News
Bouncing Back
February 14, 2011
| Developers encouraged by rebounding financial markets are permitting new projects like a hotel in Boston and vacation cottages on Cape Cod and building out existing projects, according to Brennan Dain Le Ray Wiest Torpy Garner?s Dan Dain. |
 |
| We snapped Rob Brennan (center) with Kelli Sigmon and Dan. Anold housing type is coming back to Cape Cod in an updated version. A few weeks ago, the state AG approved zoning changesthat Brennan crafted with the Town of Dennis to pave the way for the redevelopment of up to 800 vacation cottage sites. While plenty of these little getaways still stand, few sizeable new projects have been built or updated in the last 50 years, Rob tells us. Rob and his developer client hope to change that in Dennisport. For the town, it could mean new tax revenue without huge new school expenses. Sounds like an idea whose time has come … again. |
 |
| Joe Torpy, Katie Bolger, and Jeff Ganguly look over plans forWorcester Crossing, a 500k SF retail center that Joe and his team shepherded through permitting, financing, leasing, and construction. In several weeks when the ground thaws, Joe says that Sam?s Club plans to start construction on a 16-acre site. Already opened are a Wal-Mart and Olive Garden. Denis Dowdleis developing the 45-acre center that sits on a long-abandoned US Steel site five minutes from downtown on Rt. 146. So far, 35 acres have been taken on ground leases by the three anchors. Joe says the project brings shopping to an underserved area and reinvigorates a derelict parcel. |
 |
| Don Wiest, Nancer Ballard, and Charles Le Ray with plans for anew $60M limited-service hotel project in the Fenway; the BRA gave it a green light several weeks ago. Developer Boylston Properties expects to break ground in Q3 or Q4 and thinks they'll fill a mid-market void ($200 to $250/night) since most new Boston hotels have been the upscale variety (the Mandarin, Intercontinental, and Ritz). Given the Fenway location, Don tells us that the project reflects a revival of the city's hotel market for projects of the right size in the right location. After all, he says, folks don't spend money on permitting unless they think they have a shot at building. |
