Related Beal, a fully integrated real estate firm focused on development and investment opportunities in Boston and its surrounding areas, announced today that it has closed on its financing and has entered into a 99-year land lease with the Commonwealth of Massachusetts for Parcel 1B in the Bulfinch Triangle. With this significant milestone, construction will commence this month on Related Beal’s mixed-use development of a 239-unit, 100 percent affordable and workforce building and hotel in downtown Boston.
“Our administration is working to turn vacant and underutilized state-owned land into powerful drivers of economic development,” said Governor Charlie Baker. “Utilizing state land to create workforce and affordable housing and to create new jobs can also play a big part in making great communities across the Commonwealth.”
With delivery of the Parcel 1B project projected for 2018, the City of Boston will realize its first large-scale workforce housing development under Mayor Martin J. Walsh's housing plan entitled “Changing City: Boston 2030,” which calls for the creation of 53,000 new residential units by 2030—44,000 specifically for workforce units.
"I congratulate the team at Related Beal for reaching this early milestone in redeveloping Parcel 1B. They were able to work creatively to secure the financing needed to bring this unique project to fruition, and I look forward to the groundbreaking," said Mayor Martin J. Walsh. "We are committed to working together to unlock housing opportunities for all of our families, and this project will bring more options to the heart of downtown."
The development’s 239 residential units will be restricted to and available for individuals, couples and families with qualified incomes ranging from 30 percent Area Median Income (AMI) up to 165 percent AMI. Additionally, 10 percent of the residential units will be three-bedroom units, providing much needed affordable family housing in downtown Boston.
Kimberly Sherman Stamler, chief operating officer of Related Beal, said, “We are extremely proud of this development and this milestone, which could only have been achieved through the highly collaborative efforts of Related Beal, the City of Boston and the Commonwealth of Massachusetts. This important project leverages our decades of affordable housing expertise to support Mayor Walsh’s goals while continuing to enhance this already dynamic neighborhood. We are looking forward to breaking ground and further moving the development forward.”
In addition to Related Beal’s significant capital expenditure to make this affordable and workforce housing development a reality in Boston, the project includes:
Related Beal is committed to supporting the North Station area and creating a livable destination for a variety of wage earners. By investing required affordable housing contributions directly in Related Beal’s Parcel 1B development, Boston Properties and Delaware North can participate in this meaningful project and help create much-needed housing in Boston.
Ted Lubitz, a vice president at Related Beal who oversees Related Beal’s affordable projects in Boston and the surrounding area, said, “We look forward to starting construction on the first large-scale mixed-use workforce and affordable housing development downtown Boston has seen in more than 25 years. The units at Parcel 1B wouldn’t be realized without Related Beal and the city and state’s passion and tenacity for creating more diverse housing options in Boston. Affordable housing has been our company’s foundation for over 40 years, and we are excited to deliver this project and pursue more mixed income opportunities in the Greater Boston area.”
Designed by acclaimed CBT Architects, Related Beal’s mixed-use development at Parcel 1B will include a 14-story residential building totaling approximately 484,000 square feet, a 220-key hotel, street-level retail and on-site parking. Related Beal is committed to reviving the North Station area. Parcel 1B is located across the street from Lovejoy Wharf where Related Beal reimagined 160 North Washington Street for Converse’s new headquarters and 131 Beverly Street, both with waterfront retail.
After years of being closed, the North End Harborwalk under the Charlestown Bridge has reopened with a new pathway behind Lovejoy Wharf to the North Station area and Charles River Dam. Related Beal is also funding various public improvements, including a new park, close to Parcel 1B. In addition, the company is supporting the city in creating the North Station Area Transportation Action Plan. The plan, which also covers the West End, Bulfinch Triangle and Government Center, will provide a comprehensive analysis of the existing transportation network as well as potential near- and long-term improvements across various types of transit. Related Beal is a division of Related Companies, one of the largest owners of affordable housing in the country, and has developed or acquired over 45,000 affordable and workforce units.
About Related Beal:
Related Beal is a fully integrated real estate firm focused on development and investment opportunities in Boston and the surrounding region. Related Beal leverages a national real estate platform with expertise across all asset classes and storied local experience in life sciences, commercial and residential development, property management and investment. Related Beal has developed, and is undertaking the development of, some of the most recognized buildings in the area including Congress Square in Boston’s Financial District, Quinzani's Bakery in the South End and 131 Beverly, future luxury condos at Lovejoy Wharf. For more information on Related Beal, please visit www.relatedbeal.com.