Accordia Partners Win Bid to Lease UMass Boston Development Site
After an extensive 18-month process, the UMass Boston Board of Trustees has selected Accordia Partners to lead the redevelopment of the 20-acre site on Columbia Point. A 99-year ground lease deal could yield the university $235 million, funds needed to fix the original substructure on the campus. While there are no solid redevelopment plans in place Accordia's bid did include solid financial planning and $25 million in infrastructure commitments. A final lease agreement still needs to be signed but for now, the development team will move forward with community meetings and further planning.
$140 million permanent financing secured for Aloft and Element Hotels in Seaport District
The 330-room Aloft Hotel and 180-room Element Hotel in the Seaport District, which opened in Winter 2016 and are located across from the Boston Convention and Exhibition Center (BCEC) in Boston’s Seaport District, have received a total of $140 million in permanent financing. The loan was secured for the borrower, a partnership of Ares Management and CV Properties LLC, by HFF through Starwood Property Trust. The hotels cost a total of $158 million to develop; HFF also arranged the hotels’ $97 million construction loan through RBS Citizens and Santander Bank N.A.
The Aloft and Element Hotels are located in the heart of Boston’s rapidly developing Seaport District, making them attractive towards business and leisure travelers, and are also home to local entertainment options such as The Social Register and W XYZ Bar. “The hotels opened for business in early 2016 and have enjoyed a strong reception due in part to the phenomenal growth of the Seaport area, the quality of the development and the strong demand generated from the BCEC,” said HFF Managing Director Anthony Cutone in a prepared statement. Each hotel features amenities including a pool, a fitness center and function/meeting space.
16 development teams respond to UMass Boston RFI for Columbia Point waterfront site
Seeking to transform the 20-acre former Bayside Expo Center site, located on the Columbia Point waterfront in Dorchester, into a “modern-day Harvard Square” through a public-private partnership, UMass Boston has received 16 responses to its’ Request For Information (RFI) from prospective developers. The RFI’s response deadline was October 6th, 2017.
Notable RFI respondents include a partnership of Corcoran Jennison and the Boston Teacher's Union; Corcoran Jennison owns both a five-story office building and DoubleTree hotel located adjacent to the Bayside Expo Center site, and the Boston Teacher's Union's headquarters are located on an adjacent 2.7-acre plot. Other notable respondents include Beacon Capital Partners, who recently acquired a nearby 13.6-acre parcel at 2 Morrissey Boulevard on which stands a 357,462-square-foot office building occupied by Santander Bank, and Capstone Development Partners, who responded in partnership with stalwart Fenway developer Samuels & Associates and is currently working with UMass Boston to build its’ first ever on-campus dormitory. Additional respondents include Accordia Partners, American Campus Communities, Bracken Development, a partnership of Hunt Development Group, LLC and Drew Company Inc., The HYM Investment Group, Lendlease, Lincoln Property Company, Lupoli Companies, a partnership of Rhino Capital and Ad Meliora, Skanska, University Student Living and Waterstone Properties Group. Respondents’ individual concepts for the 20-acre site have not yet been revealed.
“The number of developers who chose to participate in the RFI for the Bayside property affirms that there is strong interest from the real estate community in the site,” said UMass President Marty Meehan in a prepared statement. “That is good news, because as fiduciaries the university and UMBA have a responsibility to maximize the revenue potential of any development for the purpose of addressing significant capital needs on the UMass Boston campus.” With the RFI process complete, a Request for Proposals (RFP) will now be issued for the 20-acre site.
UMass Boston seeks development partner for 20-acre Dorchester waterfront site, envisions modern-day Harvard Square
UMass Boston is seeking a development partner to construct a modern day Harvard Square on the 20-acre former Bayside Expo Center site in Dorchester, situated on Columbia Point overlooking Boston Harbor. The university has issued a Request for Information (RFI) to gather information from prospective developers; all responses are due by October 6th, 2017. Development plans are to include academic, research, retail, residential, dining, entertainment and cultural uses, and be complementary to and integrated with the existing UMass Boston campus. Public waterfront access must be maximized, and new buildings must feature state-of-the-art energy efficiency and be LEED certified.
The Bayside Expo Center site is located steps from the MBTA Red Line and minutes to Interstate 93, a short transit ride or drive to Downtown Boston. A number of large developable plots of land surrounding from the site were recently acquired by developers. Nordblom Company is anticipated to close this Fall on the acquisition of the 16.5-acre former Boston Globe Headquarters parcel. Beacon Capital Partners acquired 13.6 acres at 2 Morrissey Boulevard for nearly $73 million in March 2017. Center Court Properties and POB Capital acquired 2.25 acres at 75 Morrissey Boulevard for $14.5 million in June 2017.
The Element Hotel opened for business on January 14th! The aLoft will follow shortly, opening on February 4th. We stopped by the completed buildings, both of which have distinctive finishes that bring a creative presence to developing D Street, located at the heart of Boston's innovative Seaport District, and invite passersby to stop and take a look. Ground-floor retail spaces at the aLoft and Element Hotels are now leasing, a great opportunity for retailers to become a part of one of Boston's hottest real estate markets. View our new photographs of the completed aLoft and Element Hotels, posted above.
We recently stopped by the aLoft and Element hotels under construction in Boston's Seaport District. The buildings appear to be nearing completion. Check out our construction site photography and learn more about the hotels here on BLDUP.com.