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Turnpike project to bring $200 million in new taxes

A rendering shows I-90 looking west as planned in the project to rebuild the Massachusetts Turnpike and Soldiers Field Road.Massachusetts’ Transportation Department


Turnpike project to bring $200m in new taxes

The realignment of the Massachusetts Turnpike in Allston will pave the way for a sprawling mixed-use development that could generate more than $200 million in new taxes each year, according to a new report released Tuesday from engineering firm AECOM conducted for the business group A Better City. The report relies on an estimated eventual buildout of the Beacon Park Yard, a former rail yard that will be opened up by the straightening of the Pike, of 10 million square feet of commercial development, excluding parking garages. That development and the jobs it would bring translate to an estimated $238 million in new state and local tax revenues annually, including $151 million in state income, sales and hotel taxes, and $87 million in Boston property taxes. (Harvard’s academic properties are exempt from property taxes but not land used for commercial development.) The construction period is estimated to produce another $151 million in income and sales taxes, but over the course of two decades. ABC produced the report, which outlined other potential economic benefits from the buildout such as a new transit hub known as West Station, in part to help the Massachusetts Department of Transportation make the case for federal funds for the $2 billion Pike realignment. — JON CHESTO



American Airlines places order for supersonic planes

American Airlines placed a firm order for 20 Overture jets from Boom Supersonic, gambling that a market will emerge for a new generation of sleek aircraft that can cut trans-Atlantic travel times by half. The world’s largest airline also has an option to buy another 40 of the gull-winged jets that Boom plans to roll out by mid-decade, the companies said Tuesday, without providing financial details. The planes won’t begin carrying passengers until the end of the decade, aiming to fill a void left when the Concorde stopped flying in 2003. — BLOOMBERG NEWS



Home building slows

The once-booming US housing market has come down with the chills. Construction starts fell in July to the slowest pace since early 2021 as single-family homebuilding tumbled, according to government data released Tuesday. Meanwhile canceled deals rose as buyers continued to back away from the market amid rising mortgage rates, according to an analysis by Redfin Corp. After a pandemic-related housing boom forced builders to scramble to make enough homes to satisfy demand, high mortgage rates, elevated inflation, and a deteriorating economy are now tempering sales. That’s left builders with a sizable number of unsold properties. — BLOOMBERG NEWS


GM recalling cars over seat belt flaw

General Motors is recalling more than 484,000 large SUVs in the United States to fix a problem that can cause the third-row seat belts to malfunction. The recall covers Chevrolet Suburbans and Tahoes, Cadillac Escalades, and GMC Yukons from the 2021 and 2022 model years. The automaker says in documents posted Tuesday by US safety regulators that rivets that hold the buckle to the mounting bracket on the left- and right side third-row seats may have been formed improperly. — ASSOCIATED PRESS


BMW test car involved in fatal crash

A BMW self-driving test car swerved into oncoming traffic in Germany and triggered a series of crashes that left one person dead and nine seriously injured, the Associated Press reported. The electric BMW iX with five people on board, including a young child, veered from its lane at a bend in the road, brushing an oncoming Citroen, and hitting a Mercedes-Benz van head-on, resulting in the death of a 33-year-old passenger in that vehicle, the AP said, citing police in Reutlingen, outside Stuttgart. It’s unclear whether the driver of the BMW test car was actively steering the vehicle at the time of the crash or whether it was traveling autonomously, the police spokesman told the AP. — BLOOMBERG NEWS



Home Depot does well despite cooling housing market

Home Depot’s second-quarter results beat Wall Street estimates even as the US housing market shows signs of cooling off. The home-improvement retailer on Tuesday reported comparable sales growth of 5.8 percent in the three months ending July 31, topping the average analyst estimate of 4.6 percent. Revenue and earnings also beat expectations. — BLOOMBERG NEWS


Capri Sun recalled over contamination

Kraft Heinz recalled more than 5,700 cases of Wild Cherry Capri Sun drinks contaminated with cleaning solution, the company said in a statement on Friday. The recall applies to all products with a “best when used by” date of June 25, 2023. The company issued the voluntary recall after the drinks accidentally mixed with a diluted cleaning solution used on processing equipment at one of its factories. Consumers can return the products to the stores where they were purchased, Kraft Heinz said. Customers unsure whether their batch is affected can call Kraft Heinz at 800-280-8252. — WASHINGTON POST


Bed Bath & Beyond shares skyrocket in latest meme craze

The 510 percent three-week surge by Bed Bath & Beyond, which has helped reinvigorate a wave of meme stock buying, stands in the face of Wall Street banks sounding the alarm on the stock’s lofty valuations. The buying spree extended on Tuesday as the stock soared as much as 79 percent to $28.60 and triggered a pair of trading halts when more than 273 million shares changed hands to make it the most actively traded stock, Bloomberg data show. It closed up 29.06 percent at $20.65. The surge has come even as at least three Wall Street banks downgraded the home-goods company and recommended investors sell the stock amid the “meme stock frenzy.” — BLOOMBERG NEWS



The end of the line for two iconic muscle cars

Dodge will stop making gas-powered Charger and Challengers next year, marking the end of an era for a brand that helped define the muscle car, as the automotive industry transitions toward more fuel-efficient hybrid and electric vehicles. Stellantis, the automotive conglomerate that owns Dodge, announced Monday that it will transition the vehicles out of its production lineup in 2023 through a unique sale of seven “heritage” models, each of which will bear the words “last call” on a plaque underneath its hood. The Charger and Challenger are part of a generation of cars with powerful engines and muscular styling — alongside the Ford Mustang, Chevrolet Camaro, Pontiac GTO, and the like — made popular more than five decades ago. — WASHINGTON POST


MacKenzie Scott gives millions to Junior Achievement

Billionaire philanthropist MacKenzie Scott donated $38.8 million to Junior Achievement USA and 26 local operations — the largest single gift in its 103-year history — the national education nonprofit announced Tuesday. Like all of Scott’s nearly $12 billion in donations since 2019, her gift to Junior Achievement USA is unrestricted, meaning the Colorado-based nonprofit, which prepares students for adulthood by teaching them financial literacy, career skills, and business ownership training, can use the funds for any project it wants. Scott, currently worth about $42 billion according to Forbes, has signed the Giving Pledge, a promise from many billionaires to donate more than half their wealth. As part of her 2019 divorce from Amazon founder Jeff Bezos, who was then the richest person in the world, Scott received 4 percent of Amazon’s shares. — ASSOCIATED PRESS