Auction Clears Path For Development On Contested Dorchester Avenue Properties: The Boston Deal Sheet
The legal battle over a group of vacant warehouses in South Boston may have come to a close after they were auctioned off Tuesday.
J.T. Magen & Co. and Extell Development retained ownership of a portfolio of vacant warehouses and seafood plants along Dorchester Avenue with a $75M auction bid on the properties, The Boston Globe reported. The investors, alongside The HYM Investment Group, plan to develop housing on the parcels.
JJManning Auctioneers held the auction at the site Tuesday.
"The results of this auction create a clear path to move forward," a spokesperson for Extell and J.T. Magen & Co. said in a statement. "We have partnered with The HYM Investment Group to help us execute on finally delivering much-needed housing on this long-underutilized stretch of Dorchester Avenue."
The auction is the most recent chapter of the duo's fight against developer Andrew J. Collins. The two companies have argued they are owed $150M from a shell company operated by Collins.
Collins faces a dozen lawsuits from at least 11 investors in state and federal courts over allegedly unpaid debts.
Plans for the site haven't been formally submitted to the city for review yet.
SALES
MassDevelopment sold the site of the former Keystone building at 193-197 Union St. in New Bedford for $3.2M.
An entity linked to One Circle Co. acquired the site with plans to build a 42K SF mixed-use building. The project would include 45 market-rate housing units.
Construction is set to begin this month, with an eye toward completion in the summer of 2027.
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Netflix star Emma Hernan and her family opened a 28K SF manufacturing facility in Hingham for her frozen food brand Coast to Coast Kitchen, the Boston Business Journal reported.
Hernan bought the facility for $4.6M, and the family plans to invest another $3M to expand the space. The facility will employ 50 people.
LEASES
German automation firm Sew-Eurodrive signed a 4K SF lease at Cummings Properties' 340 Fordham Road in Wilmington. The location will serve as the company's regional training and administrative center and is the company's first in the state.
Cummings' Steve Cusano and Moore Commercial's Derek Cotoni worked on the deal.
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JPMorgan Chase signed a 250K SF lease across more than eight floors at the 51-story South Station tower. Roughly 700 employees will move into the space, and the company plans to hire another 300 workers at the office.
The financial giant will join Jones Day, Citadel and FM Global at the 680K SF office portion of the tower. The building also includes 166 condos on the top floors.
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Triveni Bio signed a lease for the top floor of Boylston Properties' 100 Forge in Watertown, the BBJ reported. The life sciences company will join Mariana Oncology, Vigil Neuroscience and Remix Therapeutics at the property.
The company is moving from 99 Coolidge Ave. in Watertown.
FINANCING
MassDevelopment issued a $15M tax-exempt bond on behalf of Old Dartmouth Historical Society to expand the New Bedford Whaling Museum. The expansion would include a two-story welcome center and exhibition space, a 20K SF build on an adjacent property, and a 6K SF gallery.
Construction began in January and is expected to be completed in the spring of 2027.
M&T Bank purchased the bond and provided a $5M commercial loan to support the project.
PERSONNEL
Cabot Properties made a series of appointments and promotions across its C-suite.
The company promoted Kara Brown to chief administrative officer, Justin Harvey and Mike McCarthy to co-chief investment officers of Cabot's value funds, Damian Bailey to chief investment officer of Cabot's core funds, and Charlie Forbes to vice chairman of investment committees.
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Ted Landsmark has stepped down from his role as a board member at the Boston Planning & Development Agency.
Landsmark has served on the board since 2014, overseeing several of the developments that shaped the city's skyline, including the transformation of the Seaport District. He was also part of the team that approved more than 60,000 units, a quarter of which are income-restricted.
CONSTRUCTION AND DEVELOPMENT
The Boston Planning Department approved Synergy's 255-unit office-to-residential conversion at 280-300 Washington St. in downtown Boston. The project would include 52 income-restricted units. The space will retain its retail space on the ground floor.
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The Worcester Zoning Board of Appeals voted to advance a proposal for a 19-story apartment tower at 56 Pleasant St. in Worcester, MassLive reported. Radson Development proposed the project, which would include 225 apartments.
The proposal will head to the city's Planning Board for review.
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Leggat McCall Properties has made changes to its plans for a 107-acre mixed-use project in Woburn, the BBJ reported.
Instead of building a 900K SF manufacturing facility, the developer plans to double down on housing development with more than 500 units. Many of the units will be restricted to buyers 55 and older.
The change will require a zoning amendment from the city.
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Greatland Realty Partners shared plans to develop a 121-acre project adjacent to the Massachusetts State Police Crime Laboratory in Marlborough, Community Advocate reported. The plan calls for the construction of several properties, including a 200K SF, four-story lab building, 400 units of housing and almost 3,200 parking spaces.
