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Pizzuti Launches Sales Operation for 80 Condos in Bulfinch Triangle

24 Apr 2015, 2:30 pm

By Veronica Grecu, Associate Editor

Forecaster121 - Bulfinch Triangle, Boston

Forecaster121 – Bulfinch Triangle, Boston

The North End is emerging as one of Boston’s most desired residential areas, and developers have responded optimistically to the growing demand for apartments in this dynamic neighborhood. Pizzuti Development has joined the club with the rehabilitation of the former Forecaster Building, a blighted rain coat factory at the intersection of the Bulfinch Triangle, the North End, and Faneuil Hall—a location that, according to the developer, has a 97 walk score and a 100 transit score.

As previously reported by the Boston Business Journal, Pizzuti has owned the former factory building since 2004, when it acquired the asset for $7.25 million, but it took nearly a decade and several redesigns until the developer broke ground on the rehabilitation project.

Under project plans approved by the Boston Redevelopment Authority (BRA) in 2012, the 73,800-square-foot factory located at 121-127 Portland St. was reborn as a new condominium complex with 80 units. Apart from renovating the six-story structure and redesigning the interior floor plans, the development team built a four-story addition that combines modern finishes with the historic architecture of the building, expanding its size by 26,500 square feet. Once completed, Forecaster121 will also feature a fitness center, meeting space, bike storage space and 24-hour concierge and valet services. The building will also include street-level retail space.

As the renovation and upgrade process is nearing completion at the former factory, Pizzuti Development announced the launch of the marketing and sales campaign for the 80 loft style condominiums. Forecaster121 will offer a combination of one-, two- and three-bedroom residences with prices ranging from $400,000 to $1 million.

According to the developer, RESIS, LLC will serve as the exclusive marketing consultant for Forecaster121.

Rendering credits to Pizzuti Development via BRA



The Landmark Building Changes Ownership in $125 Million Deal

20 Apr 2015, 5:08 pm

By Veronica Grecu, Associate Editor

The iconic office building that is home to the Boston Business Journal, Colliers International and First Republic Bank recently traded hands in a transaction valued at $125 million.

The Landmark Building - 160 Federal St. Boston

The Landmark Building – 160 Federal St. Boston

As reported by the Journal, Taurus Investment Holdings LLC and venture partner Invesco Real Estate sold the Class A office asset at 160 Federal St. in Boston’s Financial District to an affiliate of Beacon Capital Partners. Metropolitan Life Insurance Co. financed the deal with a $96.2 million mortgage which was executed April 10.

Also known as The Landmark Building, the 24-story office condominium was completed in 1929 under architectural designed by George W. Fuller and Parker, Thomas & Rice. Originally built as corporate headquarters for United Shoe Machinery—which at the time controlled the shoe machinery business in the U.S.—, the Art Deco skyscraper was one of the city’s finest and most innovative buildings in terms of technology and design. The building was listed in the National Register of Historic Places in the 1980s.

The property, which consists of 351,000 square feet of office and ground floor retail space, was acquired by Taurus in 2001. Shortly after taking over the property, Taurus started a complex renovation process that ultimately raised occupancy levels from well under 55 percent to above 96 percent. The list of tenants at The Landmark Buildings also includes Rackemann, Sawyer & Brewster, the Massachusetts Educational Financing Authority and the Massachusetts Housing Partnership.

Image courtesy of Taurus Investment Holdings



Luxury Rental Complex in Downtown Waltham Starts Leasing

10 Apr 2015, 6:17 pm

By Veronica Grecu, Associate Editor

Downtown Waltham gears up in anticipation as the initial phase of the first apartment complex constructed in Waltham in decades is nearing completion.

The Merc at Moody & Main - Waltham, MA

The Merc at Moody & Main – Waltham, MA

The Merc at Moody & Main is a mixed-use, transit-oriented project located at the busy intersection of Moody Street and Main Street where the old Mercantile Building once stood.  Construction at the luxury rental building started in mid-2014 and, according to developer Northland Investment Corp., Phase I at The Merc is scheduled for completion in a couple of months. Northland announced that leasing activities have already begun at the rental complex and the first residents are expected to move in by the end of summer. Curbed Boston estimated that monthly rents at The Merc at Moody & Main will start at $2,095 for a studio, $2,495 for a one-bedroom unit and $2,895 for a two-bedroom.

