Bldup Update

AC Hotel Boston Cleveland Circle Update 08/15/16

Waterstone at The Circle foundation nearing completion, pre-leasing begins

Foundation work is nearing completion at Waterstone at The Circle, a 92-unit luxury adult apartment community under construction in Cleveland Circle. Waterstone at The Circle is the first component of The Circle, an approximately 213,000 square foot, $85 million development project partially located in Boston and Brookline. The Circle will entail the construction of the six-story Waterstone at The Circle as well as a five-story, 162-key AC Hotel by Marriott on the site of the former Circle Cinema and Applebee’s Restaurant. Approximately 6,000 square feet of retail fronting Chestnut Hill Avenue will be located across both buildings. A total of 188 parking spaces will be located on site, including 103 underground and 85 at grade. The following are renderings of The Circle:

View South along Chestnut Hill Avenue

View North along Chestnut Hill Avenue

The Circle open space

View of The Circle from Cassidy Playground

The Circle development team, a joint venture of National Development and Boston Development Group, secured over $80 million of project financing in March 2016 through Santander Bank; the exact financing figure is $80,084,251. Work on the AC Hotel will begin shortly, and completion of both buildings is expected by Fall 2017. Pre-leasing of apartments at Waterstone at The Circle has begun, visit ClevelandCircleDevelopment.com for more information.

J. Derenzo Companies has just about fully excavated the section of The Circle’s single-level, 103-space underground parking garage that will be located underneath Waterstone at The Circle. Part of the garage will also be located underneath the AC Hotel. Concrete has been poured along nearly all vertical sections of the Waterstone at The Circle garage, and the building’s seven-story elevator core has risen to the future ground floor. Pile driving is complete at Waterstone at The Circle, and concrete is being poured atop pile caps to create Waterstone at The Circle’s foundation. Excavation rigs and other construction vehicles and equipment are staged on the future site of the AC Hotel. The following are photographs of the Circle site: