The Viola - Boston
The Peebles Corp. has received unanimous approval from both the MassDOT Board and the Fiscal and Management Control Board of the MBTA to authorize the negotiation and execution of the Station Improvements Agreement for Parcel 13. This is the first new real estate transaction to be approved by either Board in the Baker administration.
“The Peebles Corp. would like to thank the state, MassDOT/MBTA, the city and the community for assisting us in reaching this critical milestone,” said Don Peebles, chairman and CEO. “We are honored to have the opportunity to develop and deliver this transformative project to the historic and inspiring Back Bay neighborhood in collaboration with this forward-thinking Administration.”
Tawan Davis, Peebles’ chief investment officer said, “We are proud to partner with the state of Massachusetts on this unprecedented deal structure; MassDOT and the MBTA worked efficiently and nimbly to structure the terms of the development agreement that incentivizes private investment in public infrastructure. Under our shared and innovative vision, The Viola will become a landmark project, uniting the Back Bay and Fenway communities in many ways beyond transportation.”
Peebles was selected in January of 2015 by MassDOT and the MBTA to develop this critical intersection at the corner of Boylston and Massachusetts Aves. Peebles is proposing a transformative 390,000 s/f mixed-use development that will complement and enhance the existing neighborhoods with its distinctive design and diverse mix of uses. The Peebles team is committed to providing maximum air rights coverage to link the Back Bay and Fenway neighborhoods with its planned lifestyle hotel, 170 residences, retail and parking with two public plazas. Peebles is working with Handel Architects of New York and Boston-based urban design think-tank, Utile Inc., to design the building.
As required by the RFP, a new state-of-the-art, universally accessible Hynes Station will be integrated into the Viola’s ground floor with a new entrance off Boylston Ave. HDR, Inc., an architecture and engineering specializing in transit projects firm, will work with the team as the station designer. The vast majority of the financial obligations relating to the new Hynes Station will be funded by The Peebles Corp.
The Peebles Corporation is a privately held national real estate investment and development company specializing in residential, hospitality, retail, and mixed-use commercial properties. Founded in 1983 by R. Donahue Peebles, the company has become an industry leader with a portfolio of completed and current developments totaling 5 million s/f and more than $5 billion in markets including New York, Philadelphia, Washington D.C., San Francisco, Boston, Miami and Miami Beach.