Dec 10, 2017
Fenway Center secures ground lease and construction financing, groundbreaking planned mid-January
Fenway Center joint venture partners Gerding Edlen, TH Real Estate and Meredith Management have signed a $21 million long-term ground lease with the Massachusetts Department of Transportation (MassDOT) for Phase I of the project and secured over $136.5 million in construction financing through The Union Labor Life Insurance Company, allowing construction of the project to begin after years of delays. Construction of the $240 million Phase I is scheduled to begin immediately, with a groundbreaking ceremony planned for mid-January. Starting the week of Monday December 11th, logistics for Phase I’s construction will begin to be put in place on site.
Phase I of Fenway Center will take two years to construct, with completion expected in early 2020. Phase I will feature two buildings with 312 apartments, 37,000 square feet of ground-floor retail and 200 underground parking spaces. A 12,000-square-foot air rights deck and landscaped pedestrian walkway will also be constructed over Yawkey Station as part of the project.
Fenway Center’s much-anticipated groundbreaking represents the culmination of years of work. The project was first proposed in 2002 by Meredith Management. “We are very pleased that this important project for the Commonwealth of Massachusetts and the City of Boston will finally be realized,” said Kelly Saito, a Partner at Gerding Edlen, in a prepared statement. “Fenway Center’s phenomenal location, the vibrancy of the surrounding neighborhood and the continued demand for housing in the Boston market make this a great time to start construction.” “It is extremely gratifying to achieve this milestone for the project,” said co-developer John Rosenthal of Meredith Management in a prepared statement. “I could not have asked for better partners than Gerding Edlen and TH Real Estate to bring Fenway Center to life.” “Boston is thriving and remains a target for institutional investors around the globe,” said Pamela West, TH Real Estate’s Regional Head of Multifamily Transactions, Northeast, in a prepared statement. “The city’s live/work environment has attracted companies from the suburbs and increased demand for housing and mixed-use properties, and we are pleased to join our partners on this project.”
Upon full completion, Fenway Center will represent a $600 million investment in the Fenway neighborhood, generating $5.7 million in property taxes per year. The project will feature a total of approximately 550 residential units, 160,000 square feet of office space and over 50,000 square feet of retail, in addition to over 30,000 square feet of park and green space. Discussions are ongoing between Fenway Center's developers and MassDOT regarding the lease agreement for Phase II of the project. The developers are required to close the Phase II lease by December 2020.
Jul 09, 2017
Fenway Center developers finalizing air rights lease, construction launch expected this Fall
Developers John Rosenthal and Gerding Edlen have been granted an extension through the end of September to finalize their 99-year state lease for the Massachusetts Turnpike air rights necessary to build the 1.1-million-square-foot Fenway Center, which is now expected to start construction work this Fall. Initial preparation work could commence as early as September on the $230 million first phase of the $590 million, two-phased project. The first phase will be constructed next to the Massachusetts Turnpike on existing parking lots bounded by Beacon Street, Maitland Street and Yawkey Way.
The developers and the state had originally faced a June 30th deadline to finalize the lease; however, appraisals of the property took longer than expected. In an interview with the Boston Herald, State Transportation Secretary Stephanie Pollack said the state agreed to extend the deadline to September given that the developers have been “meeting milestones and getting things done,” and that there has been “a lot of progress in recent months.” The developers will pay the state $21 million once the lease is finalized. Fenway Center will feature five buildings containing approximately 550 residential units, 160,000 square feet of office space and over 50,000 square feet of retail, in addition to over 30,000 square feet of on-site park and green space and 1,290 parking spaces.
Mar 16, 2017
Waterfront restaurant nears completion at East Boston’s The Eddy, luxury apartments now leasing
Interior fit out of Reel House, the upcoming 5,000 square foot waterfront seafood restaurant at The Eddy in East Boston, is nearly complete in advance of Reel House’s opening this Spring. Reel House will serve a “globally coastal seafood menu” and will feature a dining area with seating for over 200 people, two mahogany bars and a large outdoor patio. Sweeping views of the Boston skyline will be visible throughout the Reel House space.
Luxury apartment residences are now leasing at The Eddy. With unparalleled resident amenities including a top-floor roof deck with sweeping views, a second-floor pool deck with a fire pit and barbecues, a fitness center and a communal lounge space as well as the upcoming Reel House restaurant, The Eddy will conveniently enable a live, work and play lifestyle. For more information about leasing apartments at The Eddy and to schedule a private showing, please call 866-318-2748 or click Contact Broker above. The following are photographs of The Eddy and the upcoming Reel House restaurant:
Feb 17, 2017
Reel House, globally-inspired waterfront seafood restaurant, opening at The Eddy in East Boston this spring
Reel House, a new waterfront restaurant featuring a "globally coastal seafood menu," will open this spring at The Eddy, the East Boston Waterfront's newest luxury building. Led by award-winning Executive Chef Marc Orfaly and owned by Navy Yard Hospitality Group, Reel House will serve a distinctive seafood menu with "a fusion of flavors" and "approachable plates" inspired by worldwide waterfront cuisines.
