Leggat McCall Properties, Multi-Employer Property Trust and Bozzuto Development Company to develop 3.1 acres in South End

Harrison Albany - Boston, MA

Boston, MA Leggat McCall Properties, along with their joint venture partner Multi-Employer Property Trust (MEPT), a $7.5 billion real estate equity fund advised by Bentall Kennedy, and development advisor Bozzuto Development Company, filed an expanded project notification form with the Boston Redevelopment Authority for 3.1 acres of land in the South End. The site was purchased from the Boston Medical Center in late 2014.

The Harrison Albany project will bring a multifamily residential project, including 710 new apartments to the city’s burgeoning South End neighborhood. The development will bring additional activity and vitality into the community - rich in social diversity, culinary and modern arts.

The proposed project will include two buildings ranging in height from 11 to 19 stories. The development site spans the block between Harrison Ave. and Albany St., and between East Dedham St. and East Canton St. In addition to the development of new buildings, the existing building at 575 Albany St. will be rehabilitated.

The project will add 14,000 s/f of retail space and 40,000 s/f of office space, as well as increase public open space, provide a green promenade between the two residential buildings and a new public open space next to the Gambro building on Harrison Ave. The existing parking lots will be removed and replaced with underground parking.

As part of the retail, cultural space will be created. The project team views this as an opportunity to embrace the project’s position between the vibrant artist community, historic industrial uses, new small businesses, and the strong residential neighborhood of the South End.

In response to mayor Walsh’s plan ‘Housing a Changing City: Boston 2030,’ calling for additional housing units by 2030, the project will include a mix of market-rate and affordable rentals designed to cater to a broad demographic in the city.

Bill Gause, executive vice president of Leggat McCall said, “We are thrilled at the opportunity to take an underutilized site and create additional housing, public open space, and a bustling street life. We are committed to integrating the project with the vibrant fabric of the neighborhood, including the introduction of ground floor cultural space.”

The project will seek LEED certification, and the construction activity is expected to have a significant economic impact in the metro area while creating green jobs for members of the Boston Building Trades.

“We are pleased to be a part of the transformation of the South End, and to further invest in the city of Boston,” stated David Antonelli, Executive Vice President and MEPT Portfolio Manager at Bentall Kennedy. “Thoughtful, contemporary development will assist in the South End’s ability to continue to attract employers in the creative, health, and educational sectors, and this project will provide a variety of options for future and existing neighborhood residents.”

Located on a main thoroughfare with excellent access to public transportation, restaurants, and entertainment, the site is also within proximity to several employment centers including the Boston Medical Center, Back Bay, the Downtown Financial District, and the Seaport District.

The team filed a Letter of Intent to the BRA in November 2015, following acquisition of the buildings at 660 and 720 Harrison Avenue, 575 Albany, 100 East Canton, and 123 East Dedham in late 2014, as Boston Medical Center implemented a consolidation and renovation of its campus.

Founded in 1965, Leggat McCall Properties is a leading real estate owner and developer, as well as a service provider to corporate, educational, health-care, and other clients in the Greater Boston Area. Leggat McCall Properties has acquired and developed more than 10 million s/f of properties, with an aggregate value in excess of $3 billion. The company specializes in managing development and construction risk, and transforming complex and challenging real estate projects into stable, institutional-quality assets.

Multi-Employer Property Trust (MEPT) is a $7.5 billion, open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in 25 major metropolitan markets across the U.S. Founded in 1982, MEPT is owned by more than 325 institutional investors, including 27 multi-employer and public employee plans in the greater Boston area. Signatory to the UN Principles for Responsible Investment, MEPT is recognized as a pioneer in Responsible Property Investing (RPI) and has been top-ranked globally by GRESB for its environmental performance.

Bentall Kennedy, a Sun Life Investment Management company, is one of North America’s largest real estate investment advisors and one of its foremost providers of real estate services. Bentall Kennedy serves the interests of more than 550 institutional clients and investors across office, retail, industrial, and multi-family properties throughout Canada and the U.S. Bentall Kennedy is a member of UN PRI and is a recognized global leader in Responsible Property Investing. Bentall Kennedy includes Bentall Kennedy (U.S.) Limited Partnership and Bentall Kennedy (Canada) Limited Partnership.

Bozzuto is a diversified residential real estate company focused on creating extraordinary experiences of home and community. They are passionate about inspiring their customers, clients and partners through their expertise in multifamily development, construction, and management, as well as homebuilding. Since 1988, these strong relationships have allowed Bozzuto to acquire, develop and build more than 42,000 homes and apartments while managing more than 54,000 apartment residences. The company is committed to providing quality housing for individuals of all income levels, producing and managing communities that range from luxury homes and apartments to affordable housing solutions.