WinnCos. Breaks Ground On South Boston Affordable Housing Project: The Boston Deal Sheet
City and state leaders celebrated the groundbreaking of the first phase of a massive affordable housing redevelopment.
WinnCos. on Monday broke ground on its $62M, 94-unit building, part of the Mary Ellen McCormack housing redevelopment in South Boston. The apartment building is expected to be ready by the fall of 2026.
"This is an ambitious and inspired undertaking that has been discussed in Boston for decades," WinnCos. CEO Gilbert Winn said in a statement. "Now, after eight years of intensive planning and permitting, we are starting work on creating a Community of Opportunity that will serve as a national model for fostering long-term economic social and environmental success."
The redevelopment will replace all 1,016 public housing units and build another 2,284 rental units for a total of 3,300 units. The project was designed by The Architectural Team.
The units will be spread across eight buildings on a 30-acre site on Dorchester Avenue and Columbia Road. The next phase will consist of two buildings totaling 496 units.
SALES
TA Realty acquired a 230-unit beachside apartment building in Revere for $122M, the BBJ reported. The apartment building, known as The Robinson, is at 656 Ocean Ave. and was sold by an entity affiliated with investment firm Carlyle and Post Road Residential. The sellers developed the property in 2020.
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Boston-based Rhino Capital Advisors acquired a fully leased Ashland industrial site at 400 Main St. for $28.9M, Commercial Property Executive reported. The property is occupied by KiddeFenwal, a fire suppression system manufacturer. The site includes two buildings totaling 218K SF. The seller was an entity linked to Pout Rock and Cold Spring Brook LLC. JLL's Michael Restivo, Robert McGuire, Sam Crossan, David Coffman and Tommy Hovey represented the seller.
LEASES
Nutter McClennen & Fish renewed its 98K SF lease for its headquarters at Pembroke's Seaport West. The law firm renewed its lease through 2037. Newmark's William Anderson, Tim Bianchi, Debra Gould and Melanie Cersosimo represented the landlord, and CBRE's Michael Joyce represented Nutter.
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Combined Properties Inc. secured a 26K SF lease with SRS Distribution at an industrial property at 326 Commercial St. in Malden. The wholesale roofing distributor is moving its facility from another Combined Properties location in Medford. The lease includes 22K SF of warehouse space and 4K SF of office and showroom area. JLL's Chelsea Andre and Joseph Fabiano represented the tenant, and Combined Properties' Greg Regazzini represented the landlord.
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Environmental company Veolia opened its North American headquarters at 100 Federal St. in the Financial District, the Boston Business Journal reported. The company will take 18K SF on the third floor, which will hold space for roughly 150 employees. Veolia's previous headquarters was at 50 State St.
FINANCING
MassDevelopment provided a $173M tax-exempt bond to Tufts University for its 664-bed dormitory at 401 Boston Ave. in Medford, Banker & Tradesman reported. The university is partnering with Birmingham, Alabama-based Capstone Development on the 10-story, 270K SF building. The bond was underwritten by Barclays Capital.
PERSONNEL
Briana Pinheiro was promoted to partner at Ionic Development Co. Pinheiro has more than 15 years of experience leasing commercial real estate projects. Ionic hired Pinheiro in 2024 as vice president. Before joining Iconic, she worked as the life sciences market lead for Scalora Consulting Group and CSL Consulting for six years, according to LinkedIn.
CONSTRUCTION AND DEVELOPMENT
Catamount Management Corp., the owner of the 20-acre Hood Park development site, and Trademark Partners plan to build a hotel with up to 160 rooms and a 90-unit apartment complex. The project at 15 and 25 Supertest St. would also include ground-floor retail. The park includes the 100 Hood Park Drive tower and the 10 Stack St. lab and office building.
