BOSTON — Four projects, totaling more than $75 million in private investment, received approvals from the Boston Redevelopment Authority’s Board of Directors. The individual projects include: Seaport Square’s First Residential Building — Known as Parcel A, this $40 million project is one of 20 parcels that comprise the Seaport Square Project, located on the South Boston Waterfront. The 54,400-square-foot, six-story building will include 34 residential units. It will feature one-, two-, and three-bedroom floor plans and ground-level retail space. The joint venture of MS Boston Seaport and Boston Residential Group is developing Parcel A. Construction is scheduled to begin second quarter 2009, with an estimated completion date in fourth quarter 2010. Fenway Residential Project — This $20 million project will bring 45 residential units to the East Fenway neighborhood of Boston. The 47,000-square-foot building will consist of nine floors. Catamount Westland is developing the property, which will feature loft-style and two-bedroom units. Construction is scheduled to begin third quarter 2009, with an estimated completion date in first quarter 2011. Beacon Hill Project — Originally designated as residential and retail space, developer Talanian Realty recently decided to scratch those plans in favor of a $9.5 million, five-story office building with ground-level …
MAHWAH, N.J. — An $8.2 million capital improvements program is under way for The Sheraton Mahwah Hotel, located within Crossroads Corporate Center in Mahwah. Renovations to the guestrooms were completed in October, and included a complete redesign of the spaces with new colors, a hi-definition television, new beds and bathrooms with new fixtures. Additional renovations, which should be complete by the first quarter of 2009, include renovations to common areas and the addition of upgraded amenities. The lobby will be redesigned to feature a towering waterfall, as well as a 32-seat bar, and a communications hub that includes complimentary wireless Internet access and computer stations. New carpeting, wall coverings and furnishings will also be installed. Finally, the hotel’s 12th floor Skylite Ballroom and first floor Grand Ballroom will be renovated as well. The Sheraton Mahwah is operated by Interstate Hotels & Resorts.
BOSTON — Linear Retail Properties has acquired four retail condominiums, located within the Guildford Halls Condominiums building at the corner of Newbury and Clarendon streets in Boston’s Back Bay district, for $3.95 million. The four units, located at 108 Newbury St. and 220 Clarendon St., total 6,300 square feet, and are fully occupied by Tealuxe, Frank Stella Clothiers and Pour Le Corps Spa. The purchase was made in cooperation with Brookline, Mass.-based Farmer & Flier. Linear Retail has tapped Colliers Meredith & Grew to provide property management services, and Sam Hawkey of The Dartmouth Company to serve as exclusive leasing agent. The seller was not disclosed.
NEW YORK CITY — CB Richard Ellis (CBRE) has arranged the relocation of the relocation of the flagship dealership location of Mercedes-Benz USA. The automakers new 332,982-square-foot facility will be located at 770 11th Ave., between 53rd and 54th streets, on the West Side of Manhattan, New York City. It will feature 39,236 square feet of first-floor showroom and office space, 28,918 square feet of mezzanine space, and three below-grade levels averaging approximately 90,000 square feet each. The facility will sell the Mercedes-Benz and Maybach brands, as well as other smart brands from the automaker. It will also feature a service center, as well as used car sales. Completion is scheduled for 2011. The project is being developed by Two Trees Management Co. CBRE’s Michael Laginestra, Michael Geoghegan and Joan Meixner arranged the deal. Mercedes-Benz will be relocating from a smaller facility located at 41st Street and 11th Avenue, near the entrance to the Lincoln Tunnel. Terms of the deal were not disclosed.
NEW YORK CITY — Walgreens has held the grand opening for its 16,000-square-foot flagship store at One Times Square in Manhattan, New York City. The store will be located on the first three levels of the building. The highlight of the location is a 341-foot tall Walgreens billboard that will rise above the store. The 17,000-square-foot, LED-powered billboard is the largest of its kind in the nation. Walgreens had been previously located in the same Time Square space from the 1930s through 1970. The new store marks the 11th Walgreens in Manhattan and the 53rd in New York City. The pharmacy plans to open 30 more New York area locations within the next 3 years.
NEW YORK CITY — CB Richard Ellis (CBRE) has arranged the renewal of Viacom International’s 1.35 million-square-foot headquarters lease at 1515 Broadway in Manhattan, New York City. The building, known as One Astor Plaza, rises 53 stories and totals 2 million square feet. Michael Laginestra, Scott Gottlieb and Andrew Sussman of CBRE represented Viacom in lease negotiations. The building’s owners, SL Green Realty Corp. and SITQ, were represented by Marc Holliday, Steve Durels, Neil Kessner and Kathy Crocco of SL Green. The transaction marks Manhattan’s third largest lease in history. Terms were not disclosed.
NEW YORK CITY — The Macerich Company has reached an agreement for a $130 million loan that will be used to refinance a portion of Queens Center in New York City. The loan is expected to close in early 2009, and it features a 7.5 percent fixed interest rate. It is co-terminus with a $214 million loan for expanded portions of the property that will mature in 2013. Upon closing of the new loan, an existing $89 million loan with a 7.11 percent effective interest rate will be paid off. The lenders are relationship life insurance companies and a pension fund.
NEW ROCHELLE, N.Y. — The NDR Group has completed Garito Manor at Union Square, a 102-unit affordable senior housing facility located at 180 Union Ave. in New Rochelle. The community consists of studio, one- and two-bedroom apartments. Community amenities include a fitness room, a beauty parlor and barber shop, a library, a lounge, an outdoor garden and sitting area, a kitchen, a multi-purpose room, a computer room and 24-hour security and concierge service. The income limits are approximately $35,500 to $42,500 for single seniors and approximately $40,750 to $48,750 for couples.
SICKLERVILLE, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has been selected to provide pre-construction and construction management services for the construction of the $3.5 million Winslow Animal Hospital, located in Sicklerville. Situated on approximately 3 acres at 640 Sicklerville Rd., the facility will comprise 10,500 square feet. It will feature 10 examination rooms, two surgical suites, two dental suites, a physical rehabilitation area, and a special procedure room for endoscopic procedures and diagnostic ultrasound. The animal hospital will include an expansive reception area, food prep and laundry areas, dog and cat wards, a pharmacy and laboratory, and an x-ray room. Groundbreaking is expected to begin in December. The project replaces a 2,000-square-foot facility currently located at 530 Berlin-Keys Road. When complete, it will be the largest animal hospital in a four-county area. It is being designed by Jeffrey Grogan of Conshohocken, Pa., and will be owned by Phillipe Coudrai.
HAMDEN, CONN. — Groundbreaking has occurred for Glen Terrace Commons, an 11,750-square-foot office building located at 1960-1978 Whitney Ave. in Hamden. Developed by Ken Ginsburg, the project will consist of multiple units that can be subdivided from 1,175 square feet to 9,400 square feet. Omnivision Eye Associates has already signed a lease to occupy 2,350 square feet of the new center. Omnivision is currently located in a building in front of the proposed new construction, which will bedemolished to make way for additional parking for Glen Terrace Commons. Completion is scheduled for spring 2009. Space in the center, which can accommodate retail, medical or office tenants, is leasing for $22 per square foot triple net. Locally based Press/Cuozzo Commercial Services is handling leasing at the center.