JV Seeks Approval to Restart Stalled Lovejoy Wharf Project

By Veronica Grecu, Associate Editor

A development team including The Beal Cos. and The Related Cos. revealed plans to breathe new life into the long-stalled Lovejoy Wharf project along the Charlestown Bridge the northern edge of the historic Bullfinch Triangle.

Back in 2008 the Boston Redevelopment Authority (BRA) approved the $200 million, 240-unit housing development proposed by Ajax Management Partners of Lexington, MA. But the Boston Business Journal reports that soon after getting the green light construction at the site halted because of the risky economic environment and a lawsuit from 21 residents of Strada 234, a neighboring high-end development, who were looking to overturn the City’s amendment that allowed Lovejoy Wharf to exceed by 100 feet the 55 feet height limit for the area.

The joint venture between Beal Cos. and Related Cos., which is close to sign a deal to buy the construction site after the law suit was settled last year, reviewed the master plan and recently filed a Notice of Project Change with the BRA. According to NorthEndWaterFront.com, the co-developers have been working with The Architectural Team (TAT) to transform the existing 11-story Hoffman Building at 160 North Washington Street into a 241,000-square-foot office space facility. A second phase would call for a 14-story residential building with 104 condo units that will replace the adjacent 131 Beverly Street structure. Additionally, the reviewed project includes a publicly accessible park and a 2-level pavilion connected to North Washington Street featuring ground floor retail, restaurant and marina space. If approved by the BRA, construction at the site could start in early 2013.

According to the developers’ filing, 187,000 square feet of office space in the Hoffman Building could be leased to Converse, headquartered in North Andover. Apparently the sneaker giant is looking for an expanded company headquarters in the Greater Boston area.

Click here for a market report on Boston vacancy rates.

Rendering credits to The Architectural Team via NorthEndWaterFront.com

75-Unit Adaptive Reuse Loft Building Opens North of Boston

By Veronica Grecu, Associate Editor

Boston-based WinnDevelopment recently inaugurated a 75-unit apartment community constructed from two vacant buildings that used to be part of the former Malden Mills factory in Lawrence, MA. Originally named Malden Knitting, the factory was founded in 1906 in the town of Malden and produced wool clothing and later military uniforms. After World War II, the company relocated to Lawrence and expanded operations to include dying, printing, fabric finishing and, in late 1970s, the first branded synthetic apparel fabric known worldwide as Polarfleece.

In 1995, a fire destroyed three of the factory’s nine buildings, which led to 1,400 workers losing their jobs. Despite the company’s efforts to pay the workers for the following three months and a $450 million reconstruction investment completed in 1997, Malden Mills went bankrupt. After owning and operating the factory for three generations, in 2007 the Feuerstein family sold the 29-acre property to Versa Capital which rebranded the company as Polartec, LLC.

WinnDevelopment acquired two buildings totaling 160,000 square feet for $3.19 million and, according to a report by EagleTribune.com, broke ground on Loft Five50 in late 2010. By using a combination of grants and incentives from the State’s Department of Housing and Community Development, HUD, MassHousing, Massachusetts Historical Commission (MHC), Massachusetts Housing Partnership, National Park Service and the City of Lawrence, the adaptive reuse project created around 100 construction jobs and three permanent jobs.

While maintaining the unique details of the historic mill, the design by The Architectural Team, Inc. (TAT) created a modern, loft-style apartment community with LEED-certifiable one- and two-bedroom units, as well as two-bedrooms with dens. As previously mentioned by EagleTribune.com, 72 apartment units are affordable with rents ranging from $950 for a one-bedroom to $1,150 for a two-bedroom apartment with den.

The apartment building also includes a fitness center, an indoor theater, a lounge area, a play room for children, an outdoor patio and a private parking garage.

Click here for more Boston news.

Images courtesy of www.loftfive50.com

Texas Developer Breaks Ground on South Boston Residential Tower

By Veronica Grecu, Associate Editor

Hanover Co., a Houston-based real estate company specializing in the acquisition, development, and management of multifamily properties, broke ground on November 16 on one of the largest housing developments in Boston’s Seaport District.

Totaling over 400,000 square feet, the new building (pictured at right) called “100 Pier 4” is located at Seaport Boulevard and Northern Avenue, on a piece of land previously owned by New England Development, a real estate investment company based in Newton, MA. Earlier in May Hanover Co. purchased the site for $24.6 million according to the Boston Herald.

