This Week's Boston Deal Sheet
WS Development and Fenway Sports Group have gotten the green light from the Boston Planning & Development Agency for their $1.6B Fenway Corners project.
On Thursday, the agency approved the developer's initial 1.6M SF plan and an additional 500K SF set aside to be voted on after the Fenway-Kenmore Transportation Action Plan is completed, the Boston Globe reported.
The eight-building project is planned to include 266 residential units, including 53 income-restricted units, 730K SF of lab space, 500K SF of office and over 40 new retail shops. It is planned for four streets around Fenway Park: Jersey, Van Ness, Lansdowne and Brookline.
The project is also expected to bring in $22.7M in housing linkage fees and $4.2M in job linkage fees, according to the BPDA.
The approval comes after the development team filed revised plans in April that added more residential and agreed to defer the final phase. The team first proposed the project in 2021.
SALES
D.C.-based The Menkiti Group acquired 526 Main St. in Worcester, it announced last week. The group also secured three MassDevelopment loans totaling $7M and a $250K grant from the commonwealth's Collaborative Workspace Program. The firm plans to redevelop the space into a coworking operation and makerspace. The group has an interest in redeveloping two other buildings along the city's main street, the Worcester Business Journal reported.
LEASES
King Street Properties is in talks to sign electric vehicle battery supplier Ascend Elements as another tenant at its 45-acre campus in Devens. The Westborough-based lithium-ion battery manufacturer wants to sign a full-building, 101K SF lease at 39 Jackson Road, planned to be a manufacturing and research and development facility.
Ascend plans to use the space for advanced manufacturing along with lab, office and storage space. The talks come after the manufacturer has made plans to expand to another part of the country and signed a five-year deal with an undisclosed client to provide $1B in materials for battery manufacturing, which will begin in the latter half of 2024.
FINANCING
MassDevelopment announced last week it expanded its Property Assessed Clean Energy Massachusetts financing program to allow new construction projects to be eligible for the funding, in addition to existing buildings. The PACE program, which helps fund energy-efficiency and renewable energy projects, launched in July 2020.
PERSONNEL
Vicinity Energy named Bill Fahey as its chief operating officer. Fahey joins the firm with over 35 years of experience in the energy industry, the Boston Real Estate Times reported. Prior to his role at Vicinity, Fahey worked at Veolia North America, most recently as the executive vice president, according to LinkedIn.
CONSTRUCTION & DEVELOPMENT
The Davis Cos. and Tocci Construct LLC celebrated the topping out of their 1515 Commonwealth Ave. development in Brighton. The 245K SF residential property holds 253 units across two buildings: a 102-unit, eight-story building and a 151-unit, seven-story building called Hew.
The apartment buildings are close to Boston College, Boston Univesity, Coolidge Corner and St. Elizabeth's Hospital. The space also includes 30K SF of green space and a new pedestrian path to Overlook Park.
***
Accordia Partners’ $5B Dorchester Bay City project won approval from the Boston Civic and Design Commission and will move ahead with the Boston Planning & Development Agency’s vote later this summer, the Boston Globe reported. The development, which is planned to total 3.5M SF across 21 buildings, has been expanded to include the Boston Teachers Union headquarters and a low-rise office building along Morrissey Boulevard.
***
Cambridge-based SGL Development filed a proposal for a 42K SF, four-story lab building in Porter Square, the Boston Business Journal reported. The developer plans to demolish two homes and a print shop at 32, 40 and 44 White St. The site is next to the Porter Square Shopping Center and the Porter Square commuter rail station.
