Tuesday, July 19, 2016

Plans to Construct Six New Office Towers in Government Center

Developers plan to construct a huge 528-foot glass skyscraper at the corner of Congress and New Sudbury streets. The curvy 47-story tower would be the centerpiece of a Government Center redevelopment project, where builders are preparing to construct a cluster of high-rises to replace portions of the Government Center Garage.

The project, estimated to cost well over $1 billion, will include construction of three high-rises and three smaller buildings containing more than 2.3 million square feet of commercial and residential space.

The project will begin with a 42-story residential tower with 450 rental and condominium units, followed by removal of the part of the garage that hangs over Congress Street and the construction of the 47-story office building. The developer wants to begin construction later this year.

The new office tower, designed by architect Cesar Pelli, would be an unusually dramatic building for Boston, a city that has shied away from the kind of eye-popping architecture that defines the skylines of other major cities.

In all, the project would result in six buildings containing 2.3 million square feet of commercial and residential space.

Three high-rises would be built on the western portion of the site, and three smaller buildings would be built along the Rose Fitzgerald Kennedy Greenway.

A retail plaza would create a new connection between the Greenway and Canal Street.

While the portion of the garage above the street would be demolished, the core of the building at Congress and New Sudbury would remain, preserving 1,100 parking spaces. That part of the garage would be hidden behind the new high-rises.

The development has received approval from the Boston Redevelopment Authority, but plans for each building must also be approved by the agency’s design commission. BRA director Brian Golden has offered strong support for the project.

“The redevelopment of the Government Center Garage site will reshape the downtown skyline in a way that few projects can,” he said. “We welcome a creative approach to its design and look forward to working with the architecture team to review their proposal more carefully.”

Developer Tom O’Brien, a principal of HYM Investment Group, said the project’s architecture is meant to call attention to the vast change it would bring to the city’s downtown.

He noted that it would remove one of the area’s worst eyesores, a relic of the Urban Renewal Era, and reconnect the Bulfinch Triangle to the North End and Beacon Hill.

Pelli Clarke Pelli Architects of New Haven is collaborating on the design with CBT Architects of Boston.

The project's primary investor is the National Electrical Benefit Fund.

Boston is experiencing a burst of real estate development, transforming much of its downtown and outlying neighborhoods. A retail and condominium tower is under construction at the former Filene’s site in Downtown Crossing. Additional towers are being proposed at Winthrop Square in the Financial District and at the site of the Harbor Garage on Atlantic Avenue.

In the Bulfinch Triangle, Related Beal is building a new headquarters for Converse Inc., and Boston Properties plans to construct a series of towers in front of the TD Garden.

Tuesday, July 12, 2016

Massive $2 Billion Boston Harbor Casino Moving Forward

Casino mogul Steve Wynn, whose dazzling hotels line the famous Las Vegas strip, hit the jackpot in the Massachusetts casino sweepstakes to claim Greater Boston's sole casino-resort license. His vision is to turn the former site of a chemical plant along the Mystic River, just north of Boston in Everett, into a sparkling gambling resort.

The $2 billion project will include a five-star resort with more than 500 hotel rooms, high-end retail and dining, a ballroom and meeting space.

The development will be spread over 33 acres of Mystic River waterfront with paths open to the general public leading to the harbor and more retail and dining overlooking the riverwalk.

The "family-friendly" casino-resort will take at least two years to build.

The design of the casino-resort would mimic local architecture: "If you like the way the Boston skyline looks, you'll love our building," says Las Vegas casino mogul Steve Wynn. The buildings will have a classic brick look on the lower floors and a glassy Vegas look as the building rise.

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The casino developer also has plans for a fleet of custom-built catamarans ferrying conventioneers and tourists from Long Wharf in downtown Boston and the World Trade Center in the Seaport district, to his riverfront gambling palace in Everett

As many as three water taxis would be in service at one time, leaving as frequently as 20 minutes apart.

Wynn Resorts insists the water shuttle service would reduce car traffic over already congested roads to the proposed resort.

