News
Fan Pier Echo Boom
October 25, 2012
| With two urban multifamily projects poised to break ground, Hanover Co development partner David Hall is a believer in the Boston/Cambridge luxury rental market. In November, Hanover will start building a $195M tower on Pier 4, a site where master planning started 13 years ago. And in December, digging starts on a $130M project near the Alewife T stop. | |
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| For David (and what appears to be the world's largest Post-It Note), it’s a great time for development in downtown Boston; it's attracting jobs and renter households. The Pier 4 site, in the midst of Mayor Menino's Innovation District, suits him since there are few rental buildings on the water, despite Boston’s extensive coast line. A ready-made source of tenants will be the offices being developed next door at Fan Pier and across the street at Seaport Square. Since 1999, New England Development has controlled the Pier 4 development site, which it closed on last May. Its master plan calls for three buildings totaling 1M SF. | |
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| The first building to get going is Hanover's 369-unit high-rise designed by ADD Inc, breaking ground Nov. 16. Look for occupancy in two years. Units will range from a 400 SF "innovation" studio to a 1,700 SF, three-bedroom penthouse. Amenities: fitness club, screening room, lounge, outdoor pool with deck, and underground parking for 258 cars. Way back when the master plan was designed, NED targeted the parcel for an office building. Over time, Hanover developed a relationship with NED, David says. Two years ago, with the economy shifting, NED agreed to go multifamily and sold the land to Hanover. | |
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| Looking over the waterfront plans are Hanover’s Tom Denney, acquisitions and development partner Rick Stinson and Kelley Mickolsz. In Cambridge at Alewife, Hanover will build 398 rental apartments on land it purchased from EOP last December. While Hanover’s overall national portfolio focuses on urban multifamily, in our region it's been building in the ‘burbs; 2,100 units in places like Braintree, Needham, and Foxborough. David says, “We’ve been looking for a way to get into the urban market.” They found it. |
