Steel Framing Kicks Off for Blvd and Bond Apts at Arsenal Yards
Steel framing is now underway for the first building of three that will house the BLVD and Bond apartments at Arsenal Yards in Watertown. The building will also include additional parking, the Roche Brothers Market, and retail space. In total there will be 425 apartments within the site.
Elsewhere on the project, the new parking garage is now open and within the historic Arsenal building work remains on track for tenants to take occupancy for the end of this year. First units at BLVD and Bond are expected to open in Fall 2020.
Construction Begins for Hampton Inn at Arsenal Yards
Construction is now underway for the Hampton Inn as part of the Arsenal Yards redevelopment in Watertown. The upcoming 6-story hotel will be adjacent to the new parking garage for the project. The hotel will feature 146 rooms in total a mix of traditional guest rooms and suites. Guest amenities will include a bar and lounge, an outdoor terrace, and meeting space. Construction on the hotel is expected to be complete in Fall 2020.
Elsewhere in the project, work also continues on the revamp of the two historic Arsenal buildings to include retail and restaurant space including a Majestic Cinema. Foundation work is also ongoing for the new construction building that will house the Blvd & Bond apartments, Roche Brothers, and additional retail tenants. The first phases of the project are set to open this fall.
Fit-Out Permit Issued for Arsenal Yards Majestic Theater
An interior fit-out permit has been issued for the upcoming Majestic Theater in the Arsenal Yards redevelopment. The project cost per the permit will be just under $5.8M. The theater will include 7 screens along with concessions and a full bar within building E on the site, one of the historic buildings being renovated as part of the project.
Scape Acquires Fenway Property for $39 Million
Scape has acquired the property at 2 Charlesgate West for $39 million.
2 Charlesgate West was a proposed 29-story, 340-foot tall mixed-use tower that would contain up to 343,819 sqft of gross floor area including 10,000 sqft of retail. In April 2019, Scape acquired the property from Trans National and has not released any immediate plans for the site.
Trans National's defunct plans for the tower were to include approximately 295 residential units including studio, one-bedroom, two-bedroom, and three-bedroom units with rental apartments on lower floors and ownership condominiums on upper floors. Resident amenities would include a fitness center, a show kitchen, a dining room, a library and landscaped outdoor terraces with outdoor grills and dining space.
New Parking Garage at Arsenal Yards Nearing Completion: Expected Opening in June
Construction on the new parking garage at Arsenal Yards is nearly complete with an expected opening in June. Throughout the rest of the project, various phases of construction are ongoing. Restoration of the two historic Arsenal buildings is progressing with new retail, restaurant, and office spaces set to open this fall. Foundation work has also started for one of the new construction buildings that will house Blvd & Bond apartments and a Roche Brothers Grocery Store.
When complete in 2020 Arsenal Yards will include 250,000 square feet of restaurant and retail space, 300 apartments, 200,000 square feet of office, and a 150 room hotel.
Life Sciences Building Planned for Arsenal Yards
Developers Boylston Properties and The Wilder Companies have proposed a change of site G within the Arsenal Yards project from a residential building to life sciences. The updated proposal calls for an 8 or 9 story building to include around 155,000 square feet of office/lab space and a parking garage. A path would link to the Charles River with a community park next to the building. The development team hopes to begin construction in spring 2020 with completion in 2022.
SQZ Biotech Signs 63,477 Square Foot Lease at Arsenal Yards
Boston-based real estate developer Boylston Properties has announced that cell therapy company SQZ Biotech has signed a 63,477 square foot lease at Arsenal Yards. With 200,000 square feet of lab and office space, Arsenal Yards is meeting the demand from the life science community for lab space in the East End of Watertown.
Set within an original 1800’s Arsenal historic building, with soaring 25’ ceilings, multiple boutique fitness operators, dedicated parking, and a private shuttle to Harvard Square, the new lab space is across the street from LINX, 185,000 square feet of new fully leased lab space, completed in 2018, also developed by Boylston Properties.
“When you look at the needs of life science companies and the advantages that the East End of Watertown provides, it’s not surprising to see Arsenal Yards becoming the place to turn to,” said Bill McQuillan, President of Boylston Properties. “We look forward to working with SQZ and seeing the company continue to grow.”
SQZ Biotech recently completed a $72 million Series C and expanded a clinical and commercial development collaboration with Roche. The young life science company will dramatically increase its footprint when it relocates from its current Watertown location to Arsenal Yards later this year. Utilizing the proprietary CellSqueeze® platform to develop a new generation of cell therapies, SQZ currently focuses on the development of novel treatments that leverage targeted immune modulation to impact oncology and autoimmune disease.
“For a young life science company, Arsenal Yards is an ideal location,” said Armon Sharei PhD, CEO and Founder of SQZ Biotech. “Being able to expand our operations while staying in Watertown was win-win for SQZ. We look forward to all the amenities that Arsenal Yards will provide our team.”
“This continues a trend of life science companies choosing to grow in Watertown's booming biotech scene,” said Duncan Gratton, Executive Director at Cushman & Wakefield. “This is our 6th new life science space lease in Watertown in the past 18 months.” Gratton and Elizabeth Donatoni of Cushman & Wakefield represented ownership, a joint venture of Boylston Properties, J.P. Morgan and Wilder, while SQZ Biotech was represented by Juliette Reiter and Mark Winters of Newmark Knight Frank.
Located on the Charles River in the dynamic East End neighborhood of Watertown, Arsenal Yards will be a thriving urban village with over 50 retailers & restaurants including Roche Bos. and the seven-screen Majestic Theater, over 300 contemporary residences, a 150-room Hampton Inn & Suites by Hilton, as well as office and life sciences space. The development will also include considerable open spaces throughout, access to a revitalized Arsenal Park, as well as connection to the Watertown-Cambridge multi-use bike path. Arsenal Yards is being developed by Boylston Properties, Wilder, and J.P. Morgan.
