The developer is Broadway Arts Center LLC, a group headed by theSiperstein and Katz families, operators of Siperstein's, a regionalchain of paint and decorating stores, and the Pereira family,owners of locally based Pax Construction. O'Connor & Co., aWashington, DC-based asset management firm headed by PatienceO'Connor, is overseeing development, marketing and operations, andthe project is being designed by Hellmuth, Obata & Kassabaum incollaboration with Niles Bolton Architects.
With first-phase approvals in hand, the group plans to startactual construction before the end of this year and deliver thephase by spring 2010. Altogether, plans call for three phases and atotal build-out cost in the neighborhood of $315 million.
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