Estimated to cost around $195 million, the apartment tower will rise 21-stories. It will include a mix of 369 units ranging from studios to three-bedroom apartments, 50 of which will be designated as “innovative units”—they will be smaller, more compact and affordable for young professionals who work in the Seaport District. The building will also feature an underground parking garage with 258 spaces, a restaurant operated by the Athanas family (which had to close its waterfront restaurant during the construction), as well as 10,800 square feet of ground floor retail space. Construction at the site is expected to be complete by early 2014.

The residential tower was designed by local architecture firm ADD Inc. and represents Phase I of a complex revitalization project that aims to transform South Boston’s Pier 4 into the city’s first choice destination for shopping, dining, living, working and visiting. In late 2011 the Boston Redevelopment Authority approved New England Development’s 1,000,000-square-foot mixed-use project that would include new office buildings, residential towers, restaurants and entertainment venues.

Click here for a market report on Boston.

Renderings courtesy of Hanover Co. and New England Development

STAG Industrial Snags Two Properties for $13.4 Million; Veolia to Relocate HQs at Exchange Place

By Veronica Grecu, Associate Editor

Boston-headquartered STAG Industrial, Inc., a full service real estate company  focusing on  the acquisition, ownership and management of single-tenant industrial properties throughout the United States, announced this week the acquisition of two properties totaling 325,000 square feet of space. Both properties were acquired for a total of $13.4 million in two separate transactions.

The first asset is Westover Road, a high bay warehouse and distribution building located in the Chicopee submarket of greater Springfield, Massachusetts. The 217,000-square-foot facility was acquired for $8.32 million from Brockwood Financial Partners, LLC, a real estate investment trust based in Beverly, Massachusetts. The property is currently fully occupied by Big Y Foods, Inc., a local supermarket retailer.

The second building, located in Sterling Heights, Michigan, is a 108,000-square-foot manufacturing and warehouse facility currently fully leased to automotive industry supplier Sodecia North America, Inc.

In other news, the Boston Business Journal reports that Veolia Energy North America has leased 27,440 square feet of Class A space at the 14^th floor of the Exchange Place building (pictured) located at 53 State Street in Boston. A developer of efficient energy solutions, Veolia will relocate its North American headquarters from 99 Summer Street, where it operated since 2009, as well as its energy consulting and energy subsidiary SourceOne. The company is expected to complete relocation at the new address by early 2013.

Click here for more news on Boston.

Photo via LoopNet.com

Harvard Reveals Massive Renovation and Expansion Plans in Allston

By Veronica Grecu, Associate Editor

Harvard University, the oldest institution of higher education in the United States, announced plans to expand its footprint in the Allston neighborhood of Boston with nine development projects encompassing nearly one million square feet of new building space and around half a million square feet of renovation. An Institutional Master Plan Notification Form (IMPNF) was recently submitted for review with the Boston Redevelopment Authority (BRA) and, once approved, it would replace the University’s existing master plan, which is set to expire in December 2012.

Harvard’s “Ten-Year Plan” includes the construction of three new academic buildings, two new faculty/administrative facilities, renovation and expansion of the century-old Harvard Stadium, a new sports venue, an institutional mixed-use structure, a hotel and conference center. According to the University’s Executive Vice President Katie Lapp in an interview for the Harvard Gazette, the newly proposed development plan will provide critical improvements serving academic needs and, at the same time, it will increase interaction between Harvard and the Allston community.

The lengthy IMPNF includes detailed information about each project that Harvard aims to complete by the end of 2022. While the university has yet to announce the final price of the venture, most of the projects will be financed through a combination of sources which include University funds and philanthropy, as well as a $40 million donation from the James Si-Cheng Chao and Family Foundation which will support the creation of a new executive education building called the Chao Center.

According to the proposed master plan, the site of the roughly 250,000-square-foot hotel and conference center is yet to be determined, but it will most likely be constructed on the south side of Western Avenue, near the Health and Life Science Center and other key departments. The hotel would include 150 to 250 guest rooms and 50,000 to 100,000 square feet of meeting space.

The mixed-use component will be developed on the existing Charlesview site which will continue to serve its current residents until 2014. The project aims to enliven Barry’s Corner and create a link between students, faculty, staff and the community. According to plans, the project would include around 200,000 square feet of space of up to nine stories. The building’s ground floor will feature service, retail and institutional/programing uses, while the upper floors will include administrative and office space.

