percent heading to stores to do an in-person check of an item with the intention of purchasing it on Cyber Monday, according to CouponCabin.com.

The online bonanza is shaped by market conditions that have retailers offering better deals than last year because they are more focused on marketshare than profits, said PriceGrabber spokesman Rojeh Avanesian.

"We got politicians talking about the fiscal cliff, high unemployment and the recent Hurricane Sandy," he said. "Retailers are responding accordingly with deep discounts."

Avanesian said shoppers should be able to purchase a 55-inch 3D LCD TV for under $1,400 for the first time this year, and get a decent laptop for under $200.

Other Cyber Monday highlights include:

• Walmart.com will offer the Xbox 360 Skylanders Family Fun Bundle for $159, a nearly $100 savings.

• Radioshack.com will offer 24 so-called amazing deals in 24 hours, including a digital camera at 44 percent off and a GPS Navigation System for $70 off at $60.

• Macys.com will lower its free shipping threshold to a $75 minimum on all online purchases.

Kmart.com and Sears.com are expected to pull out all the stops this year, Schaffer said. But as with most retailers, the details of sales won't be divulged in advance.

One big reason to shop Cyber Monday: Four in 10 online retailers are expected to offer free shipping without conditions, according to Shop.org's eHoliday survey.

The online analytics service comScore advised retailers: "Consumers are showing renewed signs of optimism heading into this year's shopping season, and it's never too early for online retailers to win a fair share of their spending."

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Big sales on Small Business Saturday

When Joanne Rossman opened her namesake gift store 12 years ago she didn't bother buying a cash register — instead stuffing her profits in a Dunkin' Donuts cup behind the counter — because she thought her boutique amid empty storefronts could never compete with large retailers.

But her Roslindale Village business has flourished in recent years, and mom-and-pop shop supporters gave Rossman an extra boost yesterday on Small Business Saturday.

"It's been incredible. Every year it just gets better and better," said Rossman, who racked up huge sales during the shopping event sandwiched between Black Friday and Cyber Monday.

The campaign to support independent mom-and-pop businesses amid the holiday rush at big-box retailers and Internet sites is a way for shoppers to show love of community, said Karen Mills, head of the federal Small Business Administration, who browsed Roslindale stores yesterday.

Mills said 100 million shoppers participated in last year's campaign — including President Obama, who headed to another independent book store yesterday — and she expects that number to rise this year.

"It's really become a movement. I think it's not just about supporting the community. It's about saying 'thank you' to people in our community," she said.

Maureen Tisei of West Roxbury has done her Christmas shopping locally on the Saturday after Thanksgiving for the past three years.

"I come out to support my community. I look forward to it," she said.

Business owners said many customers whipped out credit cards from American Express, which created the campaign in 2010 and offered $25 credits for those spending at least that amount at local stores.

"Last year Small Business Saturday was my best sales day ever — in the three years I had been open at the time. We're hoping for a repeat," said Elizabeth Swanson, owner of Birch St. House & Garden.

Antone Wilson, who stopped into Diane's Bakery yesterday, said he prefers locally made sweets over chain-store goods.

"I like a real doughnut. If you've never had one, you don't know what you're missing," he said.

"Small Business Saturday has really helped highlight local retail," said Ruth Kennedy, whose family opened Birch Flower Shop 70 years ago.

"It's a great idea. We always shop locally to help the little guy," she said. "You get better service."

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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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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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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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Traffic backup snarls Wrentham outlets' Black Friday opening

Interstate 495 in Wrentham is significantly backed up as shoppers head to the highly anticipated Black Friday midnight opening at the Wrentham Village Premium Outlets.The worst traffic was on the southbound side, where backups were already over a mile long as of 10 p.m.

Police had placed orange traffic cones to direct traffic to the exit -- and prevent cars was jumping the line -- on the northbound side, where the backup was not as severe.

It was unclear why the same measures were not taken on the southbound side.

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