This Week's Boston Deal Sheet
WinnCos. and the Boston Housing Authority were given the green light to begin a $2B redevelopment project in South Boston.
On Thursday, the Boston Planning & Development Agency voted in favor of plans to redevelop the Mary Ellen McCormack public housing complex, a 30-acre property on Old Colony Avenue that was the first public housing complex in New England. The two-phase 1.5M SF plan calls for building 3,300 mixed-income apartments, replacing the 1,016 public housing units on the site.
The community was the first public housing complex in New England. The project is expected to begin as early as June 2024.
The $776M first phase includes the creation of 1,310 apartments across eight new residential buildings. Of the new apartments, 781 would be for middle-income and market-rate renters. All of the buildings are planned to be developed to Passive House standards.
The project would also include 33K SF of ground-floor retail created for small, local businesses, with 25% of the space being offered at below-market leases.
“This will be the largest development project in company history and will produce a modern, inclusive, mixed-income neighborhood — a community of opportunity that is economically, socially and environmentally sustainable for the long term,” WinnCos. CEO Gilbert Winn said in a release.
SALES
The DSF Group acquired a 225-unit multifamily building in Marlborough for $74M from buyer Fairfield. The Talia Apartments property is located off Route 20 near I-495 and opened in 2017, the Boston Business Journal reported. CBRE's Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller in the deal.
LEASES
WS Development announced 14 new businesses that will be located at the company's The Street Chestnut Hill project at 27 Boylston St. The new retailers include Alo Yoga, Brilliant Earth, Punk Carrot, Skin Laundry and WHEAT. The renovation project will include the development of 90K SF across three floors that will accommodate 25 retailers.
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Biotech manufacturing company SciAps signed a 31K SF lease at 6 Riverside Drive in Andover. The company is relocating and expanding operations from its space at 7 Constitution Way in Woburn. JLL's Jordan Yarboro and Steve Cook represented the tenant, while JLL's Matt Daniels, Chris Lawrence, Brian Tisbert and Carly Kiernan represented the landlord, Ciminelli Real Estate Corp.
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Danish drug company Novo Nordisk signed a 166K SF lease at Alexandria Real Estate Equities's 60 Sylvan Road property. The project is under construction and expected to deliver in 2025. The building is part of a larger life sciences campus, called Reservoir Woods East, which Alexandria acquired in 2020 for $330M. The campus includes a 313K SF office building at 40 Sylvan Road and two life sciences buildings totaling 202K SF at 50-60 Sylvan Road.
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Vaisala — a weather, environmental and industrial measurements company — signed a 28K SF lease at Jumbo Capital's GenLabs at 3 Van de Graaff Drive in Burlington. The company is relocating from 12 Gill St. in Woburn and will occupy the first floor of the 320K SF building. Jumbo is in the process of finishing its life sciences conversion on the property, adding a new lobby, entrance and onsite amenities. CBRE's Alex Plaisted, Ryan Romano and Christian Vallis worked with Vaisala and Jumbo on the deal.
PERSONNEL
Nat Kessler has joined JLL as managing director in its New England region. Kessler will focus on suburban leasing and portfolio advisory work. Before joining JLL, Kessler worked as senior vice president at CBRE, where he spent over 20 years.
CONSTRUCTION & DEVELOPMENT
The Boston Public Facilities Commission awarded tentative designation to a team of Preservation of Affordable Housing and Caste Capital for the redevelopment of the West End library. The project would include 119 income-restricted housing units and would also replace the existing library with a new two-story branch.
The 12-story development would have units ranging from studios to three bedrooms. Of the 119 units, 40 would be set aside for those earning up to 30% of the area median income, with 79 units for those earning up to 80% AMI.
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Greystar filed a form with the Massachusetts Environmental Policy Act Office that detailed plans for 1.4M SF of lab and hotel space at 20-23 Cummings St in Somerville. The proposal calls for three buildings: 1.25M SF of lab buildings across two 20-story towers and a 162K SF, 200-room hotel.
The project would also include 11K SF of retail and restaurant space, a 4K SF daycare and 738 below-grade parking spaces. The developer would demolish the 99 Restaurant and La Quinta hotel on the site.
