A "weed" is a plant you do not want growing where you do not want it to grow, so this might be a "weed" or it may not. Keep in mind also that much of what we classify as "weeds" are wildflowers that provide a food source for many of our beneficial insects.
The presence of ants may indicate something or it may not.

Thanks for the response. The flowers coming in actually seem quite interesting, so I think i'll wait to see where this goes.

Those look like catalpa flowers. Are there any catalpa trees around your neighborhood?

Tom, do you have room for this tree (catalpa) at its eventual size - it used to be thought a pretty tree for larger landscapes but has lost popularity over the years. Reasons being its leaf and twig litter, habit of leafing out fairly late in Spring then dropping its leaves at the first hint of fall frost, and from being somewhat brittle, does not always hold up well to storms.

Do a bit a research then decide while its smaller if its something you want to live with in what appears to be the front of your home. Take note of the flowers and determine if those are appealing enough to make up for some other features that may not be as desirable long term...although understand that I'm speaking from out of your climate :)

Wow, I just googled the Catalpa and the flowers do look identical. No, I don't see any trees in the vicinity of my house, but I'm far from an expert. Perhaps a more careful search is in order.

Thanks so much for that ID. It gives me something to go on moving forward.

@ Morz8,
Thanks for the advice. You raise some great questions. This is in the front of my home, and perhaps just as important as the aesthetic concerns is that it's growing only three or four feet from the base of a full grown tree and quite close to my house. It seems like I would have to consider relocating it if I want to keep it long-term, but - as you suggest - more research is in order.

Around here, it would be an empress tree.
Paulownia species.
Seeds around freely, gets huge, weak wood which breaks in the wind.

The Catalpas I have allowed to grow around here do not flower that young.
It may be the "Princess" tree, "Paulownia species", considered to be an invasive species.
Have you checked with your UMASS Cooperative Extension Service?

Definitely the native Catalpa, not invasive Paulownia, from the flowers.

These are often grown to be cut down annually. The caterpillars that use this plant as host are valued as fishing bait, so they are kept shrub-size so people can reach the caterpillars. From that you can know that you can cut it to the ground every year to have a shrub, and that cutting it to the ground won't kill it.

Good luck with whatever decision you make!

@ purpleinopp,

Thanks for that information. Good to know.