As for Harvard Stadium, which was built in 1903 and was recently included on the National Historic Landmarks list, plans call for preserving the existing structure and adding an elevator so that disabled visitors have easier access to the venue, new locker rooms, meeting and office space, a renovated press box and enclosed club seating.

The plan also details new streets and wider sidewalks, a green public space on the northeast boundary of Barry’s Corner and sustainability improvements to make the area more attractive for students, researchers and staff members.

Click here for a detailed market report on Boston.

Rendering and description courtesy of Harvard University via the Boston Redevelopment Authority

LEED Silver Certification Awarded to UMass Medical Building

By Veronica Grecu, Associate Editor

The U.S. Green Building Council (USGBC) has awarded LEED Silver certification for sustainable design and efficient operation to one of the facilities built by University of Massachusetts’ Medical School (UMMS). The Ambulatory Care Center building is located at 55 North Lake Avenue in Worcester, MA, on the south side of the university campus and was developed by UMMS in collaboration with its clinical partner the UMass Memorial Medical Center.

Designed by Boston-based architecture firm Payette, the 253,000-square-foot facility opened in summer 2010 and accommodates a mix of ambulatory clinical care centers and research spaces. After performing a complex review of the building’s design, construction and operational data over the past months, USGBC verified the LEED Silver certification on September 20.

According to a description from the project’s architecture firm, the seven-story building is located right next to a visitor parking garage providing easy access for patients and close to the hospital and school so that doctors and researchers can work together more efficiently. In line with LEED Silver requirements, all interiors spaces provide an optimal setting for healthcare by promoting a high level of comfort and individual controls. In order to prevent solar heat gain, the building’s roof was designed to reflect rather than absorb the heat. Also, the facility has an east-west orientation and was enveloped with tinted, reflective and insulated glass. Other amenities such as automatic low-flow/low-flush plumbing fixtures (which account for approximately 30 percent in water saving), adhesives and paints with low levels of volatile organic compounds (VOCs) to reduce chemical emissions, sophisticated heating, cooling and lighting systems and hiring a specialized commissioning agent to oversee the design and proper installation of the mechanical, electrical and plumbing systems were also implemented to meet the LEED Silver standards.

The Ambulatory Care Center facility is the first building in the history of UMMS to achieve this sustainability status.

Images courtesy of University of Massachusetts and Payette

278-Unit Multifamily Development Proposed in Dorchester

By Veronica Grecu, Associate Editor

Synergy Investments, a Boston development company, has filed a letter of intent with the Boston Redevelopment Authority (BRA) and is seeking approval to create a residential community on a vacant parcel located at 25 Morrissey Boulevard in Dorchester.

The 2.35-acre lot between JFK/UMass MBTA station and the Shaw’s Supermarket was purchased by the developer in 2007 for $30 million, along with the adjacent supermarket and the Greater Boston Media facility. As revealed by the Dorchester Reporter, the Residences at Morrissey Boulevard project represents Phase I of a more extensive revitalization plan that would span over the next 20 years along the Morrissey Boulevard under BRA’s guidance.

If approved by the City, construction at the site would begin in 2013 and the first residents could move in starting fall 2014. The $60 million complex will include two buildings—five-and-a-half stories each—totaling 278 rental apartments ranging from studios and lofts to three-bedrooms and priced from $1,200 to $1,800 per month in order to attract young professionals and families in this rather isolated area.

According to the news source, this phase does not include retail spaces because the area has yet to prove that is has commercial potential. However, the developer stated that a new market and retail/office facilities could be developed during Phase II of the project.

With vacancy rate trends spiraling down in Boston, as pictured in this chart from Marcus & Millichap,  Synergy Investment’s new construction project will try to balance out the lack of housing inventory, at least in this area of Dorchester.

For a more detailed report on Boston vacancy rates, please click here.

Rendering of “Residences at Morrissey Boulevard” courtesy of Synergy Investments

Chart credits to Marcus & Millichap

$8.35 Million Condo Project Completed in Brookline

By Veronica Grecu, Associate Editor

Nauset Construction Corporation, headquartered in Needham, MA, recently completed a $8.35 million condominium project at 2-8 Olmsted Road in the Fisher Hill Neighborhood of Brookline. The announcement comes more than one year since the joint venture between Nauset (serving as the general contractor) and Boston-based developer New Atlantic Development Corporation obtained approval for construction from the Brookline Public Works Department. The 24 units are the result of a complex, multi-year effort to create more affordable housing in the area.

