Ground lease approval moves 500,000-square-foot Seaport District development into construction phase
Massport has approved a long-term ground lease for the 2.5-acre Parcel K in the Seaport District, allowing a 500,000-square-foot mixed-use development to proceed with construction next month. The development, developed by Lincoln Property Company and Phoenix Property Company, will feature 304 residential apartments, a 294-room Hyatt Place boutique hotel, approximately 12,000 square feet of office space and approximately 18,000 square feet of retail and restaurant space across two new-construction 12-story buildings. Construction is now expected to commence in December and last approximately two years. Parcel K is owned by Massport and located at 315 Northern Avenue in the Seaport District.
Lincoln Property Company acquires Amazon Robotics headquarters in North Reading for $45.1 million
Lincoln Property Company has acquired 300 RiverPark Drive, a 209,000-square-foot office and industrial building located in North Reading, MA fully leased to Amazon Robotics, for $45.1 million. The sale amounts to $216 per square foot. Amazon Robotics, a subsidiary of Amazon which specializes in production of robotic order fulfillment systems used in Amazon warehouses, is headquartered at 300 RiverPark Drive. Blue Hills Bank provided $27 million in mortgage financing towards Lincoln’s acquisition. 300 RiverPark Drive’s seller is Tritower Financial Group, who acquired the building for $32.25 million, or $154 per square foot, in June 2013.
625 Mass Ave office and retail building in Cambridge’s Central Square sells for $75 million
Lincoln Property Company and Chile-based Stars Investments have partnered to acquire 625 Massachusetts Avenue, a 122,104-square-foot office and retail building located in the heart of Cambridge’s Central Square, for $75 million. The sale amounts to over $614 per square foot and was funded by $45.7 million of mortgage financing from USAA Life Insurance Company. CBRE New England’s Boston capital markets group brokered the sale of 625 Massachusetts Avenue. The building’s seller, L&B Realty Advisors, acquired the building in May 2012 for $40.075 million. 625 Massachusetts Avenue tenants include Boston Sports Clubs, TD Bank Walgreens and WeWork; the building is located steps from the Central Square MBTA Red Line station just one stop from Kendall and Harvard Squares and a short train ride from Downtown Boston.
Revisions approved to Parcel K mixed-use development in Seaport District
Minor changes to the approved Parcel K development in the Seaport District were approved at Thursday (December 15th)’s Boston Planning & Development Agency (BPDA) Board Meeting. The revised project will move forward with 304 residential apartments, a 293-room boutique hotel, approximately 14,400 square feet of office space and approximately 18,000 square feet of retail and restaurant space. New rooftop amenities have also been added, including a small fitness room and pool at the hotel building and a pool, a clubroom and an outdoor roof deck at the residential building. On-site parking capacity will also be reduced slightly, to 420 from previously approved 640. Phoenix Property Company (PPC) and Lincoln Property Company (LPC), who are taking over the Parcel K project from Conroy Development, anticipate to start construction of the Parcel K project in March 2017, with completion anticipated in July 2019.
Parcel K project changes proposed, developer partner joins team
Per a Notice of Project Change (NPC) submitted to the Boston Planning & Development Agency (BPDA) last Thursday (September 29th, 2016), Phoenix Property Company (PPC) will partner with Lincoln Property Company (LPC) to develop Parcel K in the Seaport District; the following is a link to the NPC. It was announced earlier this month that LPC would take over the Parcel K project from Conroy Development, who was designated by Massport, the site's owner, as Parcel K's developer in 2009. LPC and PPC anticipate to start construction of the Parcel K project in March 2017, with completion anticipated in July 2019.
LPC and PPC propose minor changes to the Parcel K project plan approved by the BPDA in 2009. The revised project would feature 304 residential apartments a 293-room boutique hotel, approximately 14,400 square feet of office space and approximately 18,000 square feet of retail and restaurant. As previously approved, two buildings, one with a hotel and one with residential units, would be constructed at Parcel K.
Proposed hotel rooms have increased by 46, from 247 rooms to 293 rooms; the number of proposed residential units has not changed. Interior layouts of both proposed buildings have been modified to enable occupancy of the 12th floor; the 12th floor was previously proposed to contain mechanical space. As a result of the interior layout modification, the hotel's 12th floor would now feature a small fitness room and pool, and the residential building's 12th floor will now feature a pool, a clubroom and an outdoor roof deck.
The previously approved building massing has not been altered with the proposed 12th floor modifications; total building square feet would increase by approximately 19,397 square feet to 499,500 square feet from previously approved 479,678 square feet. Parcel K’s underground parking garage would be reduced to one level and a maximum of 420 spaces from three levels and 640 spaces; 197 spaces would initially be striped.
New developer taking over Parcel K project in Seaport, breaking ground early 2017
Banker & Tradesman reports that Lincoln Property Company of Boston will take over the approved Parcel K development project in the Seaport District and hopes to break ground in early 2017. Lincoln Property Company Executive Vice President John Miller confirmed the news; Lincoln Property Company will self-manage the property. Conroy Development of Stoughton, MA was designated by Massport, the site's owner, as Parcel K's developer in 2009; Conroy Development's project plan received approval from the Boston Redevelopment Authority (BRA) in May 2014. The approved Parcel K plan will construct an 11-story residential building containing 304 rental apartments and a 10-story hotel building containing 250 rooms. Approximately 16,000 square feet of innovative office space and 25,000 square feet of retail will be located at the project's ground floor.
Parcel K mixed-use project expected to break ground in Q4 2016
At last night’s Fort Point Neighborhood Association meeting, the Massachusetts Port Authority (Massport) gave an update on Parcel K, an approximately 500,000 square foot mixed-use project approved for construction on Massport's Parcel K in the Seaport District. The project is in its final design stage; expected completion of design work is in the third quarter (Q3) of 2016.
The Parcel K project is expected to break ground in the fourth quarter (Q4) of 2016. Construction of the project will take just over two years, with expected completion in the first quarter (Q1) of 2019.
The Parcel K project's developer is Conroy Development Corporation, who has entered a long-term lease with Massport to develop the parcel. More information about the Parcel K project is posted below.