Designed by Sousa Design Architects, Reel House's 5,000 square foot waterfront space overlooking Boston Harbor will be open 7 days a week for lunch, brunch and dinner. The space will accommodate over 200 seated diners across a main dining room, 2 mahogany bars and a large outdoor patio facing the Boston skyline. A complimentary boat shuttle will connect Reel House and The Eddy to the Charlestown Navy Yard and Navy Yard Hospitality Group's Pier 6 waterfront restaurant. Visit ReelHouseBoston.com for more information about Reel House.
Luxury apartment residences are now leasing at The Eddy. In addition to the upcoming Reel House restaurant, Eddy residents have access to amenities including a top-floor roof deck with unparalleled views of the Boston skyline and Boston Harbor, a second-floor pool deck and more. Click "Contact Broker" above or call 617-561-9600 for more information about leasing apartments at The Eddy. The following are renderings of the Reel House restaurant space:
Jan 03, 2017
Fit out underway for waterfront restaurant opening Spring 2017 at The Eddy
Interior fit out work is underway for Navy Yard Hospitality Group and Chef Marc Orfaly’s waterfront destination restaurant opening Spring 2017 at the iconic new Eddy apartment building in East Boston. The restaurant will be located on The Eddy’s ground floor and will feature sweeping views of Boston Harbor and the Boston skyline. Open since Fall 2016, The Eddy features 258 luxury residential apartments with picturesque views. Call 855-534-3833 for information about leasing apartments at The Eddy. The following are photographs of The Eddy:
Nov 11, 2016
Enjoy luxurious waterfront living with sweeping skyline views at The Eddy
The Eddy, a luxurious new 258-unit waterfront apartment tower overlooking the Boston skyline, is now leasing. Eddy residents will enjoy amenities including a waterfront resident lounge graced with exquisite artwork, a panoramic furnished roof deck and sweeping skyline views from every corner. A new waterside restaurant will open at The Eddy in Spring 2017. Call 855-534-3833 for more information about leasing apartments at The Eddy and to schedule a tour of the building. The following are photographs of the Eddy roof deck:
The following are photographs of an apartment at The Eddy:
The following are photographs of amenities at The Eddy:
The following are exterior photographs of The Eddy:
Oct 21, 2016
BPDA approves minor changes to Fenway Center, Phase 1 financing secured
At last night's board meeting, the Boston Planning & Development Agency (BPDA) approved minor changes to the $580 million Fenway Center development project in the Fenway neighborhood. Approved changes include increasing Building 1 by 6,000 square feet, reducing Building 2 by 6,000 square feet and 17 residential units, increasing Building 3 by 58,000 square feet, decreasing Building 4 by 2,000 square feet and decreasing 6,000 square feet of above-ground parking garage space.
Universal Hub reports that the Fenway Center development team has secured financing for the $230 million Phase 1 of Fenway Center, comprised of Buildings 1 and 2, and that the two buildings are expected to start construction in Spring 2017. "We are truly ready to go," said developer John Rosenthal at last night's board meeting.
Sep 18, 2016
Fenway Center moving forward, project changes proposed
Fenway Center developers Meredith Management and Gerding Edlen submitted a Notice of Project Change (NPC) to the Boston Redevelopment Authority (BRA) earlier this month proposing changes to the approved Fenway Center development plan; the following is a link to the NPC. Fenway Center would now be constructed in two phases. Phase 1 would include two residential buildings (Buildings 1 and 2) of 7 and 13 stories, respectively, containing a total of 339,000 square feet. Phase 2 would include a 27-story, 375,000 square mixed-use office and residential tower (Building 3) and a 7-story, 111,000 square foot residential building (Building 4) that would be built on an air rights deck above the Massachusetts Turnpike. All four buildings at Fenway Center would have ground-floor retail space. Phase 2 would also entail the construction of a 7-story, 274,000 square foot parking garage on the air rights deck.
With the most recent NPC, minor changes in planned square footage have been made since the NPC approved in September 2011; building heights have not changed. Most notably, 58,000 square feet have been added to Building 3 (part of Phase 2), which would be built atop the air rights deck, and Building 2 (part of Phase 1) has been reduced by 56,000 square feet. Altogether, Phase 1 has been decreased by 50,000 square feet, and Phase 2 has been increased by 50,000 square feet. After the proposed changes, the entire project’s proposed square footage remains at 1,099,000 square feet as approved in 2011.
Per the NPC submission, the development team hopes that the proposed square footage changes will make Fenway Center more readily financeable, allowing for the completion of Phase 1 financing and commencement of construction in Spring 2017. The development team hopes that the proposed increase in Phase 2's density will make Phase 2 and the associated air rights deck more financeable and attractive to future equity partners and hopes to commence construction of Phase 2 in 2018-2019. The NPC is currently under review by the BRA.