Since the 4.8-acre site on which the three-building complex was constructed served as a reservoir for the town of Brookline until the 1950s and was then left vacant, the project designed by CBT Architects was developed in two phases. Phase I required demolition of all existing structures, removing the two enormous underground tanks and filling the empty space with 45,000 cubic feet of compacted fill. This phase also included the installation of subdivision utilities and the construction of a new street called Olmsted Road.

The second phase included the creation of 11 lots, ten of which were designated as single family parcels and sold at market value to help finance the affordable portion of the project. On the remaining lot the construction team developed the three buildings (2 Olmsted Road with four units, 6 Olmsted Road with 16 units and 8 Olmsted Road with four units) totaling 24 condominiums and an underground parking garage for 34 vehicles. All residential units are ENERGY Star certified and the developer is seeking LEED certification for the entire community.

According to the official website of the town of Brookline, the project team, led by New Atlantic Development Corporation, includes CBT/Childs Berman Tseckares (architects), CBA Landscape Architects, Samiotes Consultants (civil engineering), and McPhail Associates (environmental and geotechnical consulting).

Click here for more market data on Boston.

Image via www.brooklinema.gov

Work Expected to Begin on Long-Stalled East Boston Residential Project

By Veronica Grecu, Associate Editor

A new multifamily project is ready to break ground in East Boston, one of the most promising but underdeveloped areas in the city’s Innovation District. More than ten years after designing the first sketches and several failed development attempts, New Jersey-based developer Roseland Property Co. is finally moving on with Phase I of Portside at East Pier, a long-stalled project at Marginal and Lewis Streets on the East Boston waterfront.

In 2000 Roseland Property had revealed plans for a mixed-use development with 500 residential units, retail and entertainment space; five years later, the developer won approval and kicked off construction in a joint venture with luxury builder Lenar only to cease all operations in 2007 when the real estate industry was seriously shaken by the economic downturn. According to Roseland Property’s website, the 13-acre Portside at East Pier master plan calls for 400 condominium and 176 multifamily units and nearly 70,000 square feet of retail and commercial space.

As reported by the Boston Herald, work on the project Phase I—which focuses on building 176 apartment units—is imminent as the developer found a new contractor (Cranshaw Construction, a division of National Development based in Newton), adjusted the project specs to the existing economic environment and is now seeking to get approval for the building permit. This time Roseland Property teamed up with Prudential Real Estate Investors to secure the $275 million development, reveals the news source.

The project has high chances of getting the building permit. Since the second quarter of 2011 the reduced amount of available housing units has prompted developers to revive a great deal of construction projects that were stalled because of the recession, according to a Boston-area market report from Marcus & Millichap. It is estimated that in 2012 construction output will reach the highest level in three years.

For more market data on Boston, please click here.

Rendering of Portside at East Pier credits to Roseland Property Co.

Chart courtesy of Marcus & Millichap

BRA Green-lights Multi-Million Construction Projects

By Veronica Grecu, Associate Editor

Almost two months after filing a notice of project change for the long-stalled Millennium Tower and Burnham Building project, the development team has won approval from the BRA. With a $615 million private investment and encompassing 1.2 million square feet, the revised mixed-use project will be located at the partially vacant site of the former Filene’s Department Store on a parcel delimited by Washington, Franklin, Hawley and Summer Streets. As already reported by CityPages, the development project calls for 600 condominiums and rental units, up to 231,000 square feet of ground floor retail space, up to 218,000 square feet of office space, parking, a health club and a restaurant. Led by Millennium Partners, the project will bring around 600 construction jobs to Boston as well as 2,300 permanent jobs.

Another massive project that was unanimously approved by the BRA and previously got our attention was New Brighton Landing. This $500 million development proposal at 38-180 Guest Street and 77 Guest Stree in Allston/Brighton would result in a new world headquarters building. In addition to the 200,000 to 250,000 square feet headquarters building, the development team consisting of New Balance L.L.C. and Boston-based Elkus-Manfredi Architects will construct a new sports facility of 300,000 to 345,000 square feet, two parking garages totaling 1,000 spaces, and up to 12,000 square feet of retail and restaurant space.

