Street-Works, Beal Cos. Bringing 3.5 MSF M-U Development to Quincy
- Jun 26, 2013
By Keith Loria, Contributing Editor
Street Works Development and The Beal Companies have teamed with the city of Quincy, Mass., on Merchants Row, the first major block of mixed-use development and pedestrian-friendly public space that is the first phase of the Quincy Center Master Development Plan.
The downtown project, a public-private partnership between the city and developer Beal/Street-Works, is expected to bring 3.5 million square feet of new residential, retail, office, entertainment and educational space to Quincy Center in what is expected to be a $1.6 billion project.
The development plan consists of a 20-square-block urban mixed-use neighborhood, comprising several office buildings, 1.1 million square feet of new state-of-the-art green office and medical office space, approximately 700,000-square-feet of anchor and street retail and food, two new hotels, 1,400 residential units, and multiple new parking garages providing 5,000 public parking spaces.
Last January, Quincy Mayor Thomas Koch announced that Street-Works and partner The Beal Companies, working with LaSalle Investment Management, had secured more than $55 million in equity financing for the Merchants Row project, allowing it to move forward. Jones Lang LaSalle is the leasing agent for the office and medical office components of the project.
Construction is set to begin on Merchants Row soon and it’s scheduled for completion in 2014. When finished, it will bring 306 loft units in two buildings, the Kilroy and the Granite Trust lofts. Additionally, it will include more than 35,000 square feet of street retail and 24,000 square feet of office in the renovated historic Granite Trust building.
Street-Works Development is the master developer for the overall project, and Suffolk Construction is the construction manager.
“Eight years ago, we came to Quincy because of its potential to lead the rebirth of the great American downtown,” Ken Narva, Street-Works Development’s managing partner, said in a company statement. “Ever since Mayor Koch and our public sector partners put their faith and trust in us, we have made nothing but progress. I can’t stress enough how important the public-private partnership has been in getting us to this moment. Tackling big, complex issues that are going to have a positive impact on people’s lives for years to come takes leadership with foresight, and we have that leadership in Mayor Koch and the City of Quincy.”
Construction of Merchants Row will be in conjunction with the execution of the new Adams Green public space, which will encompass the resting place of the American Presidents John Adams, John Quincy Adams and their wives, and will link Merchants Row to the MBTA Red Line station in downtown Quincy.