Jan 18, 2020
Another Extension Granted for Chain Forge Redevelopment
The BPDA has granted another extension to the developers of the Chain Forge hotel project in Charlestown. Due to the complex nature of the project financing has yet to be finalized however Dick Galvin of CV Properties told the board they have lined up an opportunity zone fund from NY for the project and expect this extension granted through April 30th to the be the last. Located in the Charlestown Navy Yard the historic building originally built in 1904 has been vacant since 1974. The new plans call for a 230-room hotel along with an on-site museum to honor the history of the property.
Jan 08, 2020
Site Work Underway for the Haymarket Hotel
Site work is underway for the upcoming 6-story hotel along Blackstone Street at Haymarket. The new Canopy by Hilton Hotel will feature 212 guest rooms along with a fitness center and meeting space. The development team plans to open the hotel in late Q1 2021.
Nov 13, 2019
Haymarket Hotel Secures $75 Million in Financing
Just five days after a building permit was granted, the Haymarket Hotel development has secured $75 million in financing from Citizens Bank.
The 145,000 square foot Haymarket Hotel building will bring 225 hotel rooms and around 9,600 square feet of retail to a presently vacant 1.2-acre parcel located along the Greenway at the intersection of the North End and Downtown Boston. Hotel guest amenities will include a fitness center and meeting space and 1,800 square foot roof deck.
Nov 10, 2019
Building Permit Pulled for Haymarket Hotel
A building permit valued at over $58M has been pulled for the Haymarket Hotel to be located at 99 Blackstone Street along the Greenway. The new hotel will feature 225 rooms along with around 9,600 square feet of restaurant and retail space. The development team will also sublease 1,600 square feet of space in the building to the Haymarket Pushcart Association for storage space.
Sep 13, 2019
BPDA Amends Ground Lease on Chain Forge Hotel To Allow Additional Time for Financing
The BPDA has voted to approve an amendment to the existing ground lease for the Chain Forge property in Charlestown to allow the development team additional time to secure financing. According to the BPDA staff, the team is in talks with two investors to finalize opportunity zone funding. A 60-day extension was granted by the board through November 30th. The developers also agreed to pay a fee of $250,000 due to the delays.
The Chain Forge Building, a 1904-built former chain factory has been vacant since 1974. Plans call for it to be redeveloped into a distinctive 230-room hotel operated by Starwood Hotels. The building's existing facade will be thoroughly restored, and a historic exhibit area will be incorporated into the hotel's lobby, preserving the building's manufacturing heritage.
Apr 14, 2018
Parcel 9 - Haymarket Hotel moves forward in DowntownFROM THE BPDAThe development team has filed a Second Notice of Project Change and an Amended and Restated Development Plan to the PDA. The uses of the Proposed Project will remain the same. The key changes are a modest increase in its maximum height, from 65 feet to a maximum of 69 feet, 6 inches and a decrease from 29 feet to 27 feet for the restaurant portion of the building. The Amended and Restated PDA have been submitted to reflect the advancement of the design for both the height as well as the ground floor layout and other aspects of the building.Live: 225 hotel units, patio and open space, new street-front landscapingWork: Approximately 125 permanent jobs and 300 construction jobsConnect: 9,000 square feet of retail and restaurant space, rooftop amenities, revitalized Blackstone Street and support for the Haymarket Pushcart AssociationThe NPC for the Parcel 9 Haymarket Hotel project, located on a 29,400 square foot parcel along the Rose F. Kennedy Greenway was approved with a modest increase in the maximum height of the building, from 65 feet to a maximum of 69 feet, 6 inches tall to achieve acceptable floor-to-ceiling heights within the building.The project consists of a 225-key hotel, containing approximately 9,600 square feet of complementary retail and restaurant uses, a one-story component at the Hanover Street end that will house a restaurant as well as a rooftop deck and ground floor area off Blackstone Street that will be leased to the Haymarket Pushcart Association to accommodate storage and restrooms for their members. The ground floor of the building will also include restrooms accessible to the public as well as meeting space that can be made available for community use. The building design includes glass storefronts as well as building materials which provide a contemporary take on the historic setting of the project site between Blackstone Street and the North End neighborhood. The project will reconstruct Blackstone Street from North Street to Hanover Street, as well as streetscape improvements around all sides of the building, subject to required approvals from the City's Public Improvement Commission.
