This Week's Boston Deal Sheet
Taurus Investment Holdings CEO Peter Merrigan recently closed on the $48.5M acquisition of the Beverly Townhomes, a 1970s, 204-apartment North Shore complex. With strong economic growth, demand for space is radiating from the city to outer locations. In metro Austin, it justifies the start of vertical construction at Taurus' multibillion-dollar, 7,500-home Whisper Valley, billed as the nation’s first new large-scale net zero community. That's why we're excited to hear Peter and other experts explain how their activities reflect market dynamics at Bisnow’s Boston Capital Markets Summit, this Thursday, Oct. 22, 7:30am, at The Liberty Hotel.
With historically low interest rates, attractive yield and a steadily growing economy, Taurus is committing to the mega project that it's been planning for nine years, he tells us. Whisper Valley is being built with energy-saving kitchen appliances, geothermal heat pumps and high-efficiency water heaters. Google Nest will supply smart thermostats and Google Fiber will for the first time install its ultra-fast Internet service in a new housing development. In suburban Beverly, demand is strong enough to warrant a capital investment in upgrades that will quickly boost the yield, Peter says. Join us for Bisnow’s Boston Capital Markets Summit, this Thursday, Oct. 22, 7:30am, at The Liberty Hotel. Register here.
Vistaprint has completed a month of moving its 1,000 people into its new $100M build-to-suit HQ at 275 Wyman St, owned by Hobbs Brook Management in now-busy Waltham. This is parent company Cimpress’ largest office in the US. The graphic design and printing firm is doing a relo from Lexington to be in 300k SF that gives it expansion space; and a LEED-certified, efficient building designed for its business model and corporate culture.
A partnership of Preservation of Affordable Housing, Madison Park Development Corp and the BRA will do a $44M overhaul and expansion of the 1950s era Whittier Street public housing community to have more units and a more diverse income mix. Between Dudley and the Ruggles T-stop, it also will have new streetscape; 7,600 SF of commercial space; public open space; a recreation area; a fitness room; lounges; a community room; and underground parking for 121 cars.
The city designated Melnea Partners as the developer of a 108-room hotel, 50 units of rental housing and 8k SF square feet of retail space. Urbanica is leading the collaborative that will build the Melnea Hotel and Residences, which will run under the flag of Marriott Residence Inn. The team hopes to start construction by year-end. Completion of the hotel is slated for spring 2017 and the residential units that summer. The parcel is jointly owned by the BRA and the Massachusetts Department of Transportation.
Shorenstein got a green light from the city to refashion Center Plaza with a $25M renovation designed by itself and CBT Architects. Built in the late 1960s, the crescent-shaped, three-building 717k SF complex has expansive floor plates that let in lots of natural light. Now, their tenants will have new lobbies and connectors, 21k SF of new penthouse offices and a rooftop garden. On the ground floor, a 9,400 SF addition will introduce new retail and restaurants.
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Charles River Realty‘s Michael Argiros is planning a new $10M, 48-unit apartment building at 425 LaGrange on the corner of Centre Street in West Roxbury. Several industrial buildings—some abandoned—will be replaced by Neshamkin French Architects’ Victorian-style multifamily building. The developer hopes to break ground by March and complete it by July 2017.
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Michael Indresano won city approval to build an $8.3M mixed-use building at the corner of West Fourth and A streets in South Boston designed by Embarc Studio to have nine residential units, a two-floor photography studio, ground-floor retail space and off-street parking.
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To get people out of the harsh weather, Boston Children’s Hospital won BRA board approval to build a new pedestrian bridge over Longwood Avenue, a 3,250 SF connector to link the patient and family parking garage with Children’s main building. This will create a safe passage protected from snow and rain for patients, staff and visitors. A new concierge desk in the garage will process patient discharges, and visitors will have access to valet service. Elkus Manfredi Architects designed the steel-and-glass bridge to be visually unobtrusive. Also, the hospital will create green and open space nearby.
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Jiten Hotel Management, which is based in Brockton, will add a five-story, 60-room addition to its 114-room hotel at 69 Boston St near the South Bay retail center in Dorchester. Also, it’s going to add 2,140 SF of meeting space and 2,360 SF to its existing 700 SF breakfast/lounge area. The team: Colliers International is project manager, and Group One Partners is the architect.
Sales
For its first Boston deal, a US unit of Swedish real estate company Akelius Residential Property paid $152.5M to an affiliate of Lincoln Property for the luxury West Square Apartments at 320 D St in South Boston built in ‘13. Akelius owns property in Switzerland, Germany, England, Canada and New York.
Brazil’s Dreams Entertainment Group is taking nearly 17k SF at 1 Washington Mall where it plans to open The Boston Wax Museum next spring. SVN Parsons Commercial Group Boston’s Marci Alvarado and Jake Parsons repped the tenant; CBRE/Grossman Retail Advisors’ Jeremy Grossman repped the landlord, The Georgetown Cos.
People
The AJC Boston gave The Winn Cos founder Arthur Winn the 2015 Community Leadership Award for developing and preserving affordable housing and for philanthropy. Winn projects include: the Bostonian Hotel, One Brookline Place, and One Arsenal Place in Columbus, GA, a National Historic Landmark rehabilitated in 1978 as the headquarters for Synovus Financial Corp. He partnered with residents on projects at the affordable/public housing communities of Castle Square Apartments and Mission Main.
