The 200 luxury-apartment project, located at 10 Faxon Pl. between the President's Place office and retail tower and Quincy College, will be named the Residences at Presidents Place. The complex has 188,106 sf of rentable space and 68,000 sf of underground parking for 203 cars.
Intercontinental is a real estate investment advisor that manages private equity investments, primarily pension funds. This investment represents Intercontinental's first development project for its Real Estate Investment Fund IV, which will be $150 to $200 million in size and is focused on investments in New England.
Intercontinental bought the land from Lincoln Properties for $5.5 million, just prior to beginning construction. The project is being built by Suffolk Construction, from a design by locally based Sheskey Architects. The project was financed in part by Heleba Bank of Germany.
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