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Thursday, June 17, 2021

Quincy Three Major Private Downtown Projects Announced

Three Major Private Downtown Projects Announced

QUINCY, MA – June 17, 2021 - Mayor Thomas Koch and two Boston developers today announced plans for three major new downtown redevelopment projects totaling more than $300 million in private investment and including preliminary plans for a performing arts center on vacant City property. Tremont Asset Management Managing Partner Sam Slater and Broadway Hospitality Group President Joey Arcari detailed the three projects that will dramatically transform the western side of Hancock Street in the heart of downtown with more than 800,000 square feet of retail, housing, and entertainment development. “This is the kind of generational private investment that will continue our downtown’s resurgence as the economic engine for the entire region south of Boston. I’m thrilled to be working with these partners, and look forward to beginning the formal process with my colleagues on the City Council and the community,” said Mayor Koch. “We’ve made extraordinary progress bringing downtown back, but we have plenty of work to do in the months and years ahead.” Slater will propose a 15-story, 204-unit residential tower, designed by CUBE3, that includes 8,000-square feet of retail and restaurant space at 1469 Hancock Street. The property is known locally as the Arcade Building and is currently home to vacant office space and discount furniture stores. That development will pair a few addresses away with Arcari’s plans for a 7- story building that includes housing, co-working space, and a two-floor restaurant at 1445 Hancock Street, currently the home to a Family Dollar store. The City will move to purchase two small properties that separate the project sites to create a 15,000-square foot public space that will provide an open-air gathering spot and a gateway to development planned behind Hancock Street. Plans for one of the retail spaces at Slater’s 1469 Hancock Street will seamlessly connect with the future park, adding dynamic outdoor patio or dining space that will further activate the area.Mayor Koch has also designated Slater as the developer for what is known as the Messina Lot, a City-owned parcel currently used for parking at the intersection of Hancock Street and Walter Hannon Parkway. There, Slater is in the initial phases of developing an innovative concept for a mixed-use 500,000 square foot building that would include a three-level performing arts center and residential space. Slater is already heavily invested in Quincy, with a $100 million residential building at 61- 71 Hancock Street that is located at the City’s gateway from Boston, just over the Neponset River Bridge. “Quincy’s culture, community, and accessibility have established it as one of the best places to live in Massachusetts,” said Slater, who is also partner of Burn Later Productions. “We are thrilled to add critical new residential and retail options in the city, and work with Mayor Koch on his visionary plans for a future park along Hancock Street and a performing arts center downtown to further improve and develop the area. We look forward to meeting with the community and city agencies as these plans take further shape and we work together to progress the future of this exceptional downtown.” The initial concepts for the performing arts center are based in great part on programming recommendations made by a master planning committee convened by Mayor Koch as part of Quincy400, a citywide visioning exercise tied to the 400th anniversary of the City’s founding, which will be celebrated in 2025. While still preliminary, the vision calls for the facility to be able to accommodate major acts and performances while at the same time providing space for various local cultural and arts groups. “In every survey we conducted as part of Quincy400, in every neighborhood meeting we held, it was by far the one thing the community raised most often – the City needs a viable cultural and entertainment center,” said Mayor Koch. “We have much work to do make this is a reality, but this is a crucial first step and sets the stage for an exciting process moving forward.” Arcari is the founder of the Tavern In The Square group of restaurants and currently owns 15 restaurants with another 6 under development. He and his partners made the foray into real estate development within the last decade and have completed a number of projects in Boston. He’ll call the two-floor restaurant anchoring his development The Hancock, and it’ll include a open-air mezzanine level. “What we’re doing is going to be unique to Quincy, and I could not be more eager to be part of what I believe to be one of the great economic development opportunities anywhere in the region. I look forward to continuing to work with Mayor Koch and the community to making our shared vision a reality,” he said. About Tremont Asset Management: Tremon Asset Management is a Boston-based developer, owner, and manager of luxury housing options in Brookline, Back Bay, Brighton and elsewhere in the region. Tremont Asset Management operates alongside and in association with Slater Family Holdings. Formed in Boston in the 1930s, Slater Family Holdings owns, develops, and manages office, industrial, senior-housing, and agricultural properties, as well as 3,500 multi-family residences across the nation. In Greater Boston, the Tremont Asset Management team, led by Slater, is developing the Stratus Residences, which are part of an 11.6-acre master-planned hilltop community in Brighton, and Babcock Place, a residential community in Brookline’s Coolidge Corner.

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