News
BACK BAY BOUNCE
September 6, 2011
| Have you heard of one of the largest additions planned for the Back Bay and the city? Witness the 950k SF Christian Science Plaza proposal to develop three new buildings on its 14.5 acre site. |
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| We snapped Robert Herlinger, one of the three church staffers planning the development around the plaza where The First Church of Christ, Scientist has sat since 1894. The plan, recently approved by the BRA, goes to the zoning board next Wednesday for its approval to add hotel, retail, and residences to the 776k SF on the site. The church wants to generate CRE income that will cover its current real estate expenses, at times about 20% of its $100M annual budget. |
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| Barbara Burley says that once the plan gets zoning approval, her team will draft guidelines for the new structures. They will issue an RFP to developers who will hire their own architects and seek city approval for individual buildings. The church wants the new development to improve the existing publicly accessible open space and make the landmark 700-foot long reflecting pool more environmentally sustainable. |
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| Harley Gates, the team?s finance guy, says that the developers will sign long-term ground leases for buildings on Huntington Avenue and at the intersection of Dalton and Belvidere streets. The high-rise will be about 600k SF in 40 stories; the mid-rises about 200k SF in 20 stories and about 150k SF in 25 stories. If real estate revenue covers church real estate expenses, a greater proportion of church donations will go to its religious mission. |