The Massachusetts Gaming Commission granted Wynn Resorts the sole casino license based on economic factors, opportunities and jobs.

The company’s proposal offered a bigger development plan, strong financing, a large construction investment, and a big projected workforce and payroll.

The Greater Boston casino license is projected to be worth about $800 million to more than $900 million a year in gambling revenue.


Tuesday, July 5, 2016

Plan to Rebuild Jefferson Park Housing Project in Cambridge

The Cambridge Housing Authority has plans to use proceeds from a $30.8 million bond from MassDevelopment to demolish and reconstruct the Jefferson Park apartments, a 100% affordable multi-family housing project in North Cambridge.

The Massachusetts Department of Housing and Community Development ruled the site’s conditions obsolete, calling for demolition of the buildings.

Rebuilding will create 104 units: 32 one-bedroom units, 53 two-bedroom units, and 19 three-bedroom units.

Other improvements will include private entrances for each of the units, along with maintaining private outdoor spaces and landscape designs.

Bank of America is the project’s bond purchaser and MassDevelopment also assisted DHCD with the approval of federal low income housing tax credits that will provide approximately $25.1 million in equity.

“Providing affordable housing in Cambridge remains crucial in one of the commonwealth’s most competitive housing markets,” said Marty Jones, MassDevelopment president and CEO.

MassDevelopment issued the $30.8 million tax-exempt bond on behalf of Jefferson Park Apartments LLC, an entity managed by the Cambridge Housing Authority. Bank of America is the bond's purchaser.

Federal low-income housing tax credits will provide $25.1 million in equity for the project. MassDevelopment and the Massachusetts Department of Housing and Community Development worked together to secure the tax credits.

Jefferson Park spans six buildings in North Cambridge. The properties built in 1950 and served as housing for veterans and their families in the aftermath of World War II. Since then, the Cambridge Housing Authority has provided affordable housing for families and individuals in these units.

CHA is a national leader in the development, management, and administration of subsidized affordable housing for more than 5,000 households of low-income elders, families, and disabled individuals. MassDevelopment has issued bonds on behalf of several CHA projects, most recently $104 million in tax-exempt bonds for three affordable housing developments.

 “The revitalization of Jefferson Park-State exemplifies the CHA’s commitment to provide its residents with high quality, energy-efficient housing that will remain affordable for generations to come," said Greg Russ, executive director of the Cambridge Housing Authority.

Thursday, June 30, 2016

Massive $1Billion Boston Garden Towers Mega-Project

A 1.87-million-square-foot, mixed-use project, with a price tag estimated at over $1 billion, will soon begin to rise over Causeway Street and the Zakim Bridge. The Boston Garden Towers will be constructed on a 2.8-acre parking lot located next to TD Garden, where the old Boston Garden once stood. The three tower project would connect 497 residential units, 668,000 square feet of office space and 235,000 square feet of retail to the sports venue and North Station.

The massive development located at 80 Causeway Street will dramatically alter the face of the TD Garden.

The new complex, designed by architect Elkus Manfredi, will rise over Causeway Street in two new towers: the office tower standing at 495 feet tall, and the residential tower rising to 486 feet. Both towers will be built above a five-story retail base.

A modern glass atrium will connect to a new entrance into TD Garden and to the MBTA's North Station.

Below ground, a four-level parking garage will be constructed to accommodate about 800 vehicles.

“We are creating a new front door to North Station, a new portal to the city,” said David Manfredi, of Elkus Manfredi Architects.

“We don’t want to create a mall; we don’t want to create privatized space. We want to create space that is inviting to the public.”

The $1 Billion + development will include:
  •     40,000 square foot expansion of TD Garden
  •     560,000 square feet of residential with 497 units
  •     200,000 square foot hotel with 306 rooms
  •     668,000 square feet of office space
  •     142,000 square feet of flexible office space
  •     235,000 square feet of retail/restaurant space
  •     25,000 square foot glass atrium hall

Prior to leaving office, Mayor Menino had agreed to provide $7.8 million in tax breaks to help the developers lure the Star Market and build the underground parking spaces for the TD Garden.

