Real estate is a cyclical asset — opportunities change and evolve as the local market, economy and capital markets adapt to external forces. That’s why Cresset Development, LLC works to anticipate shifting market trends and responds by structuring investments that are resilient over the long-term. Since our collective experience enables us to analyze each opportunity from many angles, we treat each investment as a stand-alone business, tailoring its business plan to capitalize on strengths while marginalizing its weaknesses.
Mar 27, 2020
Amended Plans Filed for Xmbly in Somerville
Changes have been proposed for the 9+ acre Xmbly development in Somerville. Currently, on the project, construction has kicked off for the 329 unit Alta XMBLY which would now be the only residential building within the project. New plans call for the elimination of the 190,000 square foot residential tower on Block 25. This change allows for an increase in publicly accessible open space and an increase in office/lab/R&D space by approximately 272,000 square feet, inclusive of approximately 80,000 square feet of innovative space. A total of 1,220,000 square feet of office/lab/R+D space would now be provided within 3 buildings. Plans also call for a reduction in retail/restaurant space to 24,500 square feet but an increase in parking from 1696 spaces to 1899 in total.
Aug 21, 2019
CO Issued for Condos at 88 Wareham
A certificate of occupancy has been issued for the 27 luxury condos at 88 Wareham Street in the South End. The building also features a landscaped rooftop terrace and garden, fully automated parking garage and ground-floor retail/restaurant space.
Jul 30, 2019
Interior Finishing Ongoing for 88 Wareham
Luxury finishes are being installed for the 27 condo residences coming soon at 88 Wareham Street in the South End. The one and two-bedroom homes will feature Baltic Wood Elite oak flooring, Caesarstone countertops featuring a waterfall edge, white gloss cabinetry with two-tone grey edge banding and white glass tile backsplashes. The building will be topped by a 2,000 square foot landscaped terrace and garden and also features a fully automated parking garage.
May 01, 2019
88 Wareham Facade in Place
Facade work is wrapping up and window install is nearly complete for the new luxury condo project, 88 Wareham in the South End. The development will include 27 units, a mix of one and two bedrooms, along with a 2,000 square foot roof terrace. Units will feature custom finishes including Baltic Wood Elite oak flooring and Caesarstone countertops with waterfall edges. A fully automated, valet parking garage will round out the amenities.
Jan 02, 2019
Facade Install Begins for 88 Wareham in South End
Brick facade install has begun along with window installation for the upcoming 27 unit luxury condo building in the South End. 88 Wareham will feature a mix of 1 and 2 bedroom homes along with a rooftop terrace and automated parking garage.
Nov 02, 2018
Exterior Work Ongoing for 88 Wareham in the South End
Exterior Work is ongoing for the new boutique, luxury condo building 88 Wareham. The project is set to include 27 units, a mix of 1 and 2 bedrooms along with a rooftop terrace and a fully automated parking garage. Units are now available for pre-sale.
Jun 19, 2018
Construction Continues at 88 Wareham Street in Boston's South EndConstruction is ongoing at 88 Wareham Street in Boston's South End neighborhood and exterior finishing is currently being completed. The upcoming mixed-use building will feature 27 apartment residences with ground-floor restaurant/retail space. 88 Wareham Street will also have a one-level below-ground parking garage utilizing a hydraulic lift parking system.The project is the second phase of The 1850, a development whose first phase was completed in June 2009 and entailed the conversion of a 90,000-square-foot warehouse at 90 Wareham Street into 60 condominium residences with 25,000 square feet of commercial and retail space.
Jun 14, 2018
SGA Envisions Active Setting for XmblySGA, a local architecture firm with offices in Boston and New York envisions Xmbly as an opportunity to fully connect Somerville as a city and to its neighbor, Boston. The master plan of the 9-acre parcel focuses on creating a vibrant mixed-use destination which links East Somerville to the Assembly Row Development, Somerville’s waterfront and the MBTA orange line. The site is organized to accommodate a mix of office, residential, hospitality, entertainment and retail uses to create an active setting for its users.The project is a 1.9 million square foot development of a 9.4-acre Assembly Row parcel largely comprised of surface parking into a mixed-use complex with a hotel, lab, office, residential and retail uses. Xmbly would consist of 814,000 square-feet office/R&D space, 489 housing units, renovation of an existing building with 162,000 square feet of office space, and 21,000 square-feet of retail space.
May 22, 2018
A look at Xmbly: Somerville's Next Big ProjectCresset Development and Novaya Real Estate Ventures have released renderings for their planned four-phase, 1.9 million square foot development of a 9.4-acre Assembly Row parcel largely comprised of surface parking into a mixed-use complex with a hotel, lab, office, residential and retail uses. Xmbly would consist of 814,000 square-feet office/R&D space, 489 housing units, renovation of an existing building with 162,000 square feet of office space, and 21,000 square-feet of retail space.
Jan 15, 2018
Cresset acquires Assembly Row development site for $35 million
Cresset Development has acquired 5 Middlesex Avenue, the site of a proposed 1.9-million-square-foot mixed-use development on which the proponent plans to break ground in 2019, for $35 million. An existing 195,000 square foot office building stands on the property. Cresset plans to complete permitting for the proposed development, which was originally proposed by seller RD Management and would retain the existing building, this year.
The 5 Middlesex Avenue development was a key component of the City of Somerville’s recent submission to Amazon’s headquarters request for proposals (RFP), and would include approximately 1.7 million square feet of office/lab space in addition to residences, retail and hotel rooms. East Boston Savings Bank provided $31 million in mortgage financing towards Cresset’s acquisition of the development site, which is located steps from the recently opened Assembly MBTA Orange Line station and minutes from Interstate 93.
Nov 09, 2017
Construction of South End mixed-use development’s second phase begins
Construction of 88 Wareham Street, the second phase of Cresset Development’s The 1850 mixed-use development at the corner of Wareham and Albany Streets in the South End, has begun. Excavation of 88 Wareham Street’s foundation is nearing completion, and concrete pouring will soon begin in order to construct the building’s underground parking garage. 88 Wareham Street will feature 27 residences with ground-floor restaurant/retail space; it has not been announced whether residences will be apartments or condominiums. The first phase of The 1850 was completed in June 2009 and entailed the conversion of the adjacent 90,000-square-foot warehouse at 90 Wareham Street into 60 condominium residences with 25,000 square feet of commercial and retail space.
Feb 09, 2017
PBX Residences in Downtown Crossing receives final approval
The 46-unit PBX Residences residential apartment development in Downtown Crossing has received final zoning approval and will now move forward with construction. The City of Boston’s Zoning Board of Appeals (ZBA) approved the project at Tuesday (February 7th)’s meeting. PBX Residences will transform the top 3 floors of the 8-story Verizon office building at 8 Harrison Avenue into new residential space. Construction of PBX Residences is anticipated to commence this quarter, with completion expected this fall.
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