News: Owners Developers & Managers

Erland Construction holds topping off of $62 million Summer House project

Representatives of the F. D. Rich Company and Erland Construction gathered with more than 100 subcontractors to celebrate the topping off of the $62 million Summer House project located at 184 Summer St. in downtown. This traditional building ceremony signifies the end of steel construction when the project has reached its ultimate height. The late morning event, which took place on the job site, included brief remarks by Thomas Rich, president and CEO of F. D. Rich Co., along with Eric Greene, vice president & regional manager of Erland. Attendees also signed a steel beam, which was then raised into place as part of the ceremony. Summer House is a 22-story apartment complex that, at 250 feet in height, will become the city's tallest rental building. It is comprised of 226 apartments; a five-level garage; and a 23rd floor rooftop terrace featuring grills, outdoor seating and entertaining space with 360-degree views of Long Island Sound, the New York City skyline and Connecticut countryside. The project also includes a fully equipped amenity floor with a 40-foot lap pool, state-of-the-art gym, outdoor terraces, yoga room, an entertaining kitchen, multiple seating areas and even a place to groom your dog. The project was created by the F. D. Rich Co., New York-based H.I.G. Realty Partners and The Andalex Group with financing provided by U.S. Bank. The architect is Lessard Design of Vienna, Virginia and Erland is the construction manager on the project. Construction began in 2013 and initial occupancy is expected for August 2015. Founded in 1920, F. D. Rich Company is a privately owned enterprise whose primary focus is the development, acquisition and management of real estate. It specializes in the creation of complex mixed-use urban and suburban development projects that contain office, hotel, retail and residential space. The company, now in its third generation of leadership, partners with world-renowned architects, planners, hoteliers, business leaders and communities to create environments recognized for their superior quality and design. The ANDALEX Group specializes in the acquisition, development and management of commercial, retail and residential properties in the United States, as well as gaming resort properties in the United States, South America and Central America. The company's investment portfolio had success in every kind of market condition, with the kind of broad-based diversification that integrates large-scale real estate management expertise, construction and capital improvement, strategic leasing and proprietary investment and development. To date, ANDALEX has completed over 15 million s/f of acquisitions and dispositions since inception. Erland Construction, with offices in East Windsor, Conn.; Stamford, Conn.; and Burlington, Mass., is the region's leading open shop construction management and general contracting firm. The company has the specialized expertise for new construction, additions and renovations in major market sectors including multi-unit residential, office, academic, commercial and healthcare.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
READ ON THE GO
DIGITAL EDITIONS
Subscribe
STAY INFORMED FOR $9.99/Mo.
NEREJ PRINT EDITION
Stay Informed
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Newsletter
Columns and Thought Leadership
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents<br> the First Annual Project of the Year Award! Vote today!

The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!

The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary