STREET-WORKS DEVELOPMENT AND THE BEAL COS. PARTNER FOR $1.6B QUINCY CENTER

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QUINCY, MASS. — Street-Works Development and The Beal Cos. have formed a partnership to develop the $1.6 billion, 3.5 million-square-foot Quincy Center, a transit-oriented, mixed-use development in downtown Quincy. The 20-acre development will include 1.1 million square feet of office space, two hotels, 1,400 residential units and 700,000 square feet of retail space.

The companies will be co-managing partners for the project. Additionally, in September 2011, Street-Works formed a joint venture with National Realty and Development Corp. for 400,000 square feet of the retail portion.

“The Beal team has been, and continues to be, a driving force behind urban spaces and projects in and around Boston, and we are pleased to have them join us in the rebirth of Quincy,” said Ken Narva, co-founder and managing partner of Street-Works, in a prepared statement.

“Our companies share the same vision — to combine financial prudence with entrepreneurial vision and thoughtfulness to create a downtown that will be successful for generations to come,” he continued. “For the past 6 years we have worked with the city and state to develop this vision for Quincy. Our partnership as Beal/Street-Works strengthens the foundation of our work as we continue to move this revitalization toward reality.”

Street-Works has completed mixed-use projects such as Santana Row in San Jose, Calif.; Bethesda Row in Bethesda, Md.; and Blue Back Square in West Hartford, Conn. The Beal Cos. has restored many of Boston’s most iconic historical buildings, including the Grain Exchange Building and Custom House Tower in the Financial District. Most recently, it developed The Clarendon, the first New York City-style condominium tower in Boston.

“We respect the passion and expertise of the Street-Works team and are proud to partner with them on this important project,” said Robert Beal, president of The Beal Cos., in a prepared statement. “Its track record for creating and redeveloping authentic, urban neighborhoods across the United States meshes well with our approach and core beliefs.”

Beal says the Quincy Center project goes far beyond bricks and mortar. “With Street-Works, we’ll not just build buildings in Quincy; we’ll create a new environment in which the city of the 21st century can flourish.”

— Savannah Duncan

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