The tax agreement will spread the relief over 15 years.

During that same period, the development is expected to produce $32.2 million in new tax revenue for the city.

Developer Boston Properties said the tax agreement was crucial to attracting a supermarket to the property and asserted the project will help enliven the area around the arena.

The massive project will be built in three stages, with the first phase to include the multi-story retail base, a supermarket, a cinema, a 306-room hotel, and the 4-story underground parking garage.

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The project is expected to create more than 2,000 construction jobs.

Friday, June 24, 2016

Colossal $350M Tremont Crossing Planned for Roxbury

Tremont Crossing is a $350 million mixed use development planned for heart of Boston, consisting of retail, office, residential and arts. The 1.7 million square foot project would bring the most sweeping change to the Roxbury neighborhood in decades. Located on an 8 acre parcel across from Northeastern University and the Longwood Medical Area, the complex will feature a mix of large-format retail stacked vertically, small retail shops and restaurants fronting on Tremont Street, office space for MassDOT, 300 market rate apartments, a 200-room hotel, a museum, a large garage facility and a public plaza complete with outdoor art.
 
For years, development has been promised for Parcel 3, a vast plot of land located on Tremont Street in Roxbury near the Boston Police Department’s headquarters and Northeastern University.

Elma Lewis Partners has held onto the development rights for several years without anything happening.

Finally, due to an improving economy and due to Northeastern’s expansion, which brought a new vitality to the area, the parcel will soon become something more than a fenced-off field of weeds.

Feldco Boston, part of the development team behind Tremont Crossing, has signed a letter of intent with BJ’s Wholesale Group to lease up to 90,000 square feet in the 400,000-square foot retail section of the project. This will make it easier for them to get financing for the other parts of the project.

Tremont Crossing will eventually encompass more than 1.7 million square feet of space and include retail and restaurants, office space, a 200-room hotel, parking garage and a 19-story residential tower. Also proposed is a new home for the museum of the National Center for African-American Artists.

Tremont Crossing will include a mix of retail, office, and residential uses: 

•  404,475 square feet of large format retail, which could also have entertainment and recreational uses on 4 levels
•  33,800 square feet of space for smaller shops and boutiques fronting along Tremont Street
•  300 units of residential including studios, one bedroom and two bedroom rental apartments in a 297,800 square foot tower
•  200-room extended stay hotel encompassing 102,250 square feet
•  38,000 square feet of cultural facilities that will primarily house a new museum for the National Center for Afro-American Artists located at the center of the development
•  713,785 square feet of office space above the cultural facility

•  8-story parking structure with 1,502 spaces
•  A large public plaza, complete with sculptures and outdoor seating space

Designed by the renowned firm of Cambridge Seven Associates, the project will be built in an urban style that will be modern, environmentally-conscious and pedestrian-friendly.

Construction is estimated to last 24 months and will create approximately 670 construction jobs and 1,738 permanent jobs.

Friday, June 17, 2016

Trans National Group Plans Boston's Third Tallest Tower

A developer has plans to build one of Boston’s tallest buildings in downtown’s Financial District. The 740-foot glass tower will include a 300-room hotel, offices, retail space, a restaurant and 150 luxury condominium units.  Costing as much as $900 million to build, the 900,000-SF skyscraper will add a new showpiece to Boston’s rapidly changing skyline.

The building would be the tallest building in the downtown area and will include a 300-room hotel, retail space, offices, and up to 150 condominiums on the upper floors.

The tower proposal comes during one of the most dynamic periods of construction in the city’s history, as numerous skyscrapers aim to alter the Boston skyline.

At 740 feet, the angular skyscraper would be Boston’s third-tallest structure, behind the 750-foot Prudential building and the 790-foot John Hancock Tower.

An office building at 133 Federal Street would be combined with the new tower at ground level to create a 72,000-square-foot lobby with restaurants and shops.

