This is Tilia americana or the American Linden or the basswood. This large tree is native to North America and grows quickly to as much as 120 feet tall.
Although it has many good characteristics:
- adaptable: shade to full sun, wet to dry soil
- some tolerance to salt
- transplants well
- few pests
This tree is not used much in urban settings due to it's large size. Your picture also shows one of the less known traits of the species: the tendency to sucker or bud from old wood.
The flowers are attractive to bees and wasps and when we had a relative planted it tended to drop seed pods, leaf sheathes and other debris constantly. A good tree to plant at some distance from your house or driveway.
As Michelle points out in North American it is also subject to attack by Japanese beetles. If you have roses, grapes or Virginia creeper they can attract the beetles who then settle in to defoliate your tree.