The Deal Sheet
For the first time since ‘80, Boston is likely to see a major project built in the air rights over the Pike—this time in the Fenway. (It's been 34 years. One more and they would've had to start checking a different demographic box on surveys.) The BRA approved a $4.6M tax break for Meredith Management’s development of the $550M Fenway Center.
“It’s a fair compromise,” says Meredith prez John Rosenthal. Meredith had requested $7.8M in tax relief but the $4.6M will help them get through three to four years of construction (which could start spring ’15) and two years of stabilization when income will be thin or non-existent. Mayor Walsh supports the 1.3M SF complex that will include: 550 apartments, 60k SF of ground-floor retail, 167k SF of offices and 1,290 parking spaces. (Worth it for the parking alone.) Former Mayor Menino didn’t support a break for the complex that will generate 1,800 construction jobs and hundreds of permanent ones. The last project built over the Pike that cuts a large, canyon-like swath through the city was Copley Place.
The five-building project, a version of which John launched in ’02, needs a final sign-off on the tax agreement from the City Council and State Economic Assistance Coordinating Council. Those approvals could possibly be wrapped-up by June, John tells us. The City has a strong motivation to green light it: once completed Fenway Center will generate $5.5M/year in tax revenue compared to the $152,000/year that the city receives from the existing surface parking lot. The development team includes: The Architectural Team, J.F. White, J.Moriarty & Associates.
Development & Construction
Marine Terminal Operator is developing a $210M, 511k SF cargo terminal at the South Boston waterfront with a 120k SF roof-top greenhouse, three warehouse buildings, a cargo terminal, 160 parking spaces, and a Harborwalk viewing area designed by Arrowstreet.
Trinity Northampton, a unit of Trinity Financial, won City approval to build a $150M mixed-use complex, Phase 2 of the Northampton Square Campus in the South End designed by The Architectural Team. It includes the 26-story Albany Tower with 211 residences and 53k SF of offices for the Boston Public Health Commission, and the 12-story Harrison Tower with 109 residential units. At least 102 of the Phase 2 units will be affordable. The plaza on top of an existing parking garage will be renovated into a green roof with open space and room for farming.
Triad Alpha Partners, with R&B Design, is developing a $30M, 97-unit multifamily building at 190-206 West Second St in South Boston. The 90k SF project includes 4,000 SF of ground-floor retail, bike storage, and 115 at-grade garage parking spaces for residents and shoppers. It will also include new streetscaping, sidewalks along West First and West Second Street and more lighting for safety.
900 Beacon Street Realty Trust is developing a $16M, 32-unit multifamily building with four affordable units in Audubon Circle designed by Prellwitz Chillinski. It will also have ground floor commercial space and 36 parking spaces.
Construction could start this summer on 1065 Tremont St, a $6.2M, 17-unit multifamily project in Roxbury with one commercial space and parking. The 16k SF project is being developed by the Boston Real Estate Collaborative with Monte French Design as the architect.
Global Property Developers will soon start construction on the $14M project at 248 Meridian St in East Boston, a six-story building with 66 condos (eight affordable), two floors of retail and commercial space, parking for 44 vehicles and for bikes. Due for completion next year, the project designed by ICON Architecture also features streetscape improvements in the area, including landscaping on Border Street near Liberty Plaza Shopping Center.
Developer 70 Bremen, with Pisani + Associates Architects will build another East Boston project: a $5.5M, five-story building with 32 residences and ground-floor commercial space. The building that also includes parking for 30 vehicles and 34 bikes is slated for completion fall ’15.
Empire Realty Trust is the developing a $4M 18-unit condo project at 728 East Broadway in South Boston that will replace a parking garage. The project designed by Neshamkin French Architects that will have two affordable units and 6,400 SF of ground-level retail is scheduled for completion fall ’15.
At 621 East First St in South Boston, Gregg Donovan will develop a $10.5M mixed-use project with 28 residences, a pool, community center, barber shop, and 35 parking spaces. There’s also a YMCA in the project. Designed by LINEA 5.
The restoration/redevelopment of The Alvah Kittredge House at 10 Linwood St in Roxbury, the Hayden Building at 681 Washington St in Chinatown, and the The Vertullo Building on Fairmount Avenue in Hyde Park will be completed thanks to the $1M-plus raised by Historic Boston Inc in its first capital campaign.
The Boston Symphony Orchestra got a $142,000 boost from MassDevelopment and the Massachusetts Cultural Council to renovate Seji Ozawa Hall in Tanglewood to repair the masonry, exterior envelope, and roof of the building and restore deteriorated waterproofing. The facility which seats 1,200 inside and hundreds more on the lawn, is used for recording and rehearsals as well as concerts.
Richard McCready, who has joined The Davis Companies as its president, will play a leading role in day-to-day management, strategic planning and serve as a chairman of the executive committee and member of the investment committee. He’s the former COO and EVP of NorthStar Realty Finance, a publicly traded commercial real estate finance company with over $10 B in assets under management.