The complex, called 111 Federal Street will rise on one of the Financial District’s last major development sites, replacing the city-owned Winthrop Square parking garage presently on the site.

Before work can proceed, developer Steve Belkin must negotiate a deal to buy the property from the city.

The dilapidated garage at 111-115 Federal Street will be demolished and replaced with glass storefronts and modern lobbies for the offices and a luxury hotel.

Former Mayor Thomas Menino selected Steve Belkin to redevelop the property in 2006, but the project failed to attract enough tenants amid the economic downturn.

The original plan called for a 1,000-foot office tower, but that proposal was rejected because it would have interfered with air traffic. The new proposal calls for a tower 260 feet shorter.

The building will be one of only a few towers built in the densely packed Financial District since the 1980s. In recent years, tech companies, restaurants and retailers have brought new life to the area.

The project, designed by Boston-based CBT Architects, is expected to begin construction sometime late this year.

Friday, June 10, 2016

Giant Apartment Tower Will Be Tallest in South End

One of the largest residential projects in the city is being prepared for construction on a block between Albany Street and Harrison Avenue in Boston’s South End.

Leggat McCall Properties is preparing to build a giant apartment project at 575 Albany Street, part of a wave of development transforming a neighborhood that serves as the southern approach to downtown.

The 710-unit, two-building complex between Harrison Avenue and Albany Street near Boston Medical Center will be the tallest new construction in the neighborhood, with one building reaching 19 stories and the other 11 stories.

The 3.1-acre development, between East Dedham and East Canton Streets, will also include about 14,000 square feet of retail space and 40,000 square feet of office space, along with new open space and an underground garage.

Presently, there are five buildings on the site; three of them are slated to be demolished, while the ones at 575 Albany and 660 Harrison Avenue will be retained and integrated into the project.

It will be the latest development to spring up along Harrison, turning a low-slung industrial neighborhood into one of Boston’s hottest markets for high-end housing.

“There are a lot of buildings coming there and a lot more that could come, depending on owners’ appetite and timing,” said a real estate consultant. “It’s easily one of the busiest stretches of development in the city.”

The property, today mostly parking lots and small office buildings, was bought last year from Boston Medical Center, along with a neighboring office building.

“This is an opportunity to take an underused site and create a substantial residential presence there,” said Bill Gause, an executive vice president at Leggat. “It’ll create a lot of vibrancy.”

Builders have been drawn to the area because it’s close to downtown and the Back Bay. Development got a boost from a 2012 rezoning that enabled taller buildings along Harrison and Albany.

A few blocks up Harrison Avenue from Leggat’s project site are the recently opened Ink Block, with 315 units spread across three buildings, and the Troy, a 19-story complex with 378 apartments. There’s a 160-unit building under construction at 600 Harrison, and site work has begun on a 602-unit complex farther north, near the Massachusetts Turnpike.

In between are brick warehouses and old industrial buildings that have been converted to lofts, boutiques, and swanky restaurants. On many Sundays, thousands of people flock to the weekly South End Open Market.

And more is coming.

Developer Related Beal has an agreement to buy the site of Quinzani’s Bakery, a key parcel at the corner of Harrison Avenue and East Berkeley Street. Across Albany from Leggat’s property, the 5.6-acre site of the Boston Flower Exchange is reportedly near a sale for more than $40 million, although no buyer has been disclosed.

The apartments at 575 Albany Street won’t come cheap. One-fifth — as many as 140 units — will be set at rents affordable to low- and middle-income tenants, as dictated by zoning in the area, though some of those may be off-site.

The rest will be priced at rents comparable to those in other new buildings nearby, Gause said. Studios at the Troy, for example, run between about $2,600 and $3,000 a month.

Gause predicts strong demand for the units, in part because of the proximity to Boston Medical Center and Boston University School of Medicine.

The company plans to build in two phases — a 410-unit building first, then a 300-unit building. The developer expects to begin construction later this year.