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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