Designed by local architects Cambridge Seven Associates Inc., the construction will preserve elements of the landmark structure, such as the stone exterior, and also include an underground parking garage that will be shared with the Yawkey Center for Outpatient Care, a recently opened addition to nearby Massachusetts General Hospital.
The project has faced several hurdles since its conception, including financing and construction issues which drove construction costs up from $80 million to $100 million since Friedman received city permits for the project in 2002. MTM Management LLC of Seattle will manage the property. Friedman, chief executive of Carpenter & Co., which is spearheading the $100 million transformation, also owns the luxury Charles Hotel in Cambridge's Harvard Square.
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