We’re seeing great progress within City Centre Warwick, a transit-oriented development near Green International Airport. Hyatt Place, a $25 million project, opened this summer. Iron Works Tavern was purchased for $10 million by Newport Harbor Group. A NYC-based company bought the Hilton Garden Inn. Its prior owner has plans to develop a Home 2 Suites adjacent to the property
In 2019 the market will be soft with a 5-10% decrease in sales and leases.
We assisting the MBTA with the Green Line Extension (GLX) project. It has been an amazing experience working on this multi-faceted, important project. Our environmental team looks forward to continued success of GLX in the future.
Marching toward completion on Brio, our luxury condominium project in the Hingham Shipyard.
Building on the second half of 2018, I believe in 2019 we will see a steady growth of life science (biotechnology/pharmaceutical) companies moving their operations to locations outside the city centers to welcoming towns on the outskirts of the city (Norwood, Burlington, Waltham, Andover) taking advantage of the structures left from a bygone era.
My most memorable project in 2018 involved obtaining the approvals for the Farm Pond Framingham Housing project. The project consists of 210 apartments. The approvals included zoning board of appeals’ variances and special permits, as well as planning board special permits and site plan review. The housing project is presently under construction.
The most notable transaction of 2018 was the consummation of the sale of 84 Old Tower Hill Rd. in Wakefield, R.I. This transaction involved the sale of the former Fred Smith automobile dealership, which was one of the last under developed parcels of commercial land in town. The property consisted of five acres with an older dealership building. The process began by
Ultimately, interest rates will impact what the year will look like as a whole, but I do think we’ll continue to see the redeployment of existing buildings converted into apartments and office space.
I also think we’ll see more historic and old warehouse space utilized for mixed-use with residential components. Rhode Island also has room and a demand for additional housing
Our most notable transaction for 2018 was the sale of 28 Fenway in Boston which was brokered by our Colin Moynihan, senior partner capital markets. The building is a former MIT fraternity house with approximately 17,500 s/f with adjacent parking and is located in the rapidly gentrifying Fenway neighborhood of the city.
The completion of construction of the 200,000 s/f clinical development manufacturing facility for Moderna Therapeutics in Norwood, Mass. As the architect-of-record, we faced many challenges in all phases of design, but the team successfully delivered the project on time for a production start for Moderna in July.
