QUINCY, MA—In what will be the third recent collaboration between the two firms, Hines and MetLife report they plan to develop a large mixed-use complex here on nearly six acres of waterfront land at Marina Bay.
The project will consist of two, four-story apartment buildings with a total of 352 market-rate units, along with approximately 17,000 square feet of retail space and about 500 parking spaces. The development will include a significant expansion of the boardwalk, as well as retail and dining offerings at Marina Bay. A waterfront pedestrian connection between the boardwalk and Squantum Point Park will also be created. Construction is scheduled to begin in early 2015 and pre-leasing to start in 2016.
MetLife will own a majority equity stake in the project. Hines will develop and co-invest in the venture.
“We are very excited to be involved in the property at Marina Bay in Quincy,” says Robert Merck, senior managing director and global head of real estate for MetLife. “Developing multifamily housing in core urban areas is a key part of our real estate investment strategy, and we are pleased to have a first-class partner in Hines in this joint venture.”
Hines senior managing director David Perry, who leads the firm’s Boston office, says of the new project, “We are pleased to partner with MetLife and respond to the significant demand for new, high-quality rental housing in the Boston area. This is a special site. It represents the last piece of undeveloped waterfront property at Marina Bay. We feel very fortunate to have acquired it. We are committed to delivering a superior product, and we are excited about working with the community and the City of Quincy on this important project.”
CB Richard Ellis–N.E. Partners, LP exclusively represented the seller, Flagship Marina Bay, LLC. CBRE’s Simon Butler, executive vice president/partner and Biria St. John, executive vice president/partner, spearheaded the marketing on the property.
No financial terms on the property acquisition were released.