Hines and MetLife to develop multifamily complex in Massachusetts
Hines is to develop a multifamily housing complex along 5.83 acres of waterfront in Quincy, Massachusetts.
MetLife will own a majority equity stake in the project. Hines will develop and co-invest.
CB Richard Ellis - N. E. Partners exclusively represented the seller, Flagship Marina Bay.
The project will consist of two, four-story apartment buildings with a total of 352 market-rate units, approximately 17,000 square feet of retail space and approximately 500 parking spaces. The project will include a significant expansion of the boardwalk, as well as retail and dining offerings at Marina Bay. A waterfront pedestrian connection between the boardwalk and Squantum Point Park will also be created. The project will provide shuttle service to the nearby North Quincy MBTA station and will have views across Dorchester Bay to downtown Boston, the Back Bay and the Seaport District.
Construction is scheduled to begin in early 2015 and pre-leasing to start in 2016.
"We are very excited to be involved in the property at Marina Bay in Quincy," says Robert Merck, senior managing director and global head of real estate for MetLife. "Developing multifamily housing in core urban areas is a key part of our real estate investment strategy, and we are pleased to have a first-class partner in Hines in this joint venture."
Hines senior managing director David Perry, who leads the firm's Boston office, says: "We are pleased to partner with MetLife and respond to the significant demand for new, high-quality rental housing in the Boston area. This is a special site. It represents the last piece of undeveloped waterfront property at Marina Bay. We feel very fortunate to have acquired it. We are committed to delivering a superior product, and we are excited about working with the community and the City of Quincy on this important project."
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