This Week's Boston Deal Sheet
WS Development has filed updated plans for its massive Fenway Corners development, adding more residential than previously proposed and deferring the project's final phase.
On Friday, the developer submitted a supplemental filing with the Boston Planning & Development Agency detailing changes to the project, including adding 50 units, raising the affordable component to 20% of the overall 266 units and deferring the project's last 460K SF phase.
The deferral scaled back the total square footage it is seeking with this application from 2.1M SF to 1.6M SF, but it indicated it may still seek approvals for the final phase after the completion of the Fenway-Kenmore Transportation Action Plan.
The changes come after the BPDA issued a memo to WS regarding the project's impact on the Fenway-Kenmore area's transportation network, which the agency argues will not be able to accommodate the growth the project will bring.
Another change the firm included in its filing is the restoration of the historic Duck House, a late 19th-century building it plans to use for community amenities. The developer pledged to restore other historical facades at sites near the ballpark in its initial letter of intent.
In partnership with Fenway Sports Group, WS Development in January 2021 proposed the project to bring new development to the streets surrounding the ballpark: Jersey, Van Ness, Landsdowne and Brookline. Along with the 2.1M SF of development, the joint venture planned to make Jersey Street along Fenway Park a pedestrian zone.
LEASES
The Bulfinch Cos. signed three leases at its 117 Kendrick St. property in Needham, it announced Wednesday. Now 92% leased, the 213K SF property's new deals totaled 75K SF with ABio-X Holdings Inc., Xenon Pharmaceuticals and Evolved by Nature Inc.
Bulfinch is also expanding the property's lab component with an additional 18K SF of office being converted into life sciences space. Other tenants in the building include Workbar, which expanded its lease to 27K SF, and Warner Bros. Entertainment, which extended its lease.
FINANCING
Mayor Michelle Wu and the Mayor's Office of Housing have awarded grants from the Affordable Commercial Assistance Fund, making $1M available to help local businesses and nonprofits operating in affordable housing buildings. The first awards will subsidize rents for Jean Appolon Expressions in Roxbury and Words as Worlds Bookstore in Dorchester.
The developers of 2147 Washington St. were awarded $225K to support Jean Appolon Expressions, and the developers of 1463 Dorchester Ave. received $150K to support Words as Worlds Bookstore. The fund is envisioned to help enable developers to lower rents and help grow small businesses in Boston neighborhoods.
PERSONNEL
Kip McMahan has joined engineering consultant firm AECOM as campus planning leader for the company's buildings in the Eastern region of the U.S. McMahan will help create project charters that will budget, manage, schedule and secure funding from investors. Prior to AECOM, McMahan was a principal design architect. He directed numerous higher education and commercial real estate projects in Providence, Boston and New York.
CONSTRUCTION & DEVELOPMENT
City Realty held a ribbon-cutting ceremony for its 1515 Hancock St. development in Quincy. The Allston-based developer bought the 132K SF office space in 2021 for $18M and launched renovations and improvements. These renovations include a modern lobby and common areas for tenants and visitors. The four-story office building, Hancock Center, has tenants including Intellycare, the Social Security Administration and the South Coast Career Development Administration.
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The developers of the Olmsted Green project in Mattapan are moving forward with its final phase, adding 80 new units of housing. A groundbreaking will be held on Wednesday for the last phase and the opening of the Gateway Center, a 3K SF community and family event center. Of the 80 new condominiums, 63 will be for lower-to-moderate-income first-time homebuyers.
The entire 38.5-acre, 1M SF project began in 2006 and is expected to be completed in 2024. Olmsted Green consists of 237 affordable housing units, 60 market-rate rental units and 59 units of low-income housing for homeless seniors.
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Mighty Squirrel Brewing is set to open a 13K SF location on Beacon Street close to Fenway Park. The brewery is set to build out space at the Bower, the residential piece of the 1.1M SF Fenway Center project. Mighty Squirrel co-founder Naveen Pawar said the brewery is expecting to open in October, the Boston Business Journal reported. The brewery has one other physical location in Waltham and operated a beer garden in Arsenal Yards last year.
