The Deal Sheet
It’s been six years in the making, but Burlington-based Norblom Co just won a major city approval for a $200M mixed-use project in the South End with 602 rental apartments. (When this began, Lolo Jones was still a summer Olympian, and people thought "Sochi" was mediocre raw fish.)
EVP Og Hunnewell tells Bisnow the BRA just green-lighted two buildings for the Graybar Electric site (above) at 345 Harrison Ave in the New York Streets area where several other major projects are underway. Nordblom’s buildings will also have 34k SF of ground-floor retail (1,600 SF reserved for startups, non-profits, or cultural use), restaurant, and amenity space. About 78 apartments (13%) will be affordable, with Nordblom creating more such units offsite. CBT is the architect.
The Deal Sheet
Life is good has completed its new 22k SF HQ in Fort Point at 51 Melcher Street. JLL Construction’s Steven Wassersug, Brendan Boyle, and Chris Hardiman managed the project designed by Baker Design Group. Adjacent to every neighborhood work group area are a variety of different sized private conference rooms, as well as phone booths for individual calls.
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Construction will start soon on a public market above the Haymarket T-stop where local farmers, fishermen, ranchers and wine makers will sell their New England edibles/drinkables. (Above is the traditional Haymarket retail venue.) By spring, about a dozen vendors will sell products at an outdoor plaza on the Greenway as renovations get underway on the 28k SF indoor space above the T-stop. The non-profit Boston Public Market has raised about $8M in private and public funds to start the project and is seeking millions more to complete construction.
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Sebastian Marsical Studio won city approval to start building Boston’s first energy positive (E+) community, a $13M project at 778-796 Parker St and 77 Terrace St in Mission Hill that will have a 21% energy surplus, power that it will sell back to the grid. Sebastian Marsical was chosen as developer/architect through a public bid to build the complex on a city-owned site as part of an E+ Green Building Demonstration Program run by the city Environment Department, Department of Neighborhood Development, and BRA.
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The Waypoint Cos with architect Neshamkin French will build a $17M multifamily mixed-use project at 61-83 Braintree St designed to meet LEED Silver standards. It will have 80 rental apartments, including 11 affordable, a 67-space underground garage, 1,715 SF of commercial space, a 562 SF retail space, and three community rooms.
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The Chinese Economic Development Council won city approval to expand its $16M Oxford Ping On project to include an additional 19 apartments for a total of 66 affordable housing units. Financing is being provided by the City, Forest City, the developer of the nearby 120 Kingston Street and AvalonBay, the developer of 45 Stuart Street, on the border of Chinatown and the Theater District. The architect is Chia-Ming Sze.
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Trinity Financial’s plan to revitalize a mostly vacant city block in Brockton into a mixed-use community got a boost recently when the developer secured $5.1M in New Markets Tax Credit financing from the Mass Housing Investment Corp with the Bank of America Community Development Corp as the investor. Also, Bank of America CDC has invested another $5.5M and MassDevelopment another $7M. The financing will support Trinity’s redevelopment of the historic Enterprise Building in downtown Brockton into a 55k SF commercial property. Two state agencies, the Massachusetts Executive Office of Health and Human Services Department’s of Transitional Assistance and Development Services, have signed as anchor tenants.
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The BRA Board has agreed that KPMG will perform (pro bono) an eight-week audit of the Authority and EDIC to analyze their internal procedures including: asset management, loan administration, development review process, human resources procedures, workforce development, information systems, and planning and urban design practices.
Sales
An affiliate of The Mayo Group paid $4.8M to buy 69-71 A St and 99 Athens St in South Boston. It plans to redevelop the buildings as Class-A high-tech office space with open floor plans, hardwood floors, exposed brick and beams. CBRE/NE’s John Kelly helped Mayo secure acquisition financing.
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Bradstreet & Chandler and Novaya Real Estate Ventures paid $8.5M for Heron Cove, 152k SF three-building office park near Route 3 in Merrimack, NH. The park is 59% occupied by tenants that include: Intel Corp, Pennichuck Water Works, and Tyler Technologies.
Leasing
Neuroelectrics, a neuroscience devices designer, manufacturer and provider based in Spain, announced that it will open its first US office in Cambridge at the Innovation Center (1 Broadway). The company hopes to further brain health by providing measurement tools and making neuromodulation affordable. Above are Neuroelectrics’ Laura Dubrreuil Vall and CEO Ana Maiques with Massachusetts Life Sciences Center CEO Susan Windham-Bannister.
People
Patrick Glynn has joined Transwestern | RBJ today to lead its new property management team. His previous jobs were as a general manager for CBRE and with Broadway Real Estate Services, Beacon Capital Partners and Fidelity Investments. He was general manager of John Hancock Tower.
