While Houston-based Hines boasts more than $13 billion in assets, Jim English, senior vice president of Raymond Property emphasizes that the deal is a 50/50 agreement. He says that the partnership will be looking to do residential developments of "significant size" which he defines as over 100 units per location.
English points out that the deal makes sense for "a lot of reasons. We have a good deal of experience in Boston in permitting, designing and constructing residential developments. Hines has the national capacity for the construction and financing of large scale projects."
English notes that they are currently looking at lots in Downtown Boston on the waterfront, in the Fenway and in Charlestown. The venture is also interested in properties in the Route 495 area within Route 128. He says that finding vacant lots in the city requires creativity but he adds that his company has "confidence in the market here. We think it's very strong."
Raymond is currently developing a 160-unit project in Ipswich that includes an 18-hole golf course and a 25-room inn on a 311-acre parcel. The company is also in the process of developing a 49-unit project in Brookline. Hines is best known locally for developing 500 Boylston St. and 222 Berkeley St.
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