The Deal Sheet
| You can bet that MGM Resorts International has high hopes that it will build the $800M gambling and mixed-use complex it unveiled yesterday in Springfield. | |
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| Rendering courtesy of MGM | |
| MGM CEO Jim Murren says that after consulting with various community groups, the company has created a plan for a gambling resort, entertainment complex and housing development—new construction and renovations— over 10 acres of downtown Springfield. MGM is contending with four other proposals for the sole gambling license for Western Massachusetts.***Winn Development had a ceremonial groundbreaking yesterday on a $30M, mixed-income multifamily project in Worcester that will reuse and renovate the Worcester Vocational Technical School. Once ready for first occupants in spring ’14, half of the 84 rental apartments will be reserved for residents earning 30% to 60% of the area median income. *** Duffy Properties has started construction at 78 Blanchard Rd in Burlington for a new five-story, 120k SF Class-A office building that’s part of a newly developed 200k SF office park, Blanchard Woods. The building is the first spec office going up on Rte 128 this year. The CBRE Northeast team that will lease the new asset is Steve Murphy and Alex Plaisted. So far, Duffy has built two existing buildings in the park that total 80k SF, 76 and 80 Blanchard Rd, which are substantially leased. | |
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| NextWorth Solutions will be almost doubling the size of its corporate HQ in Billerica from the 5,600 SF at 700 Technology Park Dr to 10.5k SF at 900 Technology Park Dr, both owned by Campanelli. Richards Barry Joyce & Partners’ Brian McKenzie,John Wilson, James Lipscomb, and Emma Geldmacher worked with Campanelli’s Peter Brown and Mark Carroll. RBJ&P is the exclusive leasing agent for 700 and 900 Technology Park Dr. Parsons Commercial Group’s Victor Galvani repped NextWorth Solutions. SALES Archstone paid $94M for Station 250 in Dedham, a 285-unit apartment complex near Legacy Place and the Dedham MBTA station. CBRE/NE repped the seller, Fairfield Dedham LP, a subsidiary of Atlanta-based BVT Equity Holdings. *** Paragon Holdings paid $8M to RGM Holdings for a 72-acre property in Bolton where it will create a new HQ for Paragon Communications. The new Bolton campus will allow Paragon, one of the nation's largest re-manufacturers of enterprise and consumer electronics, to consolidate its three current facilities in Ashland and Southborough into one modern campus. ASSIGNMENTS J. Calnan won the 320k SF preconstruction and construction management project for the renovation of Parametric Technology Corp’s Needham campus. The project team includes: Boston Properties, Spagnolo Gisness & Associates, A/E/C Solutions, project management, and AHA Engineering. The phased re-stacking program includes new software labs and office space to be completed fall ‘13. | |
| FINANCINGBenchmark Senior Living has entered a $50M JV with Och-Ziff Capital Management to recapitalize existing seniors living assets and fund new development in New England and the Mid-Atlantic regions. The JV will allow Benchmark to continue growing in the Northeast, a stable seniors housing market given its strong demographics and economic resiliency. The Cushman & Wakefield team included Richard Swartz, Phil Anderson, Jay Wagner, and Aaron Rosenzweig.AWARD The Architectural Team founding principal Bob Verrier says that the firm is celebrating its 41st anniversary by sponsoring an annual design competition that will become part of the Boston Architectural College curriculum and include a $2,500 cash prize. DWELLBoston will be an open ideas design competition for architecture undergrads to envision the future of Boston through livable, affordable, multifamily housing strategies that are environmentally responsible and "technologically feasible." Results from the inaugural competition will be announced in December '12. | |
| ***Mayor Tom Menino has chosen Sheila Dillon to head Boston’s Department of Neighborhood Development, starting Sept. 26. A City Hall vet, Sheila will leave her job as Rental Assistance Bureau director for the state’s Department of Housing and Community Development. The South Boston resident rejoins DND where she once served as deputy director and will face a budget that’s been trimmed to $80M from a high of $125M amid federal cuts. The agency oversees federal housing funds, administers contracts for construction services, and disposes of surplus city land and properties. ***Jerome L. “Jerry” Rappaport Jr, a founder of New Boston Fund, has joined with Chestnut Hill Realty CEO Ed Zuker and his son,Robert Zuker, to found CHR Investors. He will be managing director of this affiliate of Chestnut Hill Realty that will focus on investing in New England multifamily housing. For the past two years, Jerry has been consulting with Chestnut Hill Realty to help develop a strategic plan and research capitalization options to continue its growth. He’s also helped the Chestnut Hill Realty development group complete about $40M in development and redevelopment projects, with another $100M planned. | |
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| New Boston Fund employees joined more than 600 volunteers at Boston’s City Hall Plaza for Cradles to Crayons’ 6th Annual Backpack-A-Thon earlier this month. The volunteers filled 30,000 backpacks with essential school supplies for local children in need. Above are NBF’s: Jessie Martell, Ericka Ayles, Kristie Heffernan, Sandra Cortina, Annabelle Figueroa, Judy Murdy, and Audrey Tinsley. |
