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More Condos Approved for South Boston

27 Jul 2015, 2:33 pm

By Veronica Grecu, Associate Editor

The BRA voted last week in favor of a $45 million redevelopment project of an underserved area in South Boston’s West Broadway section.

45 W. Third St. - South Boston - architectural rendering

45 W. Third St. – South Boston – architectural rendering

With all the necessary approvals now in place, local development company Spaulding & Slye Investments is set to spruce up a one-acre parcel located at 45 W. Third St. and bordered by A St., Athens St., W. Third St. and South Boston Haul Road. According to the Project Notification Form submitted by the developer earlier this year, the site is currently occupied by 36 surface parking spaces, a small residential building and a one-story brick industrial building—both of which will be demolished to make room for the new project.

Designed by Hacin + Associates to achieve LEED Silver certification, the redevelopment of 45 W. Third St. calls for a mixed-use condominium project that will feature up to 105 residential units—with 13 affordable units—including private townhouse-style sidewalk entrances, about 3,400 square feet of street-level commercial space, two courtyards, and parking for 109 vehicles.

The 132.850-square-foot project is expected to generate up to 100 construction jobs.

Rendering courtesy of Hacin + Associates

Greater Boston Multifamily Project Gets Financial Help

22 Jul 2015, 7:30 pm

By Veronica Grecu, Associate Editor

Skyrocketing rents and shrinking inventory make Boston one of the most expensive cities in the nation. That’s enough of a reason for renters to hunt for more affordable housing options outside The Hub—and for developers to respond to the demand.

274 E. Main Street - rendering

274 E. Main Street – rendering

A joint venture between Campanelli and Thorndike Development received financial backing for a multifamily project in Norton, a town situated 40 miles south of Boston. First Niagara Financial Group announced this week it provided $25 million in financing towards the construction of a rental community located at 274 E. Main St. The structured financing included financing and permitting involvement from the Massachusetts Housing Partnership, as well as mezzanine financing provided by Cornerstone Real Estate Advisors. The total development cost is estimated to amount to $45.21 million.

274 E. Main St. is already under construction on a 15-acre site near Red Mill Village, a complex of owner-occupied homes that was recently completed by Thorndike. The rental community will include 188 apartment units—25 percent of which will be set aside as affordable housing—in a combination of one-, two- and three-bedroom units averaging 1,088 square feet each.

The 270,000-square-foot community will contain four three-story buildings and three four-story buildings, as well as an on-site leasing and management building, a fitness center, a business center, a heated pool, a game room, and outdoor patios. Project plans also call for storage and mechanical spaces and parking garages.

Monthly rents at 274 E. Main St. will range from $1,614 to $2,300 for the market-rate apartments, and from $1,000 to $1,307 for the affordable housing units.

Rendering via 274eastmainstreet.com

City Says OK to More Tiny Hotel Rooms

20 Jul 2015, 6:03 pm

By Veronica Grecu, Associate Editor

In case you still follow the idea that ridiculously tiny hotel rooms only happen in the Big Apple, a Boston-based developer has a little surprise for you!

Room layout - rendering- Marriott Moxy Hotels

Room layout – rendering- Marriott Moxy Hotels

Last week, Amherst Media Investors got the green light from the BRA for a plan to redevelop a small site known as Parcel P-7A at the corner of Tremont and Stuart streets in the Theater District into Boston’s first Moxy Hotel. That’s Marriott International’s new lifestyle brand that debuted in Europe in 2013 and was introduced to the U.S. in January this year with eight identified projects slated for major metro locations. After New York City, San Francisco, Seattle, New Orleans and Chicago, now it’s Boston’s turn to welcome a Moxy.

Located at 240 Tremont St. next to the Wilbur Theatre, the proposed Marriott Moxy Hotel will occupy a city-owned 5,810-square-foot parcel that for years has been used almost exclusively for large advertising banners, as first reported by Universal Hub. Though featuring a small footprint, the micro-hotel will stand 23 stories above ground and will have 125,000 square feet. That’s enough space for 346 micro-rooms, each of them no larger than 175 square feet—almost the minimum size of a room at Boston’s first ever micro-hotel proposed last year for the South Boston Waterfront.

Marriott Moxy Hotel Boston will also include a rooftop bar and restaurant space, as well as a three-story electronic billboard with sizeable LED ad screens that aim to add some Times Square flavor to the area.

