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Jun 14, 2019
Dock Square Garage Addition Approved
The ten-level addition to the existing Dock Square garage has been approved by the BPDA. The addition will include 195 residential units along with private open space at the center of the 9th floor. While the project will reduce the current 698 publicly available garage parking spaces to 682 spaces, the redesign includes new valet services and mechanical lifts. In addition, the brick façade of the existing garage will be re-clad along its entire perimeter to create a warm-colored building base that fits into the context of the neighborhood. Once construction begins it is expected to last around 24 months.
May 16, 2019
Courtyard Marriott Hotel at The Beverly Refinanced for $90 Million
The Courtyard Marriott Hotel at The Beverly in Boston has been refinanced for $90 million via HSBC Bank.
The 220-room Courtyard Marriott hotel is part of the 14-story mixed-use building featuring 239 top-quality, mixed-income apartment residences, that also features 10,000 square feet of ground-floor retail.
Jun 26, 2018
The Beverly Mortgaged for $85 MillionThe residences at 101 Beverly Street in Boston's Bulfinch Triangle has been mortgaged for $85 Million via Wells Fargo Bank.The 14-story mixed-use building features 239 top-quality, mixed-income apartment residences, a 220-room Courtyard Marriott hotel and 10,000 square feet of ground-floor retail. The Beverly is Downtown Boston’s first 100% affordable and workforce housing development in over 25 years; residences are rented to households with incomes ranging from 30 to 165 percent of Area Median Income (AMI).
Feb 15, 2018
Renderings revealed of proposed condominium addition to Dock Square Garage overlooking Greenway
Fortis Property Group has revealed renderings of its' proposed addition of 195 condominium residences atop the existing Dock Square parking garage overlooking the Rose Kennedy Greenway. The spiral-shaped, glass-enclosed addition would be 10 stories tall, and would expand the garage to 17 stories and 209 feet tall as well as 535,000 square feet in size.
As part of the proposed redevelopment, the Dock Square Garage would be re-cladded with a modern facade. Parking capacity would be reduced slightly from 698 spaces to 682, and restaurant space would be reduced from approximately 15,000 square feet to approximately 8,000 to accommodate a new residential lobby.
Fortis aims to start construction of the proposed redevelopment in the second quarter of 2019. Completion is expected in the second quarter of 2021. Fortis has filed plans for the proposed redevelopment with the City of Boston, who is now reviewing the plans. The latest renderings of the proposed redevelopment are posted above.
Jan 31, 2018
The Beverly, Boston’s largest new-construction affordable housing building in over a quarter century, opens to residents
The Beverly, the City of Boston’s largest new-construction 100%-affordable and workforce housing building in over a quarter century, has opened to residents. Located in Downtown Boston steps from North Station, The Beverly features 239 studio, one-, two- and three-bedroom affordable and workforce apartment residences, with amenities such as a 24-hour attended lobby, a fitness center, a party room, a kid’s room and an outdoor terrace and grill overlooking the Boston skyline. Residences are rented to households with incomes ranging from 30 to 165 percent of Area Median Income (AMI), providing much-needed affordable housing in Boston’s urban core. The 484,000-square-foot Beverly building also includes a 220-room Courtyard Marriott hotel, which is due to open in the coming weeks, and 10,000 square feet of ground-floor retail. The following are photographs of The Beverly:
Jan 08, 2018
Dock Square Garage buyer proposes 195-unit residential addition
Fortis Property Group, who acquired the six-story, 698-space Dock Square Garage in Downtown Boston for $170 million in September 2017, proposes to construct an “upward-spiraling” addition above the garage containing 195 residential units. Fortis has not yet disclosed whether units would be apartments or condominiums; 25 units would be designated affordable. The spiral-shaped addition would be nine stories high, increasing the garage’s height to 194 feet. As part of the project, the existing garage would be re-cladded. Renderings of the proposed addition have not yet been revealed; with the addition, the garage’s total parking capacity would be reduced to 538 spaces. The garage also contains 16,100 square feet of ground-floor retail home to Hard Rock Cafe. Fortis has filed a Letter of Intent (LOI) with the Boston Planning & Development Agency (BPDA) formally proposing the project and will reveal additional plans in the coming months.
