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Northland Closes on $98 Million Financing for Transit-Oriented Complex in Waltham

31 May 2014, 1:02 am

By Veronica Grecu, Associate Editor

A new transit-oriented complex is underway at the intersection of Main and Moody Streets in Waltham, a thriving suburb located only 14 miles west of Boston.

Moody and Main project rendering - Waltham MA

Moody and Main project rendering – Waltham MA

Northland Investment Corp., a real estate investment company based in Newton, has closed on a $98 million construction financing package from PCCP, LLC and is now ready to kick-start a massive redevelopment project in the heart of the city, one block from the Waltham MBTA commuter rail station.

Moody and Main On The Common will be constructed in phases on a 4.5-acre site encompassing four buildings—located at 702 and 716 on Main Street and 1 and 55 on Moody Street, respectively—that the developer has owned since 2005. Wicked Local Waltham reported that 55 Moody Street and 702 Main Street have already been razed and the developer has filed for demolition permits for the remaining buildings as well. ADD Inc. of Boston is the project’s architect of record, while Erland Construction serves as the general contractor.

Spanning 340,000 square feet, Moody and Main On The Common is set for completion in the summer of 2016, with the first phase ready in mid-2015. According to the developer, the project calls for three new, five-story buildings totaling 269 luxury rental apartments—16 studios, 142 one-bedrooms, 102 two-bedrooms and 9 three-bedrooms—with 27 affordable housing units. The residences will boast sustainable, high-end amenities such as walk-in closets, Energy Star appliances, low-flow fixtures, white roofs, European-style cabinetry and solid stone countertops.

The commercial component at Moody and Main includes 27,975 square feet of ground floor retail space, a below-grade parking garage for 300 cars and 92 surface parking spaces.

John Randall, senior vice president with PCCP, told Commercial Property Executive  in a recent interview that Northland’s transit-oriented complex in Waltham will target renters by choice who are on the lookout for brand-new, high-quality rentals with access to regional access but who also enjoy the walkability of the location.

Rendering courtesy of Northland Investment Corp.



Conroy to Transform Parcel K into Residential and Commercial Complex

23 May 2014, 4:35 pm

By Veronica Grecu, Associate Editor

Parcel K redevelopment project - Boston Innovation District

Parcel K redevelopment project – Boston Innovation District

The Boston Redevelopment Authority (BRA) recently approved Conroy Development’s proposal to transform a 2.4-acre parking lot in the South Boston Waterfront into a vibrant residential and commercial complex.

Known as Parcel K, the development site is one of the many parcels that comprise the 30-acre Massachusetts Port Authority (Massport) Commonwealth Flats Development Area (CFDA), according to the Project Notification Form that was submitted by the developer in 2013. Parcel K is located at the corner of Northern Avenue and Congress Street in an area that has emerged as the city’s Innovation District thanks to the large number of tech companies and start-ups that have offices here.

According to information from the BRA, Conroy Development will invest $230 million to complete the project that will encompass over 480,000 square feet at full build-out. The conceptual design created by Arrowstreet Architecture features an 11-story residential and commercial building and an adjacent 10-story boutique hotel that will support the businesses located in the nearby Boston Marine Industrial Park, the emerging businesses of the Innovation District as well as the World Trade Center and the Boston Convention and Exhibition Center—both of which are located within walking distance of the Parcel K development project.

Parcel K redevelopment project - Boston Innovation District

Parcel K redevelopment project – Boston Innovation District

At 300,000 square feet, the residential building will become the visual focal point at the end of Congress Street. It will be constructed on the western side of the parcel and will have 304 rental apartments (including micro-housing) ranging from studios to two-bedrooms, with 40 units designed as affordable housing. The eastern portion of the parking lot will be replaced by the 247-room hotel whose operator hasn’t been announced yet. Together, the two buildings will include around 25,000 square feet of retail space and 16,500 square feet of “innovation” flex office space located around the southern edge of the site, between the residential building and the hotel and immediately adjacent to the MBTA Silver Line Way station.

The redevelopment effort at Parcel K also includes the construction of a multi-level underground parking garage with a total of 640 spaces. Additionally, Conroy Development has committed $200,000 for community-oriented purposes that will be supported by the BRA.

Expected to become a key component of the growing Innovation District, the Parcel K Project will seek LEED Silver certification by incorporating several sustainable design and construction strategies. Furthermore, the development is projected to create around 700 new construction and permanent jobs. Conroy Development is expected to begin construction by fall and complete the project within two years.

Renderings credits Arrowstreet Architecture



Flats@44, Flats@22 Add to Chelsea’s Wave of Mixed-Income Rental Projects

16 May 2014, 9:30 pm

By Veronica Grecu, Associate Editor

Flats@44 - Chelsea, MA

Flats@44 – Chelsea, MA

As rents continue to soar in Boston’s top-rated neighborhoods, a wave of residential developments in the suburb of Chelsea promises a more diversified apartment market for those looking for mixed- to low-income housing options.

Flats@44 is the newest residential community that was completed in the so-called Box District in downtown Chelsea, a once blighted neighborhood that was named after the box manufacturing companies that operated in the area until the 1960s. The building’s completion was celebrated on May 14 by local authorities, state leaders and representatives of the development company during an official event.

Developed by the Mitchell Properties LLC of Boston, The Neighborhood Developers and the Traggorth Companies in coordination with the City, Flats@44 is the first project completed under the Housing Development Incentive Program (HDIP), a federal program designed to encourage residential growth by offering developers in 24 “Gateway Cities” $5 million in annual tax credits.

