Related Beal, a fully integrated real estate firm focused on development and investment opportunities in Boston and its surrounding areas, today celebrated the groundbreaking for Parcel 1B, a mixed-use, transit-oriented development of a 239 unit, 100 percent affordable and workforce residential building. The mixed-use development in downtown Boston’s Bulfinch Triangle will also contain a 220-room hotel, which Related Beal and Turnberry Associates announced today will be a Courtyard® Marriott.
To honor the official start of this monumental project, Governor Baker and Mayor Walsh joined Related Beal at the Parcel 1B site today to celebrate the start of construction. With delivery of the Parcel 1B project projected for 2018, downtown Boston will soon realize its first new 100 percent affordable and workforce housing project in more than 25 years, and 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.
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) to up to 165 percent AMI. Additionally, 10 percent of the residences will be three-bedroom units providing much-needed family housing in downtown Boston.
“The construction of affordable housing is a key driver of economic development, both in Boston and throughout the commonwealth,” said Governor Baker. “This development, which showcases the power of mixed-income housing to transform vacant state-owned land, demonstrates our administration’s ongoing commitment to building stronger communities across the commonwealth.”
“I congratulate Related Beal for reaching this significant milestone and thank them for their commitment to bringing 100% affordable and workforce housing to downtown Boston," said Mayor Walsh. "Not only is this project a great achievement for the company, but it is a win for the people of Boston, with 239 units of affordable housing being added to the North Station area. This project serves as a great example of the types of transit-oriented, affordable housing opportunities we are looking to unlock for all of our families across the city.”
“The work of improving housing access in Massachusetts happens at the local level,” said Undersecretary Kornegay. “By building local capacity and creating credible housing production incentives, our administration is empowering municipalities to deliver community-driven housing opportunities.”
Related Beal envisioned the Parcel 1B development to provide 100% affordable and workforce units and partnered with various agencies including the City of Boston, the Boston Redevelopment Authority, the Boston Department of Neighborhood Development, MassDevelopment, the Massachusetts Department of Housing and Community Development, the Massachusetts Department of Transportation and the Federal Highway Administration, among others, to make this vision a reality.
Kimberly Sherman Stamler, chief operating officer of Related Beal, said, “We are thrilled to celebrate this exciting milestone. Related Beal’s vision for workforce housing and a vibrant new hotel amenity in the heart of downtown Boston at Parcel 1B could only have been realized through the significant creative and collaborative effort with the City of Boston and the Commonwealth of Massachusetts. Related has a long-term commitment to affordable housing and we are proud to see the project take this step forward, enabling even more families and our city’s diverse workforce to live in downtown Boston.”
Ted Lubitz, a vice president at Related Beal who oversees Related Beal’s affordable developments in Boston and the surrounding area, said, “We are extremely appreciative of the hard work that went into making this project possible. Parcel 1B will be the first 100% large-scale, mixed-use affordable and workforce housing development in downtown Boston in a quarter of a century in direct support of Mayor Walsh’s critical 2030 housing plan and we hope it becomes a model of how, working together, the public and private sectors can achieve the seemingly unimaginable.”
Designed by acclaimed CBT Architects, the mixed-use development at Parcel 1B will include a 14-story residential building totaling approximately 484,000-square-feet with street-level retail and on-site parking. In addition, a 220-room Courtyard® Marriott hotel with 2,500 square feet of meeting space will be operated by Turnberry Associates. Turnberry has developed more than $8 billion in commercial and residential property, and its diverse hospitality portfolio includes an array of luxury, full-service and select service hotels, including Fontainebleau Miami Beach and Turnberry Isle Miami. The Parcel 1B hotel will be Turnberry’s sixth with a Marriott flag.
“We are honored to play a significant role in this tremendous public-private collaboration and help be a driving force for job creation and economic development in Boston,” said Bill Gorman, Turnberry Associates vice president of select service hotels. “Along with Related Beal and Marriott, we’re excited to bring a new, exciting destination to the Bulfinch Triangle.”
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.
In addition, the company is supporting the city’s 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 55,000 affordable and workforce units.
**For renderings and images in high resolution, please email communications@Related.com.
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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 assets classes and storied local experience in life sciences, commercial and residential development, property management and real estate investments. Related Beal has developed, and is undertaking the development of, some of the most recognized buildings in the area including The Clarendon and One Back Bay, Congress Square and the Quinzani Bakery site in the South End. For more information on Related Beal, please visit www.relatedbeal.com.
About Turnberry Associates: Turnberry Associates is one of America's premier real estate development and property management companies. Founded more than 50 years ago, the company’s diverse projects have revolutionized the living, working, leisure and shopping habits of millions of people across the country. Turnberry Associates has to its credit the development of more than $8 billion in commercial and residential property including approximately 20 million square feet of retail space, more than 7,000 apartments and condominium units, 1.5 million square feet of Class A office space, and in excess of 4,000 hotel and resort rooms. From Turnberry Ocean Colony, Porto Vita, Aventura Mall, Turnberry Ocean Club, Fontainebleau Hotel in Miami Beach and Turnberry Isle Resort in Aventura, to signature properties in Las Vegas, Washington D.C. and the Bahamas, Turnberry Associates is known for superb quality and impeccable service. For more information, visit www.turnberry.com.
Related Companies: (212) 801-1000 communications@related.com
