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Apr. 15, 2013

$500M Flats East Bank Development Adds Seven New Retail Tenants

By Adrian Maties, Associate Editor

Flats East Bank developers announced on April 10 that they have secured commitments from seven new retail tenants. Space is now limited in the $500 million waterfront development, as three office tenants also recently signed with the project.

The seven new tenants include four restaurants/bars, a high-end night club, a gift shop and an office tower café and deli. They are:

  • BBR (Beers Burgers & Rock), a high-end sports bar by day and rock club by night;
  • The Beer Market, an old-world specialty beer pub;
  • The Big Bang dueling piano bar;
  • Constantino’s Café;
  • East Bank News & Gift;
  • FWD (pronounced “Forward”),  a 15,000-square-foot high-end waterfront dance club featuring world famous deejays;
  • Panini’s Bar & Grill, also on the waterfront.

They join other retail tenants, such as Toby Keith’s Bar & Grill, Ken Stewart’s, Lago, Flipside and Willeyville. Joe Mannino and Fabi Miller of Fairmount Properties represented the landlord on the transactions.

Recently, Wells Fargo, Northwestern Mutual and the Gilbane Building Co. signed office leases at the Flats East Bank development, joining Ernst & Young, Tucker Ellis and CBRE and bringing the 23-story Ernst & Young Office Tower to 70 percent capacity. Ernst & Young, Tucker Ellis and CBRE will move into the building in May and June. An Aloft boutique hotel will also open in June.

Iris Wolstein, her son Scott Wolstein and Fairmount Properties are the project’s developers. Success in landing retail and office tenants has accelerated phase II of the Flats East Bank development. The developers are now working to finalize financing and plan to announce a phase II groundbreaking within the next few months. They are  also preparing to open the $275 million phase I.

The $146 million second phase of the Flats East Bank project is expected to break ground as soon as this summer. Developers say it will create 800 jobs and bring approximately $2.4 million in income tax from construction. When finished, it will create 400 retail and restaurant jobs and will yield more than $3.7 million in annual sales and income tax. The second phase of development calls for the construction of a 200-unit waterfront residential complex, as well as more local, chef-driven restaurant and retail offerings and a park.

Rendering courtesy of www.flatseast.com

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