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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



$70 Million Makeover Announced for Boston’s TD Garden

18 Apr 2014, 2:36 pm

By Veronica Grecu, Associate Editor

Now that the Boston Celtics wrapped the 2013-2014 season with a 118-102 loss to the Washington Wizards at TD Garden and the Boston Bruins have only a few more games to play before concluding their 90thseason for the National Hockey League, their home TD Garden is set to undergo a comprehensive, fan experience-oriented facelift over the next two years.

TD Garden - rendering of renovated ProShop area

TD Garden – rendering of renovated ProShop area

Delaware North Companies, which owns and operates the multi-purpose arena, announced that the $70 million privately financed renovation will begin this summer.

“The Jacobs family is committed to providing the people of Boston with an arena that sets the industry standard,” Charlie Jacobs, principal Delaware North Companies and Boston Bruins, said in a press statement. “With the TD Garden being nearly 20 years old, we recognize that these renovations are necessary and we are confident that they will transform the fan experience from the moment a patron enters the building.”

The multimillion makeover calls for redesigned loge and concourses and renovated gathering areas, a new ProShop, a completely renovated Legends Club restaurant, as well as upgraded technology infrastructure. According to TD Garden’s owner, the loge concourse is slated for this June, while construction at the balcony concourse is set to begin next summer.

The ProShop, TD Garden’s store that sells Celtics and Bruins memorabilia, will be relocated from the North Station concourse to the building’s second floor turnstile area so that fans will have easier access from the arena’s new entryway before, during and after games. According to the Boston Globe, the redesigned ProShop will more than double its size reaching well over 6,000 square feet and will operate in a “Powered by Reebok/Adidas” three-year partnership with the Bruins and Celtics.

Legends Club, the largest private hospitality space at TD Garden, will undergo a complex renovation as well, but further details will be revealed in the following months.

Designed by Ellerbe Becket Architecture of Kansas City to replace the outdated Boston Garden, the 755,000-square-foot arena sits at 100 Legends Way. During the planning and construction phases the venue was known as the Shawmut Center, but eventually it was named after its sponsor, TD Bank, a subsidiary of the Canada-based Toronto-Dominion Bank.

Rendering of the renovated TD Garden ProShop area courtesy of Delaware North Companies



Colliers Retained as Exclusive Leasing Agent for 156,000 Sq.Ft. Office Building in Quincy

14 Apr 2014, 3:18 pm

By Veronica Grecu, Associate Editor

Marina Bay Management Services, LLC has retained Colliers International to serve as the exclusive leasing agent for a premier office property in suburban Boston.

500 Victory Road Quincy, MA

500 Victory Road Quincy, MA

The four-story building is located at 500 Victory Road in Marina Bay in North Quincy, less than 10 miles south of Boston. The 156,000-square-foot property, which was built in 1987 according to data from PropertyShark.com, offers the combined benefits of a live-work-play environment and spectacular views thanks to its attractive setting in a growing neighborhood and its proximity to New England’s premier marina facility.

“Over the past several years, Marina Bay has developed and transformed into a first-class destination,” said Tom O’Connell of Marina Bay Management Services. “It offers city proximity, skyline views, and a lively atmosphere, all with value and conveniences of a suburban setting.”

For more than six years, 500 Victory Road has been occupied by media and information giant Thompson Reuters. Starting January 1, 2015, when the company’s lease agreement is set to expire, the building will offer 69,000 square feet of office space along with other amenities such a full-service cafeteria, fitness center, day care center and hair salon.

Over the past decades Quincy has become one of Boston’s top performing office submarkets. As previously reported in a Boston Business Journal special outlook, this was possible thanks to a wave of financial service and insurance companies that chose to relocate back-office functions to the suburbs. Colliers points out that the Quincy office market, which comprises 5.4 million square feet of office space, posts a vacancy rate of 13.5%, compared to the overall Route 128 South office submarket that reaches 18.4%.

The Colliers team representing Marina Bay Management Services includes Colliers Vice President David Goodhue, Executive Vice President James Elcock, Vice President Caleb Hudak, Assistant Vice President Timothy Lahey and Associate PJ Foster.

Image via Colliers International







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