Flats@44 is located at 44 Gerrish Avenue, just a block from the Chelsea City Hall and was designed by The Architectural Team and DMS Design LLC. The project kicked off in mid-2013 and called for the rehabilitation of the old Standard Box warehouse building and the development of new modular construction, according to city officials. Currently 80 percent leased, Flats@44 includes 41 market apartments and five affordable rental units in a combination of studios, one- and two-bedroom units with monthly rents ranging from $1,315 to $1,950. The loft-style list of amenities at Flats@44 includes a roof deck, a fitness center, stainless steel appliances, in-home washer/dryer, walk in closets with lighting and shelving, energy efficient heating and cooling, free Wi-Fi in common areas, as well as extra storage spaces and covered and off-street parking spaces.

The inaugural ceremony at 44 Gerrish Avenue also marked the official groundbreaking of Flats@22, another mixed-income residential project that will be constructed at 22 Gerrish Avenue by the same development team. Flats@22 will include 50 rental apartments, 21 of which will be affordable.

 

Renderings via Flats@44 



USGBC Awards LEED Gold Certification to Residence Inn by Marriott Hotel in Needham

9 May 2014, 5:02 pm

By Veronica Grecu, Associate Editor

Less than one year after construction was completed at the Residence Inn by Marriott in Needham, just 17 miles from Boston, the project’s developers announced the hotel was awarded LEED Gold Certification by the U.S. Green Building Council (USGBC).

Needham Residence Inn by Marriott

Needham Residence Inn by Marriott

Owned by XSS Hotels and managed by Colwen Management of Portsmouth, NH, the 90,000-square-foot facility is located at 80 B Street in the New England Business Center office park. As previously reported by the New England Real Estate Journal, the $13.5 million hotel was built by locally based Waterford Development Corporation and is part of a complex redevelopment plan advanced by Normandy Real Estate Partners that calls for new office buildings, the Residence Inn hotel and two parking facilities to be built over the next few years.

The 128-key Residence Inn by Marriott was designed by PROCON, an architecture firm of Manchester, NH, that also served as construction manager for this hospitality project. In order to achieve LEED Gold Certification, the development team incorporated regional and recycled construction materials, as well as environmentally friendly design elements such as oversized windows, a white roof, low-flow and water-efficient plumbing fixtures, and LED lighting throughout the structure.

Designed for extended-stay visitors and business travelers, the Needham Residence Inn by Marriott hotel includes 116 urban studios, eight one-bedroom suites and four two-bedroom suites. Each suite offers separate working, lounging and sleeping areas, and a fully equipped kitchen. The five-story hotel also features a bar and lounge area, indoor pool and fitness room, as well as two meeting rooms located on the first floor and totaling 1,330 square feet of space.

“We designed and constructed the Needham Residence Inn with a strong focus on sustainability and incorporated environmentally friendly features into the operation of the hotel,” said Leo Xarras of XSS Hotels. “We are very proud that the Needham Residence Inn attained LEED Gold Certification and know that our guests appreciate staying in an environmentally responsible hotel.”

 

Rendering via Marriott



HYM to Co-Develop New Balance’s $500 Million Boston Landing Mixed-Use Project

2 May 2014, 2:42 pm

By Veronica Grecu, Associate Editor

New Balance Athletic Shoe, Inc., one of the largest sports footwear manufacturers in the world, recently announced it has selected a co-developer for the new headquarters building that is currently under construction between the Allston/Brighton interchange.

According to an official statement by NB Development Group—New Balance’s real estate investment and development arm—Boston-based real estate company HYM Investment Group, LLC will co-develop the massive Boston Landing (formerly marketed as New Brighton Landing) mixed-use project that was approved by the BRA in mid-2012 and broke ground in September 2013.

Boston Landing - development map

Boston Landing – development map

“We welcome HYM as our Co-Development Manager for Boston Landing as we move forward with the next phases of redevelopment on this expansive site on the western gateway to Boston,” said in a press release James Halliday, managing director of NB Development Group, LLC. “NB Development Group brought on HYM because of its direct experience with phased mixed-use sites across the region.”

The $500 million Boston Landing is being constructed on a 14-acre industrial property located at 38-100 Guest Street and 77 Guest Street that was once part of the Brighton Stockyards, the largest stockyard in the region. Designed by Elkus-Manfredi Architects of Boston, the mega-development will encompass 1.45 million square feet and will be completed in six phases over the next four years. Apart from New Balance’s 250,000-square-foot world headquarters building that is expected to be completed by 2015, the project also calls for three additional Class A, LEED-certified office buildings totaling 650,000 square feet; 65,000 square feet of ground floor retail and restaurant space and approximately 1.4 acres of public open space.

Conceptual plans also include a 140,000-square-foot boutique hotel with 175 guest rooms, dedicated parking, ground floor lobby and restaurant space that will help maximize the pedestrian experience along Guest Street. The hotel will be constructed near a state-of-the-art, 325,000-square-foot sports complex planned for 77 Guest Street that will feature a hydraulic-banked track, a professional-regulation ice hockey rink, two basketball courts and a MAC court, as well as a fitness center and spa.

“We are thrilled to be working with NB Development Group to help develop this area into a vibrant city neighborhood and 21st century destination for area residents and visitors,” said Thomas N. O’Brien, managing director of the HYM Investment Group, LLC.

Boston Landing Development map credits to Elkus-Manfredi Architects







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