Aug 22, 2016
The Eddy, opening September on the East Boston Waterfront, ready to welcome residents
The Eddy, a 16-story, $135 million mixed-use tower on the East Boston Waterfront, is ready to welcome its first residents this coming month. Visit the Eddy website for residential leasing information. The Eddy will feature 258 studio, one and two-bedroom residences with a ground-floor waterfront destination restaurant operated by Navy Yard Hospitality Group and Chef Marc Orfaly. State-of-the-art residential unit finishes are designed in keeping with the building’s waterfront location, with blue kitchen tiles, an open floor plan and oversized windows throughout. With sweeping harbor and skyline views from every corner, and a particularly breathtaking vista from the top-floor communal roof deck, The Eddy is a uniquely positioned offering that is sure to be a great place to call home.
Matt Edlen, Director of Acquisitions and Development at Gerding Edlen, sees being able to invite people to experience the East Boston neighborhood as “a tremendous opportunity.” In addition to “very cool, show-stopping” water views that will be “a huge part” of the Eddy resident experience, explains Edlen in an interview with BLDUP, East Boston is “contextually is not the same [experience] you would find in Back Bay or downtown,” with unique culture, art and food and an inherent sense of community. Kelly Saito, a Partner at Gerding Edlen, notes in an interview with BLDUP that while East Boston “seems distant across [Boston Harbor], it is actually really well connected.” With Downtown Boston one subway stop away, Saito notes, East Boston is a “very viable place to live for downtown workers” that is close to, but outside of, downtown and surrounded by water, parks and beaches. “The most unique thing about [The Eddy] is the views,” explains Saito, but “the biggest surprise will be its’ convenience.”
The following are photographs of views from The Eddy’s top-floor roof deck:
The following are photographs of the Eddy building:
The following are photographs of a unit at The Eddy:
The following are photographs of the pool deck at The Eddy:
The following are photographs of the Harborwalk and waterfront park at The Eddy:
Jun 23, 2016
Financing raised to build 313 new residential units at Fenway Center
The Boston Globe reports that the Fenway Center development team has raised funding necessary to construct two new apartment buildings at Fenway Center containing 313 residential units. Financing deals have been signed with two large investors, and a total of $230 million has been raised. Construction of the two buildings could start by the end of 2016. A total of five new buildings are planned for Fenway Center; the project will cost nearly $600 million to build.
The development team is now proposing to construct Fenway Center in two phases. The first phase would include the two new apartment buildings and would be constructed on the existing surface parking lots along Beacon Street. The second phase would include three additional buildings and would be constructed above the Massachusetts Turnpike on a new decking. Construction of the first phase would take approximately two years. The development team hopes to start construction of the decking above the Massachusetts Turnpike towards the end of construction of the first phase.
The new two-phased approach would require approval from the Massachusetts Department of Transportation (MassDOT). The current agreement between the development team and MassDOT calls for construction of the decking over the Massachusetts Turnpike as part of the project's first phase. Per project developer John Rosenthal, MassDOT officials have been receptive towards the proposed change. Rosenthal hopes that successful completion of Fenway Center's first phase will raise capital and attract investment necessary to construct the second phase over the Massachusetts Turnpike.
An aerial rendering of Fenway Center is posted above. The following is a rendering of Fenway Center frontage along Beacon Street:
More information about Fenway Center is posted below.
Feb 19, 2016
Ten New's facade is just about complete. Interior work continues to progress on the 16-story building's apartments, resident amenities and ground-floor commercial space. Located on Boston Harbor, Ten New residents will enjoy sweeping views of the downtown Boston skyline. Ten New's ground floor is anticipated to house a waterfront restaurant.
Jan 15, 2016
Exterior finishes and glass are just about fully installed at Ten New!
Nov 16, 2015
We stopped by the 6-26 New Street, since officially named Ten New, construction site and were excited to see that installation of finishes had progressed significantly! We were able to gain a closeup view of the finishes as they were delivered on street level; see our photographs above. Ten New was officially topped off on Friday, November 13th; congrats to Gerding Edlen, Suffolk Construction and all involved!
Nov 09, 2015
We stopped by 6-26 New Street last week and were thoroughly impressed. The building has grown significantly and appears just about ready to top off. Finishes and windows are also beginning to be installed on the building's ground floors. With its added height, 6-26 New Street is now visible from all around, throughout East Boston as well as from downtown Boston.
Oct 01, 2015
We stopped by 6-26 New Street on the East Boston Waterfront recently. Construction is progressing smoothly. We are excited to watch this game-changing development continue to take shape!
Apr 30, 2015
We stopped by 6-26 New Street recently. Construction appeared to be actively progressing. At the time, demolition of the structurally unsound nine-story building was not yet approved. (The Boston Redevelopment Authority approved the new development plans on April 16th, 2015.) The tallest building shown on site is the nine-story building that would have been renovated along with a seven-story height addition. Both buildings shown in our site photos will now be demolished, and new ones will be built in their stead.