Boston College High School’s proposal for a 28,000-square-foot educational and athletic facility at 150 Morrissey Boulevard in Dorchester also got the green light. The $12 million expansion plans call for a 2.5-story addition between the existing McNeice Pavilion and Cushing Hall, and will include a gymnasium, a 125-seat lecture hall and classroom spaces. Dubbed Cadigan Hall in honor of Patrick Cadigan—a Boston College alumni and Cambridge native who donated the funds for the new facility—and designed by Ai3 Architects, the project is estimated to create nearly 100 construction jobs.

According to the Boston Globe, Boston College High School serves more than 1,600 students between 7^th and 12^th grades. The work is expected to be complete by fall 2013, just in time to mark the school’s 150^th anniversary.

Click here for more market data on Boston.

 Rendering of Cadigan Hall courtesy of the Boston Redevelopment Authority

HFF Brokers $59 Million Ground Lease of 177 Huntington Avenue

By Veronica Grecu, Associate Editor

An affiliate of Beacon Capital Partners, LLC has signed a 99-year ground lease for 177 Huntington Avenue, an iconic 26-story office tower located in Boston’s Back Bay neighborhood. Holliday Fenoglio Fowler, LP (HFF), a leader in commercial real estate and capital market services, exclusively represented the owner—The First Church of Christ, Scientist—and the trustees of Church Realty Trust in this $59 million transaction.

The 198,825-square-foot tower at the northeast corner of the Christian Science Plaza was designed by famed architects I.M Pei & Partners and Araldo A. Cossutta, Associated Architects. Completed 40 years ago to house the Church’s administration offices, the building (pictured at right) was fully occupied until 2008 when the Church relocated its headquarters into the nearby Christian Science Publishing House Building. Currently the office tower is 95 percent occupied and all the tenants’ leases will be maintained after Beacon Capital takes over the building.

“This asset was particularly attractive to investors due to its location and value-add components,” said HFF Managing Director Coleman Benedict, who led the negotiation team.

According to an official statement issued by HFF, this lease transaction is an element of the Church’s Plaza Revitalization Project, which aims to enhance open space, improve environmental sustainability and identify opportunities for underutilized real estate in the area.

In similar news, the Boston Business Journal reports that NAI Hunneman represented The Mackin Group in a long-term industrial property lease in Norwood. The 7,040-square-foot industrial property located at 661 Pleasant St. was leased by Crossfit Automile, a company that offers strength and conditioning programs similar to programs geared toward police academies and tactical operations teams, military special operations units, champion martial artists and other elite and professional athletes. Crossfit Automile will open the facility on September 3.

Click here for more market data on Boston.

Image credits to author Luciof on Wikimedia Commons

Renovation Completed at Boston Marriott Copley Place; Potential Hilton Garden Inn Hotel Pending Approval

By Veronica Grecu, Associate Editor

The award-winning Boston Marriott Copley Place completed a complex renovation of guest rooms, meeting space, health club and pool areas. Conveniently located at 110 Huntington Avenue in the city’s historic Back Bay district, the hotel has been completely re-imagined over the five-year re-design process. Inspired by nature, the building’s 1,100 guestrooms were renovated under the Marriott Hotels & Resorts Refreshing Mint interior design signature palette, which combines splashes of mint green with chocolate brown hues. The stylish and calming guest rooms are equipped with mini-refrigerators, 37-inch HDTVs and laptop safes, as well as wired and wireless internet connection.

The hotel’s 23,431-square-foot Grand Ballroom has also been redesigned during the renovation process and now features jewel-hued carpets and bronze light fixtures that complement the mahogany millwork, state-of-the-art sound systems and an enhanced internet connection. The 22,500-square-foot Back Bay Conference and Exhibit Hall was reconfigured into seven mid-sized meeting rooms of 900 to 2,000 square feet each, which are able to serve various small events simultaneously.

In similar news, the Boston Globe reports that a new hotel could be added to the city’s hospitality map by the end of 2014. More than one year after the first proposal, Boston Development Group submitted revised plans for a mixed-use project in Cleveland Circle in the Brighton neighborhood. A 236,500-square-foot building would reportedly replace an Applebee’s restaurant and the adjacent Circle City cinema which has been sitting vacant for a few years and would include a 181-room Hilton Garden Inn hotel and 82 luxury apartment units, 19,000 square feet of office space, 14,200 square feet of ground floor retail and restaurant space, and a below-grade garage with 141 parking spaces.

According to the source, the developer submitted detailed plans to the Boston Redevelopment Authority (BRA) two weeks ago and hopes to break ground on the project in spring 2013.

