News
NED BUILDING
September 13, 2011
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| Condos or rentals at Chestnut Hill Square? That's the question for New England Development's Douglass Karp about the firm's 240k SF mixed-use project. He tells us that after seven years of planning and waiting, demolition was completed Friday at the site slated to have retail, medical offices, and a grocery. NED recently signed a 30k SF lease with Equinox health club and expects a grocery and two restaurant leases soon. Phase II will have up to 100 residences, originally planned as 225 condos. |
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| Douglass, with Ken Leibowitz and CFO Dawn Neher, says NED is also moving ahead with an apartment project on Fan Pier in a recently signed JV with The Hanover Co. After decades of planning, he says, CRE projects at the waterfront are finally coming together and the buzz is mounting. The transportation infrastructure was upgraded during the Big Dig, more restaurants are opening, and it helps that in May construction started for Vertex Pharmaceuticals? 1.1M SF office complex. |
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| Armen Aftandilian, here with and Michael DeSimone, says that NED is also redeveloping the 600k SF Westgate Mall in Brockton. NED owned the mall in ?99, sold it in ?04, and repurchased it in '10 after it had gone through a foreclosure auction. It was a ?great deal,? Douglass says. NED is building about 100k SF of new space including a Market Basket, new entrances, and improved common areas. |