Rendering of Marriott Moxy Hotel Boston

Rendering of Marriott Moxy Hotel Boston

Since the Marriott Moxy Hotel brand was designed for the millennial traveler who would be less likely to drive, the proposed hotel will not feature a parking garage—which means that the development project will have very little to zero impact on traffic, according to The Boston Globe.

Renderings via BRA, Marriott Moxy Hotels

Dorchester Says Xin Chào! to Affordable Apartments

16 Jul 2015, 6:09 pm

By Veronica Grecu, Associate Editor

A new affordable housing project is under way in Dorchester’s Four Corners section.

Located at 322-336 Washington St., the Upper Washington project kicked off last week with a ground breaking ceremony highlighted by a special appearance from Boston Mayor Martin J. Walsh, community partners, project lenders, as well as other local, city and state dignitaries.

Rendering of Upper Washington - 322-336 Washington St. - Dorchester

Rendering of Upper Washington – 322-336 Washington St. – Dorchester

Designed by Utile Inc., the $15 million project is being developed by a joint venture between Nauset Construction and the Vietnamese-American Initiative for Development (VietAid)—a local organization that aims to build a strong Vietnamese-American community in the vibrant Fields Corner neighborhood. According to the Dorchester Reporter, VietAid received funding for this project from a variety of public and private sources, such as the City of Boston Department of Neighborhood Development, the Massachusetts Department of Housing and Community Development, RBC Capital Markets, Eastern Bank, and several others.

The 48,000-square-foot mixed-use development is being constructed on nine city-owned lots and one private lot. As detailed by the developer, the project calls for two separate structures: the four-story, 31,775-square-foot East Building which will contain 23 apartment units, and the three-story, 16,000-square-foot West Building consisting of 12 units. The rental apartments will be offered in a combination of one-, two- and three-bedroom units, with nine units reserved for formerly homeless families.

Upper Washington will also include an onsite playground and 25 parking spaces. Between them, the buildings will have 3,600 square feet of ground-floor commercial and community space.

“This project aligns well with our extensive multi-unit residential and mixed-use experience with sustainable, tight urban infill developments.” said Nauset Construction President Anthony Papantonis. “And we are proud to be part of the team that is helping the City of Boston achieve its affordable housing initiatives.”

A list of sustainable elements such as photovoltaic cells into the EPDM roofing, high-performance insulation, energy efficient MEP systems and reclaimed materials will be used to achieve credits towards LEED Silver certification once the project in complete in May 2016.

Rendering via Utile Inc.

Ultima’s Shopping Spree in Suburban Boston

9 Jul 2015, 4:17 pm

By Veronica Grecu, Associate Editor

An investment and hotel management company scored again in suburban Boston with the acquisition of the DoubleTree by Hilton Hotel Boston – Westborough.

DoubleTree by Hitlon Hotel Boston - Westborough

DoubleTree by Hitlon Hotel Boston – Westborough

The full-service hotel located at 5400 Computer Dr. in Westborough, roughly 33 miles from The Hub, is now owned by Ultima Hospitality. The Chicago-based company declined to disclose the transaction price. According to PropertyShark data, Ultima bought the hotel from an entity identified as Ivc Whh WestboroughLLC.

Completed in 1985, the 223-room hotel sits on a 304,920-square-foot parcel with immediate access to the junction of routes 9 and 495, and within close proximity to major employers including Bose Corporation, Simplivity and eClinicalWorks. DoubleTree by Hilton Hotel Boston – Westborough also offers 13,300 square feet of meeting space, a full bar and restaurant, an indoor swimming pool, a complimentary fitness center, 24-hour business center, as well as 407 surface parking spots.

As detailed by the new owner in a press release, the four-story hotel recently completed a renovation of the public areas and meeting space. As a follow up, Ultima plans to renovate the guestrooms in an effort to reposition the hotel as a market leader.

Sheraton Needham Hotel - Needham

Sheraton Needham Hotel – Needham

“Westborough and the surrounding areas have reached a critical mass of large corporate tenants that have recently made sizable investments in the area, signifying their long term commitment and providing a stable economic base and downside protection for years to come,” said Nir Liebling, chief investment officer of Ultima Hospitality.

DoubleTree by Hilton Hotel Boston – Westborough marks Ultima’s fourth acquisition in the Boston area this year. Last month, Ultima purchased the 247-room Sheraton Needham Hotel in Needham, located just miles from downtown Boston and Cambridge. The company already owns the Sheraton Framingham Hotel & Conference Center and Courtyard by Marriott, in Marlborough.

Images courtesy of DoubleTree by Hilton and Sheraton Needham Hotel

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