This Week's Boston Deal Sheet
The Boston Planning & Development Agency on Thursday approved the initial phase of Harvard University’s enterprise research campus in Allston. The first phase is planned to include 900K SF of lab and office space, a hotel and nearly 350 apartment units.
The full development is planned for a 14-acre parcel on Western Avenue. The board approved the first phase after Harvard and Tishman Speyer, the developer behind the project, agreed to make 25% of its housing units income-restricted.
This would represent the largest percentage of affordable housing in a single project in Boston by a private developer, the Boston Business Journal reported. The affordable units will be reserved for residents making 30% to 100% of the area median income.
The agreement also includes a $25M donation to a new Allston-Brighton affordable housing fund and further donations sent to another affordable housing project on Seattle Street, according to the BBJ.
Harvard owns more than 350 acres in Allston, some of which it bought from CSX in 2000, and business leaders expect its project will create a new tech hub that could compete with Kendall Square. In December 2019, it selected Tishman Speyer from a group of three finalists to develop the 14-acre parcel.
SALES
Invesco Real Estate acquired a 422K SF industrial, R&D and life sciences building in Dedham for $134M, Newmark announced last week. The 53-acre site is located at 100 Rustcraft Road, right behind Legacy Place. The property is fully leased to tenants including the American Red Cross.
The property was sold by R.J. Kelly Co. and Independencia Asset Management. Newmark’s Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell brokered the deal.
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Westport Capital Partners, a Stamford, Connecticut-based real estate investor, bought a Chelsea hotel for $20.6M, Banker & Tradesman reported. The Hampton Inn Boston Logan Chelsea was purchased by the firm with a loan from BankNewport. The company acquired the 105-room hotel from Seneca Hospitality LLC, which bought it in 2018 for $9.2M.
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Oceanview Holdings LLC sold one boutique hotel in Cape Cod and acquired another in a 1031 exchange brokered by Boston Realty Advisors. The company sold the Chatham Highlander Inn to TPG Hotels and Resorts for $8.2M. Oceanview Holdings LLC then purchased the Chatham Seafarer Inn for $4.4M from Layn Walker LLC. Boston Realty Advisors’ Nicholas Herz led the team that represented Oceanview Holdings in the deals.
FINANCING
MassDevelopment partnered with six organizations to provide financing to Nubian Ascends Partners LLC for its pre-development work on Nubian Square Ascends, a 185K SF mixed-use development in Roxbury. The development will include offices, labs, a training center, culinary center and a retail marketplace. The Boston Planning & Development Agency selected Nubian Ascends Partners LLC, a team of developers led by Richard Taylor, to develop the city-owned parking lot in 2020.
The $3M in pre-development financing was provided by BlueHub Loan Fund, Local Enterprise Assistance Fund, Local Initiative Support Corp., Massachusetts Housing Investment Corp., The Life Insurance Community Investment Initiative and The Property and Casualty Initiative.
EXECS
The Boston Planning & Development Agency appointed Diana Fernandez Bibeau as the new deputy chief of urban design. Bibeau will be responsible for urban design concepts in the city, including sustainability and work with existing BPDA design processes.
She will also partner on the mayor’s Green New Deal agenda with the Boston Transportation Department, Environment Department, Parks and Recreation, Mayor's Office of Housing, Public Works, Public Facilities Department, Boston Public Schools and Boston Public Libraries.
THIS AND THAT
WinnCos. completed a $27.5M reuse project of a school building in Southbridge. The project, a 90K SF, three-story apartment complex, began construction in 2020. The building now offers 62 apartments, 56 of which are affordable units set at 60% of the area median income, plus eight apartments reserved for those below 30% AMI.
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Vantage Builders Inc. completed the development of a 100K SF cannabis cultivation, manufacturing and dispensary facility for GreenCare Collective, the developer announced last week. The property is located at 12 Latti Farm Road in Millbury and is one of the largest cannabis cultivation centers in the state.
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A joint venture of Trammell Crow and Invesco Real Estate is moving forward with plans to develop a 310K SF, six-story life sciences building in Lexington. The lab at 440 Bedford St. sits along the Route 128 belt in one of the state’s strongest life sciences clusters. The project is expected to be completed in mid-2024.
