News
Beal re-Building Quincy
March 1, 2012
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| The Beal Co prez Robert Beal with Yorkie pal, Montie, sits in front of one piece in his copious art collection. Beal recently joined Street-Works as co-developer of the $1.6B, 3.5M SF project to remake Quincy Center. Robert says the project continues Beal?s tradition of developing in hot urban growth markets like Kendall Square, Longwood Medical Area, and the Seaport. In Quincy, Beal sees the opportunity to remake an entire 50-acre downtown (not just a block or two) that has great public transit access and is only eight miles from downtown Boston. It has joined Street-Works, the master planner and visionary, and the City of Quincy, which is contributing $289M for infrastructure improvements including roads, utilities, and parking for 5,000 cars. (What's Montie working on? A $40M refi and eradicating squirrels from his property?) |
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| Here, project manager Neal Howard confers with partner Steve Faber. It's the largest project Beal has ever tackled. Its other financial partners include, of course, Street-Works, the City, Quincy Mutual Insurance, and Stop & Shop. Now in pre-development, Steve expects construction to start mid-?13. But first, the leases; and Steve says ?no doubt this year will be filled with significant announcements.? The five to seven years of construction will proceed in segments, each composed of a mix of uses. |
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| Partner Peter Spellios says that the first phase of 300k SF to 500k SF of offices will be 75% to 85% pre-leased, most likely by education and wellness tenants. In targeting tenants, Beal will build on the strengths of the Boston market in general (medical, life science, education, and technology) and the specific needs of the South Shore. The second cluster of offices are likely to be leased to corporate and professional tenants. These buildings can rise to 20 stories to offer commanding views of Quincy Harbor and downtown Boston. |
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| Adam Kaplan (an early favorite for "smile of the year") who directs construction management, tells us that among Beal?s other active projects, the $75M, 80k SF medical facility for Massachusetts Eye and Ear Infirmary at 800 Huntington Ave is due for completion in Q3. Steve tells us that Beal, a third-generation family run firm with a staff of 80, operates as a long-term owner/manager. It's also leasing at Seaport Center on D Street at the waterfront, Three Ledgemont in Lexington, and 50 Quannapowitt Parkway in Wakefield. |
