National Development » Category: 2

Uncategorized

BBJ: Why Ted Tye Is Bullish On A Hotel At Ink Block

Catherine Carlock
Real Estate Editor-Boston Business Journal
February 27, 2015

0227story2tyeted06_304xx1721-2582-0-0
The Ink Block project on the edge of Boston’s South End neighborhood has steadily been gaining momentum, with a 50,000-square-foot Whole Foods and apartment buildings One Ink and Two Ink opening in January. In addition, Three Ink is slated for a March open and another 83 condominiums are on track for September.But a hotel hadn’t originally been a part of National Development’s plans for the block. Earlier this month, the Newton-based developer announced plans to add a 200-room AC Hotel by Marriott on a 1-acre parcel at 223 Albany St., a plot acquired by Ink Block Four LLC in September for $21.3 million. The hotel will boost development costs for the entire project to about $250 million. Boston Business Journal Real Estate Editor Catherine Carlock caught up with Ted Tye, managing director of National Development, to learn more about the hotel.

So you see a hotel as a logical next step. A part of transforming this area is creating this very vibrant street along Harrison Avenue and ultimately Travelers Street. A hotel is a nice next step, and when you try to create a new place — or a transformative type of location — the speed and velocity of that development is very important. You need to have a there there in order for this to happen pretty quickly. And so you can’t build all of the same things; you’ve got to vary your uses.

What convinced you to expand development plans? There were a couple of parcels within the block that we did not own, and we were recently able to acquire them. We were able to acquire a little over an acre of land and add it to the plan.

Why choose a hotel for the block? This was a very industrial, not exactly a friendly place to be, until we started this wave of development. A hotel fits really nicely into that. Having 200 keys in the hotel, the hotel guests will be able to take advantage of all of the amenities of Ink Block and what will ultimately be four or five restaurants. We’ve created a really walkable block, and it has a nice scale to it, and it makes it a nice place for someone to come and stay.

Why select an AC Hotel by Marriott? That flag is very new to the U.S. market. AC was just a great fit with the Ink Block aesthetic — it’s chic and edgy and has a real design edge to it. It has its roots in Europe, and they’re very design-oriented, and they have become Marriott’s entry into the boutique hotel market. There are not any in Boston, and it’s a relatively new concept, but a perfect fit to what we’re doing.

ND to develop 200-key hotel next to Ink Block

National Development Announces European-Inspired Hotel in Boston’s South End Neighborhood

National Development announced plans for a 200-room hotel on Albany Street, adjacent to the company’s new and vibrant Ink Block development. An AC Hotel by Marriott will occupy the former sites of FW Webb and Independent Taxi. National Development has previously acquired both sites. The company anticipates the hotel will begin construction later this year and open in early 2017.

Ted Tye, National Development’s Managing Partner, stated that the vision for the 6-acre Ink Block is becoming a reality. “The character of the neighborhood and its surroundings are quickly evolving. A new community is emerging that not only reflects the vibe, context and culture of the South End, but is representative of where Boston is going,” said Tye. “The response to the recent opening of Whole Foods at Ink Block has been off the charts. With the success of Ink Block and other new development, it is becoming increasingly apparent that the market is demanding these types of dynamic mixed-use projects.”

Both the scale and exterior design of the hotel will create a contemporary feel that works well with National’s four adjacent buildings. Residents have begun to move in to two of the buildings and a third is scheduled to open in March. Sepia, the condominiums at Ink Block, will open in September. According to Tye, “This collection of new buildings is creating amenities like Whole Foods that had not previously existed. The hotel will add yet another element to this emerging neighborhood. Ink Block’s vitality brings another level of energy to the already booming part of the South End.”

With Ink Block’s themes of the South End’s art, music and food, the AC Hotel by Marriott is a perfect complement to what is becoming one of Boston’s fastest growing areas. With roots in Europe, select service AC Hotels are described by Marriott as, “stylish hotels for urban spirits.” The distinguishing characteristics are design-led, urban, cosmopolitan and tailor-made for modern travelers looking for a new way of experiencing and feeling the city. The hotel will include a European-inspired style that defines contemporary hospitality.

Construction is planned to begin in 2015. The project architect for the hotel is Elkus Manfredi Architects. Cranshaw Construction is the general contractor. The management firm for the hotel has not been determined.

About National Development
For over 25 years, National Development has been one of the most active development firms in Massachusetts. Specializing in mixed-use, retail, multi-family, commercial and senior housing projects, National Development and its affiliates have developed over 25 million square feet of space. National Development provides development, construction, asset management and investment services. For more information, visit www.natdev.com or follow @nationaldevelop.

National Development teams with BDG for Cleveland Circle Project

November 17, 2014 — Boston Development Group (BDG) and National Development announced today that they are forming a joint venture to develop the site of the former Circle Cinema at the intersection of Beacon Street and Chestnut Hill Avenue in Boston. The companies will jointly develop the property. Charles River Realty Investors will provide the capital for the project.