Images courtesy of Marriott Hotels & Resorts website

Stalled $615 Million Project Seeking Approval to Revitalize Downtown Crossing

By Veronica Grecu, Associate Editor

Shortly after Mayor Thomas Menino announced that Chicago-based real estate investment and development firm Oxford Capital Group LLC plans to develop a 240-key hotel at 59 Temple Place in Downtown Crossing, the Boston Redevelopment Authority (BRA) reveals another investor’s intention to revitalize the area.

Millennium Partners filed a Notice of Project Change (NPC) for the previously proposed Millennium Tower and Burnham Building, which was a mixed-use project of up to 1.25 million square feet with a 280-room hotel, a restaurant, up to 176 residential units, retail space, an underground parking space and a health club/spa that was put on hold in 2008 because of the collapse of the financial markets.

According to the NPC, the developer has altered the original project to make it viable given the current market conditions. With a $615 million private investment and encompassing 1.2 million square feet, the revised mixed-use project will be located at the partially vacant site of the former Filene’s Department Store on a parcel delimited by Washington, Franklin, Hawley and Summer Streets. The development will include 600 condominiums and rental units in the 625-feet tall Millennium Tower as well as 125,000 to 218,000 square feet of office space within the rehabilitated Burnham Building and 550 below-grade parking spaces of which up to 250 will be slated for public use. Also included in the project are a health club of 35,000 square feet and a 10,000-square-foot restaurant.

In order to maximize pedestrian access through a plaza between Hawley and Washington Streets, the development team will create a new automobile drop-off. Paving, landscape materials, signage and lighting will be coordinated to unify the drop-off with the entire plaza.

It is estimated that the project would generate around 600 construction jobs and, after completion, up to $5.5 million in real estate taxes annually and 2,300 permanent jobs. The development team includes Millennium Partners, Handel Architects, DLA Piper, Epsilon Associates, Howard/Stein-Hudson Associates, Nitsch Engineering, WSP Flack + Kurtz, Haley & Aldrich, RWDI, MacRostie Historic Advisors, and Suffolk Construction. According to the BRA, a community meeting will be held next week to review the project.

Rendering courtesy of the Boston Redevelopment Authority

Two Affordable Housing Assets Snag $90 M Financing for Upgrades

By Veronica Grecu, Associate Editor

Blackstone Apartments and Franklin Square House Apartments, two affordable housing communities in Boston, will be redeveloped with the help of a $90 million investment made by the AFL-CIO Housing Investment Trust (HIT).

As reported by Commercial Property Executive, the fixed-income investment company will rehabilitate the 338 rental units at the two properties to keep them affordable for low-income residents for another 20 years. The project’s development costs rise up to $148, and AFL-CIO’s investment is part of a $168 million portfolio sale of affordable housing developments by MassHousing.

It is estimated that the redevelopment project will generate nearly 150 union construction jobs. CWC Builders Inc., the general contractor, will focus on exterior and interior repairs and improvements that would reduce the environmental impact of the buildings; other upgrades include additional insulation, new windows, as well as improved energy-efficient systems to conserve energy and reduce the buildings’ operating costs.

According to an official statement by AFL-CIO, all work at the two apartment communities will be performed under collective bargaining agreements with several local building and construction trade unions that haven’t been named yet.

The $90 million redevelopment investment at the Blackstone and Franklin Square House Apartments is part of the AFL-CIO’s Construction Jobs Initiative that aims to create over 1,900 union construction jobs in Boston and more than 13,500 jobs nationally. Through this initiative the company has invested more than $200 million in 21 projects in Boston over the last three years, as seen in the chart at right.

Images courtesy of www.aflcio-hit.com

Former Worcester Voke School Turns Residential

By Veronica Grecu, Associate Editor

A Boston-based development company announced details of a $30 million mixed-income residential complex that would replace a former school in Worcester that was shut down in 2006. As reported by Worcester Telegram & Gazette, WinnDevelopment—a division of Winn Companies—has entered an agreement with the building’s current owner, the Worcester Business Development Corporation (WBDC) to purchase the former Worcester Vocational High School site on Grove Street for $1.7 million.

Dubbed the Voke Lofts, the complex will include 84 one- and two-bedroom rental units, 42 of which will be marketed as affordable for low-income tenants while the rest will be market rate. Future residents of Voke Lofts will have access to a fitness room, laundry services and community space that could also be used as an art gallery for local artists; the apartment building will also have offices for management and leasing.

