Chain Forge Hotel

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.

 

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.

Charlestown Navy Yard's Chain Forge Hotel moves forward with long-term ground lease closing

The upcoming 230-room Chain Forge Hotel in the Charlestown Navy Yard has taken a step forward with developer Kavanagh Advisory Group's closing on a long-term ground lease for the City-owned property. With the lease closing, the proponent will be able to move forward with environmental remediation of the long-vacant historic chain factory, and construction of the hotel. Operated by Starwood Hotels, the extended stay hotel will also include a 6,000-square-foot restaurant and will be located in the heart of Charlestown's historic Navy Yard, minutes from Downtown Boston. Within the hotel will be a chain manufacturing history exhibit open to the public featuring 38 historic pieces of industrial machinery. Construction site preparation work on the Chain Forge Hotel property is expected to begin in the coming months.

The Chain Forge Hotel was approved by the Boston Redevelopment Authority on Thursday, March 12th 2015. After an estimated $10 million cleanup to clear the building, vacant since 1974, of harmful building materials, construction will commence in early 2016.