Ted Tye, Managing Partner of National Development, stated, “We are pleased to help bring development of this landmark site to fruition. There has been a great deal of effort put forth to date from the City of Boston, Town of Brookline, and the local community. Our combined team will work to move the project forward, with an anticipated mid-2015 construction start.”

Tye and BDG project manager John Meunier indicate that the program for the two building project would be similar to the currently proposed mixed-use hotel, residential and retail plan. The 162-key hotel and 92-unit residential project with retail along Chestnut Hill Ave will have some design modifications, including an overall decrease in building area. The developers plan the residential building as an age-restricted adult community much like National Development’s award-winning Waterstone at Wellesley independent living community in Wellesley Lower Falls, in part to address neighborhood comments.

“We see a huge need for urban residential alternatives for active senior adults,” said Tye. The Circle site’s access to public transportation, retail amenities in Cleveland Circle, Boston College, the reservoir and the adjacent park make it ideal for the hotel and active adult community. We’re strongly committed to excellence in building and landscape design and creating an active streetscape.”

A new design team has been formed. The architect for the project is Boston-based Elkus Manfredi Architects with the Boston studio of Stantec providing civil engineering and landscape architecture. Newton-based Cranshaw Construction is providing pre-development services.

ND and CRRI buy Crosby Corporate Center in Bedford, MA

CHARLES RIVER REALTY INVESTORS AND NATIONAL DEVELOPMENT AQUIRE CROSBY CORPORATE CENTER IN BEDFORD, MA

NEWTON (November 6, 2014) – Charles River Realty Investors and National Development are pleased to announce the acquisition of Crosby Corporate Center for $95.5M. Crosby Corporate Center is a nine-building office park totaling 586,682 sf.

The Park is well-located at the intersection of Route 3 and Route 62 in Bedford, enabling easy access to Burlington’s deep amenity base. Crosby Corporate Center is currently 98% leased to a diverse roster of software, information technology and biotechnology companies, including Aspen Technologies who is relocating from Burlington into 143,000 sf.

Fifty-two percent (52%) of the Park’s leases roll over the next three years, allowing for value creation through tenant retention or by attracting future tenants at increased rents. The property has several unique features that, once improved, will contribute to the unique high tech campus environment including very high ceilings with abundant natural light. In addition, many of the buildings are interconnected through a series of above and below-grade tunnels.

To enhance the overall tenant experience, Crosby will be re-positioned as a Silicon Valley-like tech environment with new ownership implementing a $5 million capital program focused on high-impact aesthetic improvements. Future upgrades will include new park signage and branding, additional parking, new outdoor amenities and landscape improvements, façade renovations and updates to fitness facilities and cafes.

The property sale was effectuated by Eastdil Secured.

About Charles River Realty Investors
Charles River Realty Investors, formed in 2006, is a private equity real estate investment firm that employs the extensive operating and investment experience of its team to make value-added real estate investments on behalf of its institutional clients. The firm is currently investing Charles River Realty Fund II REIT, LLC, a $255 million discretionary fund comprised of educational endowments, foundations, pension funds and family offices. The firm has completed over $1.5 billion in investments. See www.crreal.com

About National Development
For over 25 years, National Development has been one of the most active development firms in Massachusetts. Specializing in mixed-use, retail, multi-family, commercial and senior housing projects, National Development and its affiliates have developed over 20 million square feet of space. The firm’s current high profile projects include Ink Block South End, Longwood Center, MarketStreet Lynnfield and University Station in Westwood. National Development provides development, construction, asset management and investment services. See www.natdev.com.

ND and CRRI buy 208,000 sf office building in Westwood, MA with JV partners

A joint venture of National Development/Charles River Realty Investors, New England Development and Eastern Real Estate announced the acquisition of 105 Rosemont, a 208,134 square-foot office building in Westwood, MA. 105 Rosemont is a vacant, three-story office building, once fully leased to State Street Corporation, that will be repositioned to meet the demands of today’s office tenants. The building offers large, flexible floor plates with space ranging in size from 25,000 to 208,134 square-feet.

The property is situated adjacent to University Station, which is also owned in part by the four partners in this transaction, and will be linked to the mixed-use, retail-focused development by a pedestrian connection. University Station, opening in early 2015, will feature 750,000 square-feet of retail, including Wegmans, Target, Nordstrom Rack, Sports Authority, and multiple new fast casual and high end restaurants. There will also be a state-of-the-art 135,000 square-foot Lifetime Fitness facility.

105 Rosemont has easy access from Route 128/I-95. The office building is also a short walk to the Amtrak/MBTA Route 128 Station, which offers commuter rail service to downtown Boston in 16 minutes and high speed Amtrak service to Providence, New York and Washington. This unique combination of strong demographics, amenities, unparalleled access and scenic views make 105 Rosemont an ideal office location for a wide range of local and national companies.

The new ownership will be making a significant capital investment to upgrade the building which will include a complete renovation of the main lobby to include a new café, fitness center and locker rooms, new glass curtain wall facade and outdoor landscape and signage enhancements. The new lobby will feature a green wall and stadium seating. The building is in the process of being re-branded as part of this extensive transformation and is available for immediate occupancy. Cushman & Wakefield is handling the leasing for the ownership group.