Sep 23, 2017
Dock Square Garage acquired by New York developer for $170 million
Fortis Property Group of New York has acquired the six-story, 264,462-square-foot Dock Square parking garage, situated on 1.2 acres steps from Faneuil Hall, for $170 million. The sale amounts to nearly $643 per square foot. MetLife Real Estate Investors provided $110 million in financing towards Fortis' acquisition. The Dock Square Garage's seller is Sullivan Properties, who originally developed the garage in 1980. The garage contains 698 parking spaces and 16,100 square feet of ground-floor retail. Existing zoning for the garage site would allow up to 125 feet of height, roughly 12 stories, on the parcel, allowing for the addition of new office or residential floors above the existing garage.
Newmark Knight Frank (NKF)'s Boston capital markets brokered the sale of the garage to Fortis. Fortis also owns the 36-story, 1-million-square-foot One Lincoln Street tower, fully occupied by State Street Corporation, which Fortis acquired for $889 million, or $889 per square foot, in 2006. “Dock Square Garage is among the top three highest-grossing parking facilities in Boston,” said NKF Executive Managing Director Matthew Pullen in a prepared statement. “The garage is directly surrounded by 24/7 demand drivers including Faneuil Hall, the North End, Rose Kennedy Greenway, TD Garden and 33 million square feet of Downtown office space.”
Jun 11, 2017
Dock Square Garage, situated on 1.2 acres overlooking Greenway, listed for sale, presenting transformative development opportunity
The Dock Square Garage, a six-story, 264,462-square-foot parking structure standing on 1.2 acres of land overlooking the Rose Kennedy Greenway with transformative development potential, has been listed for sale. The property, which is located steps from Government Center and the 2.9-million-square-foot Bulfinch Crossing mixed-use development, could fetch $160 million per Banker & Tradesman, which would amount to $606 per building square foot and $133,333,333 million per acre. Existing zoning would allow up to 125 feet of height, roughly 12 stories, on the parcel, allowing for the addition of new office or residential floors above the existing garage, which was built in 1980 and renovated in 2007, or construction of a large new building. The Dock Square Garage's seller is Sullivan Properties, the building's original developer and longtime owner.
May 02, 2017
Related Beal unveils The Beverly, Downtown Boston’s first 100% affordable and workforce housing development in over 25 years
Related Beal has unveiled The Beverly, formerly known as Parcel 1B, a 484,000 square foot building which will be Downtown Boston’s first 100% affordable and workforce housing development in over 25 years. The Beverly will feature 239 top-quality apartment residences, including much-needed family-sized apartments, providing downtown living at a moderate price. The building will also include a 220-room Courtyard Marriott hotel and 10,000 square feet of ground-floor retail. Lease applications for residences will be available from July through September 6th, with move-ins expected in early 2018. The latest building information and renderings are posted above.
Apr 27, 2017
Facade nears completion at Parcel 1B development in Bulfinch Triangle
Installation of brick and glass curtain wall finishes along the Parcel 1B development’s multifaceted facade is essentially complete. Facade sections that will be finished with metal panels are being fireproofed, and the last few windows are being installed along the brick and metal panel sections. Inside the building, framing of individual apartment and hotel units has begun. Upon the development’s opening in early 2018, Parcel 1B will feature a 220-room Courtyard Marriott hotel, 239 mixed-income rental apartment residences, and 10,000 square feet of ground-floor retail. The following are photographs of Parcel 1B:
Feb 12, 2017
Facade installation underway at Parcel 1B in Bulfinch TriangleThe 14-story Parcel 1B hotel, retail and affordable housing building in Bulfinch Triangle is nearly fully sealed. Exterior weatherproofing has reached the building's top floor, brick finishes have reached the 12th floor and the glass curtain wall has reached the 10th floor. Parcel 1B is expected to open within the next year and will feature 239 affordable residential apartments, a 220-room Courtyard Marriott hotel and ground-floor retail. The following are photographs of Parcel 1B:
Nov 11, 2016
Parcel 1B in Bulfinch Triangle tops off
A topping off ceremony was held yesterday (November 10th, 2016) for Related Beal’s 14-story Parcel 1B apartment and hotel building in Bulfinch Triangle, which has reached its’ full height after just 23 weeks of construction. A large section of the Parcel 1B building’s facade, which includes precast brick panels, has been installed.
The Parcel 1B building will feature 239 affordable apartments targeted to upper-middle, moderate and low-income households. The hotel component will be a Courtyard Marriott and will feature 220 rooms. The Parcel 1B building is scheduled for completion in early 2018; Related Beal will open the housing inquiry list in early 2017. The following are photographs of the Parcel 1B building:
May 21, 2019
Urban areas are experiencing an evolution from the antiquated model o...
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