WS Development launches phase II at Chestnut Hill Shopping Center
WS Development recently hosted the ceremonial first crane strikes to demolish the 120,000 s/f former Macy's building, which previously had been home to Bloomingdale's and R.H. Stearns at Chestnut Hill Shopping Center. In its place will stand a new 115,000 s/f building that will include a 31,000 s/f Sports Club/LA Health and Fitness complex. In addition, National Amusements, Inc., a world leader in the motion picture exhibition industry, is working closely with WS Development in developing a new cinema complex that will involve state of the art dine-in, deluxe theatres as well as a restaurant facility utilizing over 40,000 s/f of the former retail space.
The demolition ushers in Phase II of a major redevelopment at the center. The redevelopment will feature a new village-like streetscape with tree-shaded pedestrian walkways, outdoor dining, cafes and new buildings with glass facades overlooking Hammond Pond. For the first time, storefronts will open to both the south facing Rte. 9 as well as to the north facing Hammond Pond. The architect is PCA (Prellwitz/Chilinski Associates) of Cambridge, which previously designed WS Development's Legacy Place in Dedham.
Later this year, construction will begin on Phase III which will include a new 64,000 s/f three-story building located on the site that is currently occupied by City Sports and Century Bank. The first floor of the new LEED certifiable building will include retail stores and restaurants. The second floor will offer restaurants overlooking Hammond Pond. Part of the second floor and the entire third floor will become WS Development's new corporate headquarters. The existing movie theater will be rebuilt to accommodate a mix of additional best-in-class retailers and restaurants.
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