News: Owners Developers & Managers

Roseland Residential Trust breaks ground on 145 Front St. at City Sq.

Groundbreaking at 145 Front Street - Worcester, Mass.Worcester, MA Roseland Residential Trust held a groundbreaking ceremony with public officials for 145 Front St. at City Sq. This project is the first of two phases, when complete it will be comprised of 365 apartment homes, phase one includes 237-apartment homes. It is a key component of the master-planned, mixed-use development that is revitalizing the city’s downtown. Roseland anticipates a third quarter 2017 completion of this community. The project team includes Erland Construction and ICON Architecture.

The residential community will be a draw for the many young professionals flocking to the revitalized Worcester, New England’s second largest city. The property will feature studio, one-, and two-bedroom units, with a range of amenities, including an outdoor swimming pool with a sundeck, a courtyard with fire pit, barbecue grills, a dog run, and more. The building will also have a full-time concierge, a fitness center with on-demand yoga and spinning services, and a clubroom with billiards, computers, a lounge area, and a game room. Additionally, there will be 10,000 s/f of retail space.

 The full mixed-use project includes a new hotel, public parking garage, and significant additional retail space. Downtown Worcester is located steps from the Worcester Common and the new transportation hub at Worcester’s Union Station offering multiple transport options, including Massachusetts Bay Transportation Authority (MBTA) trains, Amtrak, and bus service.

The MBTA offers service to Boston’s South Station in approximately 90 minutes.

“Creating a vibrant downtown residential community gives our growing workforce the high-quality homes they need, and today marks a major milestone in Worcester’s continuing renaissance,” said mayor Joseph Petty.  “Downtown’s transformation is made possible by partners like Roseland who are committed to making projects like this one a reality, and we look forward to continuing to work together for years to come.”

 “This development brings a new dimension in luxury living to the rapidly growing downtown Worcester area – an unrivaled set of amenities, convenience, and a high-end lifestyle,” said Andrew Marshall, president and chief operating officer of Roseland Residential Trust. “This property and the entire development will make Worcester the quintessential urban live-work-play environment, and we are thrilled to be a part of it.”

This property is expected to be especially attractive to Worcester’s growing workforce in advanced manufacturing, information technology, biotechnology, and healthcare. There are a number of significant private and public sector employers in Worcester, including St. Vincent Hospital, UMass Memorial Medical Center, and the Massachusetts College of Pharmacy and Health Sciences. The area is home to 12 colleges and universities with more than 35,000 students.

“The momentum of Downtown Worcester is plain to see, and the addition of Roseland’s high-quality, market rate housing will only build on that energy,” said city manager Edward Augustus, Jr. “This is a great example of smart growth, bringing hundreds of people downtown to live near our intermodal transit hub, where they can take a bus across the city or an express train into Boston. As we continue to build density and downtown increasingly becomes a genuine neighborhood, I see even more great things on the horizon.”

Roseland’s focus on developing in downtown areas is readily apparent elsewhere in Massachusetts as well. The company is building Portside at East Pier in East Boston where it is redeveloping a stretch of waterfront property on Boston Harbor. Portside at East Pier is comprised of 181 apartment homes that are fully occupied, 296 that are currently under construction, and an additional future phase which will likely include a mix of apartment homes, condos, a hotel, and multiple public amenities. Roseland is also constructing The Chase II at Overlook Ridge five miles north of Boston. Chase II is a 292-apartment home community and part of a master-planned community, currently comprised of 1,400 apartment homes, and approved for a total of approximately 2,800 apartment homes.

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