Apr 13, 2018
Ares Management Acquires 105 West First StreetNew York-based, Ares Management, has acquired the development site for $25 million. The approved seven-story, 250,000 square foot research and development (R&D) office building that will be located on a 42,219 square foot site in South Boston across from A Street Park steps to the Channel Center development and the Broadway MBTA Red Line station. The building will contain office, research, and development space, as well as ground-floor retail fronting West First Street, community-shared work or technology incubator space fronting West Second Street, convener space, and tenant amenities. A roof deck will be located on the building's top floor.
Oct 23, 2017
$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.
Sep 06, 2017
Haymarket Hotel groundbreaking scheduled for Spring 2018, new investors join project team
The developers of the approved $106 million, 145,000-square-foot Haymarket Hotel, located on the Greenway between Downtown Boston and the North End, expect to break ground on the project in Spring 2018. In addition to original proponents Harbinger Development and Normandy Real Estate Partners, CV Properties and Olshan Properties have now taken interest in the project. The Massachusetts Department of Transportation (MassDOT), owner of the 1.2-acre parcel on which the Haymarket Hotel will be built, has granted the developers a development agreement extension through April 2018. The Haymarket Hotel's financial terms were approved by the Federal Highway Administration (FHWA) in May 2017, and the Boston Planning & Development Agency (BPDA) approved the project in June 2016. The Haymarket Hotel will feature 225 new hotel rooms and 25,000 new square feet of retail and is expected to open in mid-2019.
Jun 15, 2017
105 West First Street, new 250,000-square-foot office building, approved in South Boston
105 West First Street, a new seven-story, 250,000-square-foot research and development (R&D) office building located in South Boston steps to Broadway Station, was approved at last night (June 15th, 2017)’s Boston Planning & Development Agency (BPDA) Board Meeting. In addition to office space, 105 West First Street will feature 1,600 square feet of ground-floor retail, 2,400 square feet of convener space, 10,000 square feet of innovation space and 3,000 square feet of tenant amenity space. 105 West First Street will require additional approval by the City of Boston’s Zoning Board of Appeals (ZBA) in order to proceed with construction. Construction of 105 West First Street is subject to finalization of necessary financing and leasing commitments.
Apr 09, 2017
Plans revised for proposed 105 West First Street office development in South Boston
Developers Ares Management and CV Properties have revised the proposed 105 West First Street office development in South Boston in response to community feedback. The proposed building’s height has been reduced from 8 stories to 7; as a result, total proposed square footage has been reduced by 15,000 square feet to approximately 250,000 total gross square feet, and height has been reduced to 102 feet high at West First Street and approximately 90 feet high at West Second Street. For comparison, the adjacent Channel Center Garage is 102 feet high.
105 West First Street's proposed entrance along West Second Street has also been altered to have more of “a sense of presence,” mirroring the entrance to the adjacent Artists For Humanity building. Updated renderings of the proposed 105 West First Street are posted above. The developers would also financially support a community request to add a pedestrian-only cycle to the nearby intersection of West Broadway & A Street, and improve signage and crosswalk striping at the nearby intersection of West Second Street & B Street.
Jan 31, 2017
8-story office building proposed near Broadway StationCV Properties has revealed new details and renderings of the proposed 266,000 square foot office building which would be located at 105 West First Street in South Boston near Broadway Station. The developer has filed plans with the Boston Planning & Development Agency (BPDA). These plans are now under official review. The following are renderings of 105 West First Street:
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