Foundation Work Continues for Hotel/Parking Garage at Arsenal Yards
Foundation work is ongoing for Building B at the Arsenal Yards project. This part of the project is set to include a parking garage and 150 room Hampton Inn.
Across the parking lot, renovations are continuing in Building F future home of the Majestic Cinemas.
When complete in 2020 Arsenal Yards will feature 425 residential units along with 450K sf of office and retail space.
Arsenal Yards Announces Shake Shack Is Moving To The Neighborhood
Boylston Properties and The Wilder Companies proudly announced today that Shake Shack will join Arsenal Yards, which by 2020 will be a thriving new neighborhood comprised of over more than one million square feet of development including 250,000 sq. ft. of curated shops and eclectic eateries, 200,000 sq. ft. of new and existing creative office and life science space, 425 contemporary residences, and a 150-room Hampton Inn & Suites by Hilton. The development will also include dedicated green space, access to a revitalized Arsenal Park, connection to the Watertown-Cambridge multi-use pathway and an accessible pedestrian/bicycle path to the Charles River.
Known as a cult-favorite around the world, Shake Shack is a critically acclaimed, a modern-day burger stand praised for its delicious food, including premium burgers, chicken sandwiches, flat-top dogs, frozen custard shakes and crinkle cut fries. As part of Shake Shack’s mission to Stand For Something Good®, they source only the highest quality ingredients from the best ranchers, farmers, bakers, and food purveyors. Their beef is 100% all-natural Angus, never frozen, vegetarian fed, humanely raised and source verified. Their chicken is 100% all-natural and their flat-top hot dogs are 100% all-natural Vienna beef. All with no hormones or antibiotics, ever.
"We're excited to add another dynamic gathering place to Arsenal Yards," said Tom Wilder, principal of The Wilder Companies. "Shake Shack’s investment in everything they do from sourcing high-quality ingredients, often from local artisan purveyors, to the investments they make in developing deep ties to their communities is truly unique and we're excited to have them be a part of the Arsenal Yards' experience."
The Shake Shack at Arsenal Yards menu will feature all the Shack classics, including the ShackBurger®, crinkle-cut fries, and hand-spun shakes, plus a selection of frozen custard concretes in collaboration with local food purveyors. Shake Shack will donate a portion of the proceeds from one of the concretes to a local Watertown charity partner. In keeping with Shake Shack’s commitment to green architecture and eco-friendly construction, the restaurant will be constructed with recycled and sustainable materials. Booths will be made from lumber certified by the Forest Stewardship Council, and tabletops will be made from reclaimed bowling alley lanes.
"We’re thrilled to bring Shake Shack to Arsenal Yards," said Andrew McCaughan, Vice President of Development at Shake Shack. "East End Watertown is a unique, culturally rich community that holds tremendous potential for continued growth. We couldn't be more excited to move into the neighborhood."
“When Shake Shack moves to a new neighborhood they always integrate seamlessly into to the community, becoming a part of the dialogue, and working with charity organizations, community centers, and local neighborhood partners, which speaks volume to their overall success as an international cult-favorite," said Mark Deschenes, a Principal of Boylston Properties. “Their confidence in, and commitment to East End Watertown speaks to the excitement around, and reputation of Arsenal Yards as Boston’s next great neighborhood.”
Watertown's Arsenal Yards Revamp is in Full Swing
Various stages of construction are ongoing at Arsenal Yards in Watertown. The project that is being completed in phases through 2020 will include 250,000sf of retail, 200,000sf of office, a 150 room hotel, and 425 residential units.The two historic buildings on the site that will remain have been gutted for renovation. A goal of the project is to maintain their character as a call back to the site's history as the home of the U.S. Army's Watertown Arsenal. When completed these two buildings will hold a Majestic Cinema and various shopping and dining options.
Construction crews are also pouring the foundation for Building B which will house the Hampton Inn and the parking garage for the development. The project is also set to include an outdoor plaza and a park connected to the Charles River.
Arsenal Yards Receives Additional FinancingThe Arsenal Yards development in Watertown has received an addition $102 million in financing .totalling $324 million for the project. HFF worked on behalf of Boylston Properties, The Wilder Companies, and Jonathan Bush to source institutional investors advised by JP Morgan Asset Management as joint venture equity partners, providing $102 million of equity. This comes after the project had received a $222 million loan from Wells Fargo Bank in the beginning of June (2018).The property is a multi-phased redevelopment and expansion of the former Arsenal Mall in Watertown’s East End. Arsenal Yards will feature 350,000 square feet of retail and entertainment, approximately 425 residences ranging from studios to three-bedrooms, a 145-room Hampton Inn and Suites by Hilton hotel and 100,000 square feet of office space. Retail at Arsenal Yards will include a 30,000 square foot specialty grocer, a cinema with 6-8 limited-seating screens, active entertainment, a combination of boutiques and national retailers, half a dozen chef-driven restaurants and a premium wine superstore.
Arsenal Yards Mortgaged for $222 MillionThe Arsenal Yards development project has been mortgaged for $222 million via Wells Fargo Bank.The property is a multi-phased redevelopment and expansion of the former Arsenal Mall in Watertown’s East End. Arsenal Yards will feature 350,000 square feet of retail and entertainment, approximately 425 residences ranging from studios to three-bedrooms, a 145-room Hampton Inn and Suites by Hilton hotel and 100,000 square feet of office space. Retail at Arsenal Yards will include a 30,000 square foot specialty grocer, a cinema with 6-8 limited-seating screens, active entertainment, a combination of boutiques and national retailers, half a dozen chef-driven restaurants and a premium wine superstore.