This Week's Boston Deal Sheet: Developers File Plan For 754-Unit Project In Dorchester
A development team filed plans for two 18-story residential towers that would bring hundreds of units to Dorchester's Columbia Point neighborhood.
Chicago-based POB Capital and Boston-based Copper Mill filed a project notification form detailing plans for two towers consisting of 754 housing units at 75 Morrissey Blvd. in Dorchester. Of the new units, 150 would be set aside as income-restricted.
The proposal would also include 414 parking spaces — with 25% of them equipped with electric vehicle chargers — as well as a storage room for 760 bicycles and 6,300 SF of ground-floor retail space.
The development is the first phase of a larger master plan that includes three properties at 35-45 Morrissey Blvd., 55 Morrissey Blvd. and 75 Morrissey Blvd. The joint venture proposed a mixed-use development, including office and lab space, that would span 8.9 acres and seven buildings. The project is expected to advance in three phases.
SALES
The Lantern Plaza in North Attleborough sold for $18M to an undisclosed buyer, Atlantic Capital Partners announced. The shopping plaza is anchored by a Stop & Shop, and its other tenant is Japanese restaurant Shogun. The 71K SF plaza sits on 12.85 acres on Route 1. Atlantic Capital Partners' Chris Peterson, Sam Koonce and Danielle Turpin brokered the transaction.
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The city of Watertown acquired a site permitted for lab development for $9.2M, the Boston Business Journal reported. The Watertown City Council voted to buy the site, the former Sterritt Lumber property at 148 Waltham St., from Nordblom Co. The city hasn't announced concrete plans for the site yet, but councilors floated ideas around affordable housing, a senior center or a Department of Public Works location.
LEASES
Federal Realty secured five retail leases at Dedham Plaza, bringing the shopping center to 95% leased. The new leases include a 2,700 SF Dave's Hot Chicken, an 8,800 SF Golf Lounge 18 and a 2,400 SF Halal Guys. The plaza sits along Route 1 and is anchored by Star Market.
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Owners of two Peruvian restaurants in Somerville and Cambridge signed a lease at Samuels & Associates' Lyrik development in the Back Bay. The Rosa Y Marigold restaurant will occupy 2,420 SF at the 450K SF air-rights development. The restaurant will join Chi Cha San Chen, Van Leeuwen Ice Cream, George Howell Coffee, Pink Carrot and Avra Estiatorio.
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DH Property Holdings secured $19M in financing for an 85K SF industrial project at 270 Billerica Road in Chelmsford. The project would include the demolition of a vacant 104K SF office building. DHPH secured financing from Voya Financial, a subsidiary of ReliaStar Life Insurance Co. The developer bought the property in 2023 from New York-based BLDG Management Co. for $6M.
FINANCING
Needham-based Waterstone Properties Group acquired the 86K SF Marketplace at Braintree for $30M. The shopping plaza is occupied by three tenants: Ulta, Amazon Fresh and Nordstrom Rack. Waterstone acquired the property from Seritage Growth Properties. Atlantic Capital Partners' Justin Smith, Chris Peterson, Sam Koonce and Danielle Turpin arranged the sale.
The buyer was also able to secure a $22M loan for the acquisition. Atlantic Capital Partners' Debt, Equity and Structured Finance team, led by Stephen Joseph and Stephen Hassenflu, arranged the financing.
CONSTRUCTION & DEVELOPMENT
The Architectural Team was selected by A.W. Perry as the architect and interior designer for its 273-unit apartment project in Everett. The Boston-based developer filed a proposal for the project in October with plans to redevelop two former industrial sites at 373 Second St. and 15 Garden St.
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Cedarwood Development filed a proposal with the Boston Planning Department for an adaptive reuse project that would include a new South Boston Municipal Courthouse and 20 residential units at 460 W. Broadway St. The project is expected to cost $23M, and construction is planned to start in the fourth quarter with a completion date in the third quarter of 2027.
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The MBTA is seeking developers to transform a 26-acre property into a transit-oriented development, the Banker & Tradesman reported. Though the agency didn't detail the type of development it would like to see on the property, it did say that it should support future demand for the transportation services of the adjacent Anderson commuter rail station.
