This Week's Boston Deal Sheet
A biotech company has begun construction on a new $20M research and development facility in Lexington.
Braskem announced the start of construction Monday on its Renewable Innovation Center, a 35K SF facility at 10 Maguire Road. The property is owned by Greatland Realty Partners.
"Our new Renewable Innovation Center reflects Braskem's ongoing commitment to a Carbon-Neutral Circular Economy and having a positive impact on the environment," Mark Nikolich, CEO of Braskem Americas, said in a press release.
In 2018, the company expanded its operations in Boston to strengthen its research and development of renewable chemicals. Braskem appointed Daniel MacEachran to lead these initiatives and the build-out of the new center.
This facility is expected to be completed in the second half of 2023. The Philadelphia-based company has five production plants in Texas, Pennsylvania and West Virginia, plus an Innovation and Technology center in Pittsburgh and its operations in Boston.
FINANCING
MassDevelopment issued a $50M tax-exempt bond for Wentworth Institute of Technology for its new athletic complex in Mission Hill. The complex will include a 50K SF field, a single-story parking garage with 330 parking spaces and ancillary sports-related buildings on Parker Street.
The facility will be accessible to the community for free for neighborhood sports and other activities. The school will also use the bond to restore two existing breweries on the property. The bond was purchased by TD Bank.
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The Community Economic Development Assistance Corp. has made early stage commitments to help finance the development of 970 new affordable apartments in Massachusetts, it announced Friday. CEDAC has committed $19.2M for affordable housing developments in 12 communities including Boston, Springfield, Greenfield, Hadley, Lynn, Ipswich and Hudson.
CEDAC will provide financing for 17 projects including a $450K pre-development loan of the parcel R-1 redevelopment in Chinatown and $165K for a 68-unit preservation project in the Hyde Park and Roslindale neighborhoods.
EXECS
CBRE hired Boston retail investment sales broker Nat Heald as executive vice president on the company's Capital Markets team. Heald has worked in the retail market for the past 15 years and worked for CBRE in the past as a senior managing director.
Heald comes from JLL where he worked since 2015, and he also started with that firm in 2006 as an assistant vice president. Heald specializes in grocery-anchored shopping centers, urban retail and large single-tenant assets. He has assisted on deals across the Greater Boston market including the acquisition of a $295M portfolio of 11 single-tenant retail assets in Boston, Rhode Island and Connecticut.
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Suffolk Construction promoted two employees to its C-suite: Katy O'Neil as chief marketing officer and Jackie Lewis as chief people officer. O'Neil joined Suffolk in 2018 as vice president of business development and client relations in the Northeast region. As chief marketing officer, she will be responsible for strengthening the company's marketing functions and implementing a strategic brand vision.
Lewis also joined in 2018 as vice president of talent acquisition, and she was promoted in 2021 to senior vice president. As chief people officer, she will oversee all aspects of the company's human resources nationwide.
CONSTRUCTION & DEVELOPMENT
The city of Boston, DREAM Collaborative, New Atlantic Development and other partners have started construction on a 74-unit mixed-income development in Nubian Square. The development, located at 2147 Washington St., will include 99K SF of both rental and ownership units and a restaurant space, which will be run by the Haley House.
Of the 74 units, 62 will be rental apartments with income restrictions below 30% of area median income and 12 will be condominiums, including four at 70% AMI, four at 100% AMI and four at market rates. The space will also include a shared artist workspace, a public art gallery, indoor bike storage and underground parking.
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Greystar broke ground on Phase 2 of its 85 Boston St. development, The Maxwell. When completed, the development will have 355 market-rate apartments, 29 affordable housing units and 460 parking spaces. The six-story building will also include a gym, coworking pods, a yoga studio and a pool.
The Maxwell sits a half-mile from the Chelsea MBTA station in Everett's Commercial Triangle, where the developer's first phase of 85 Boston St., branded as The Mason, and its 35 Garvey St. project are also located.
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Nauset Construction Corp. and developer Acorn Holdings LLC broke ground on a 49-unit apartment building with 2,500 SF of retail space near the Alewife MBTA station. The development, named 605 Concord, is a six-story, 69K SF building with 15% of it units designated as affordable. Amenities include a below-grade parking garage, bike storage and a dog washing station.
The development is located near multiple parks, a strip mall, restaurants and other public transportation. It is expected to be completed in the summer of 2024.
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Topgolf plans to open its first Massachusetts location in Canton late next year. The Dallas-based company began construction on the property with plans to bring a three-story venue to 777 Dedham St., the former location of a Cumberland Farms manufacturing and distribution facility.
The venue will include 90 golf ball hitting bays, which will be equipped with heaters, fans and technology that will track ball speed, distance, height and aim toward targets.
