Wooing Kendall Tenants With Food Trucks
Food trucks are hot. Multifamily developments are hot. So why not mix them? Especially in Cambridges Kendall Square market.Twining Properties CEO Alex Twiningopened Watermark Kendall West with 321 apartments in 2006 and will open Watermark Kendall East with 144 apartments in early May. On June 8, he and other landlords will host the citys first food truck festival, generating buzz and introducing people to the waterfront landingcreated at Broad Canal, which leads to the Charles River. And, Alex points out, it might boost leasing when grazing foodies realize, I could live here. (Eatingandthinking? We're not good at multi-tasking.)
Located at Cambridge Landing off Third Street, Watermark Kendall West is 98% leased and Watermark Kendall East, which Twining is developing with Des Moines-based Principal, has preleased about 30 apartments. Rent for a 1,000 SF two-bedroom unit is about $3,800/month. The landlords built the open space as a magnet for activity.The festival will give chefs an opportunity to test recipes and locations for permanent new eateries, Alex tells us. Other multifamily projects in Twinings pipeline include: Watermark Seaport Square--a 346-apartment building in Boston with Skanska USA Development; and a mixed-use complex with Normandy in Central Square, Cambridge.
Featuring treats like lobster mac and cheese, truffle fries and sirloin burgers, food truck festivals were approvedthis week by Cambridge and Worcester (June 22) and will also be held this summer in Barnstable, Natick, Newport (RI), and Brighton, which hosted one last year at Artesani Herter Park (above). CRE landlords have started hosting other food truck festivals as one-time or ongoing events to differentiate their properties and show appreciation to tenants, says Food Truck Festivals of New England & Food Truck to 2 Go founder Anne-Marie Aigner.