Simon seeks approval for 774,000 s/f expansion of Copley Place Tower
Simon Property Group is looking to expand Copley Place, adding 114,000 s/f of retail space and 660,000 s/f of residential space. The proposed addition will push the current retail space into the plaza at Stuart and Dartmouth St. with a 54,000 s/f expansion of Neiman Marcus, which currently resides in 115,000 s/f in Copley Place. Another 60,000 s/f will be added for other shops, restaurants and a public wintergarden.
On top of the retail component, the proposed design calls for the addition of 280 units for residential use in a tower--including the lower retail floors--that will top out at 47 stories. The units are currently in the works to be designed as condominiums with the hope of attaining a Silver LEED certification, with features, among others, that include rainwater storage, high-efficiency lighting and operable windows--which naturally ventilate the building in order to reduce the burden on heating and cooling systems--among others, to be determined.
The mixed-use facility still needs approval from the citizen advisory council and requires permits from the city. The approval process should last the summer and the developer estimates--if the project is approved--by the fall a timeline can be set for the project's completion.
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 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!
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 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