Since the three-story school building is listed on the National Register of Historic Places, the developer was awarded $3.5 million in state housing tax exemptions and an additional $5 million in federal tax credits. Work at the site is scheduled to begin in spring 2013 and the project will take approximately 14 months to complete.

According to a recent forecast by Marcus & Millichap, the demand for rental units will remain firm in Philadelphia for the rest of 2012, while rising rents will push development companies to resume work on stalled residential projects.

Image courtesy of Panoramio, author D. Campbell; Charts courtesy of Marcus & Millichap.

Work Advances at Vertex’s Future Fan Pier Headquarters

By Veronica Grecu, Associate Editor

Work on the Eleven Fan Pier Boulevard, one of the 18-story towers at the Fan Pier development site, reached a milestone recently when iron workers raised the final beam to complete the building’s structural framework. To celebrate the event, the beam was signed by Boston Mayor Thomas M. Menino, Fallon Company CEO Joseph F. Fallon, and Vertex Chair, President and CEO Dr. Jeff Leiden. Representatives of Turner Construction and more than 100 members of Boston Iron Workers Union Local No. 7 also autographed the symbolic beam.

The Fallon Company, the developer behind the 21-acre mixed-use Fan Pier site encompassing eight office towers, broke ground on Eleven Fan Pier Boulevard in June 2011. According to a recent press statement released by the company, global biotechnology company Vertex Pharmaceuticals will occupy around 1.1 million square feet in two of the Fan Pier towers by the end of 2013, which is the projected completion date.

Eleven Fan Pier Boulevard (Vertex Building B) was designed by Boston-based Elkus Manfredi Architects; when completed, the building will feature floor-to-ceiling green glass and an outdoor terrace on the 7^th floor. Tsoi/Kobus Associates of Cambridge, MA, designed 50 Northern Avenue (Vertex Building A) which will also reach 18 stories offering panoramic views of the waterfront and city skyline. The two towers will total nearly 1.1 million square feet of office, research and lab space, 60,000 square feet of ground floor restaurant and retail space, and an underground parking garage.

According to a forecast market report by Marcus & Millichap, the South Boston Waterfront is becoming the epicenter of economic growth thanks to pharmaceutical companies such as Vertex, whose projected relocation to the new headquarters has already generated 1,000 local construction jobs.

Image courtesy of Fan Pier Development; chart courtesy of Marcus & Millichap.

$120M Waterside Place Breaks Ground in Boston’s Innovation District

By Veronica Grecu, Associate Editor

Nearly two years since getting the final green light from the Boston Redevelopment Authority (BRA), The Drew Company broke ground on the newest addition to the city’s emerging Innovation District, the $120 million Waterside Place located on the corner of Congress and D streets across from the Boston Convention & Exhibition Center.

Under plans designed by project architect TRO Jung Brannen, the 20-story development will include 236 luxury one- and two-bedroom rental units, 7,000 square feet of office space for start-ups, 10,000 square feet of ground floor retail space and 140 parking spaces with direct access to the World Trade Center Silver Line station.

As reported by The Boston Globe, the long-stalled Waterside Place will replace a vacant parking lot called the Commonwealth Flats Development Area and owned by the Massachusetts Port Authority (Massport). The Drew Company will pay $200,000 to lease a three-acre parcel at the site during the two-year construction phase and $300,000 once the rental units are completed in late 2013. It is estimated that the project will generate around 800 construction jobs.

The Drew Company founder John Drew, who is also listed as President and Chief Executive Officer of the Seaport Companies—which includes the World Trade Center Boston and Seaport Hotel—is one of the top developers involved in the revitalization efforts of the South Boston Waterfront.

Rendering courtesy of The Drew Company website

Groundbreaking for $300 M Medical Research Center in Boston

By Veronica Grecu, Associate Editor

A ceremony hosted by representatives of Alexandria Real Estate Equities, Inc., Charles River Realty Investors, Clarion Partners, LLC and Newton-based National Development marked the groundbreaking of Longwood Center, a 414,000-square-foot medical research facility on a former vacant plot at the main intersection of Longwood and Brookline Avenues.

Strategically located near 23 leading academic, research and medical institutions such as Dana-Farber Cancer Institute, Joslin Diabetes Center, Children’s Hospital Boston and Harvard Medical School, the new facility was planned as an intensive research building that will create and retain up to 660 full- and part-time jobs in Massachusetts. According to an official press release, the $300 million project is scheduled for completion in fall 2014.