“We are very excited to begin the leasing phase of this landmark development and are thrilled with the amount of interest we’ve had thus far,” said is a prepared statement Steven P. Rosenthal, President and CEO of Northland Investment Corporation. “The Merc will offer residents a true urban living experience with modern unit features and finishes, large windows, abundant amenities and convenient walking access to public transportation, restaurants and stores.”

Designed as a vibrant community where people live, work and play, The Merc at Moody & Main will offer 269 luxury rental apartments—with 27 units set aside as affordable housing—in three, five-story buildings. The project also includes a two-story underground parking garage big enough to accommodate 300 vehicles, as well as 92 surface parking spots.  The list of amenities at the Merc also includes a fitness center, a dog-washing station, community space with a billiard room, and on-site Zipcars.

ADD Inc. is the architect, while Erland Construction serves as general contractor for the luxury project. According to Northland, PCCP LLC provided a $98 million construction loan for The Merc in spring last year, and Colliers International acted as the mortgage broker. CBRE is listed as the exclusive agent for the 27,975 square feet of street-level retail space.

Rendering via The Merc at Moody & Main



Multifamily Community Planned on Former Industrial Area in Southie

6 Apr 2015, 1:27 pm

By Veronica Grecu, Associate Editor

Several adjacent industrial properties located on a five-acre parcel near Andrew Square in Southie will be replaced by a housing complex by a team of development companies operating under the name DJ Properties LLC.

Rendering of DJ Properties' planned multifamily complex in South Boston

Rendering of DJ Properties’ planned multifamily complex in South Boston

According to the Boston Herald, a joint venture between Core Investments Inc. and Ad Meliora LLC plans to completely transform the corner of Old Colony Ave. and Dorchester St., which had previously housed a printing company, a transmission shop and other light industrial facilities. DJ Properties currenty owns the site, according to Ad Meliora’s website.

The project, which is yet to be named, was designed by Cambridge-based Prellwitz Chilinski Associates—the same architecture company who worked on the conceptual plans for two adaptive reuse projects near Boston, Parkside on Adams and Ames Shovel Works. Project plans call for six mid-size apartment buildings and two residential towers of up to 21 floors each that will include a combined 700 housing units, as well as garages and surface parking lots for nearly 600 vehicles. Additionally, DJ Properties plans to create a one-acre public park, along with almost a mile of new sidewalks that will make the complex a veritable walkable community.

Reportedly, the project’s commercial component would include 76,000 square feet of street-level retail space, of which 20,000 square feet will be occupied by a grocery store. Since the project is set to be constructed in phases, the development team will start with the construction of the public park and the grocery store.

The project is currently in pre-approval stages, and the development team is working on rezoning the land.

Rendering credits to Prellwitz Chilinski Associates

 



Roslindale Self Storage Sold to The Grossman Companies

30 Mar 2015, 7:08 pm

By Veronica Grecu, Associate Editor

David Grossman, Co-President of The Grossman Companies

David Grossman, Co-President of The Grossman Companies

A family-owned real estate company expanded its self-storage portfolio in Boston with the acquisition of a 44,000-square-foot property in Roslindale, one of the city’s primarily residential neighborhoods.

Quincy-based The Grossman Companies, Inc. recently paid $8.8 million for Roslindale Self Storage. According to a statement from the buyer, the acquisition was backed by a $6.4 million loan from Brookline Bank.

Located at 34-44 Lochdale Road and 48-99 Mahler Rd. off Washington St., Roslindale Self Storage sits on a 1.34-acre parcel close to the Arnold Arboretum of Harvard University. PropertyShark data shows that the site was previously owned by James C. Dow of Northeastern Realty Trust, who acquired the site in 1995 for $330,000.

Roslindale Self Storage consists of 366, climate controlled storage units with monthly rents starting at $109, according to the warehouse’s website. The facility also includes 17,000 square feet of commercial space fully occupied by two tenants—Autoparts International and Cataldo Ambulance—, as well as 55 paved parking spaces adjacent to the building. Roslindale Self Storage also features free Wi-Fi, drive-up access, on-site packing supplies and an online payment system for monthly bills.

Roslindale Self Storage

Roslindale Self Storage

“We have been pursuing urban self-storage property for the last few years and are excited about this opportunity in Roslindale which is a densely populated, under-supplied market,” said David Grossman, Co-President of The Grossman Companies. “The asset has historically been fully occupied and its stable cash flow is extremely attractive; however, we are optimistic that we will be able to create significant value in the medium- and long-term,” he added. Storage Asset Management of York, PA, was selected to manage the property on behalf of the new owner.

Photos courtesy of The Grossman Companies







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