Longwood Center, which was delayed for three years because of the sluggish economic environment, was designed by a team of architects from local architecture firm Elkus Manfredi to achieve LEED Silver Certification. The 11-story building will feature highly flexible, modern laboratory and office settings, street level amenities and an onsite parking garage with nearly 300 spaces. Also included in the development plan are restaurant and retail spaces. Harvard Medical School affiliate Dana-Farber Cancer Institute, which will occupy almost 155,000 square feet of space, will be Longwood Center’s anchor tenant.

Boston Herald reports that Seattle-based Accelerator Group, a venture capitalist that promotes biotech startups, could also expand its offices at the new research facility.

Rendering courtsey of Elkus Manfredi Architects

BRA Approves $500M Mixed-Use Development in Brighton Area

By Veronica Grecu, Associate Editor

The Boston Redevelopment Authority (BRA) Board unanimously approved New Brighton Landing, LLC’s $500 million development project in Allston-Brighton on an underutilized property located at 38-180 Guest Street and 77 Guest Street.

According to the Project Notification Form, the 13.98-acre property adjacent to the developer’s headquarters is currently occupied by several low-rise buildings and parking lots that were once part of the Brighton Stockyards and now require demolition. Under the newly approved plans designed by Boston-based Elkus-Manfredi Architects, the site will be redeveloped as New Brighton Landing, a 1,450,000 square-foot mixed-use complex that will generate $12.5 million in annual taxes and will create 1,000 construction jobs and approximately 3,000 permanent jobs.

The developer plans to build a new 250,000-square-foot global headquarters for New Balance Athletic Shoe, Inc., one of the largest sports footwear manufacturers in the world. Designed to foster encourage collaboration and innovation among employees by limiting the number of floors to five, the new building will feature a main office lobby, street level retail facing Guest Street and multi-level parking. The facility will also have an extensive green roof with an outdoor running/walking track.

Also included in the development plan is a 175,000-square-foot hotel with approximately 175 guest rooms and a 3,000-square-foot ballroom. The hotel’s small footprint as well as its public functions—the lobby, meeting rooms and restaurant—will help maximize the pedestrian experience along Guest Street.

A 345,000-square-foot sports complex projected at 77 Guest Street and the adjacent vacant lot will include a 200-meter hydraulic-banked track and field facility, 30,000 square feet of medical office space and various amenities for fitness and wellness activities. The project also includes three office buildings totaling 650,000 square feet at 38-40 Guest Street, as well as 65,000 square feet of retail and restaurant space and approximately 1.4 acres of public open space.

The first phase of the project is scheduled to begin in fall 2012 with site preparation and demolition and it will take about three months to complete. Phase II will include construction of portions of the below-grade garage north of Guest Street; the New Balance headquarters and the Sports Complex will be built during Phase III; Phase IV will see the construction of the hotel north of Guest Street; Phase V will continue with the below-grade parking garage, while the three office structures will be developed during Phase VI.

Rendering courtesy of the Boston Redevelopment Authority

Suffolk Downs Announces $1 Billion Casino and Resort Plan

By Veronica Grecu, Associate Editor

Reno, Nevada-based casino entertainment company Caesar’s Entertainment and the owners of Suffolk Downs, a famed thoroughbred race track in East Boston that opened in 1935, have unveiled a long-awaited plan for a $1 billion casino and resort that would boost the local economy and create 2,500 construction jobs and 4,000 permanent jobs.

The new “Mecca for entertainment and gaming” will include a hotel with 300 guest rooms, a 200,000-square-foot casino with 4,000 to 5,000 slot machines and 200 table games, entertainment facilities, 10 fine-cuisine restaurants, a food court, and a sports bar, as well as garage and surface parking and an extended horse racing track. It is estimated that the new project would have a $200 million regional economic impact in annual tax revenue.

Designed by Elkus Manfredi, the ambitious project will set the standard for gaming development in Massachusetts, according to Suffolk Downs owner Richard Fields who was quoted by the Chelsea Massachusetts Newspaper. The developers also promised to invest $40 million in upgrading the site’s roads and intersections to ease the transportation issues that might occur in the area before applying for a casino license.

As reported by NECN.com, the project is strongly supported by two political leaders, Boston Mayor Tomas Menino and Massachusetts House Speaker Robert DeLeo.

Rendering courtesy of Suffolk Downs website