HINGHAM, MA-A former shipyard that once employed 300,000 people will become a master-planned community now that four developers have joined forces. The $250-million project aims to turn the 120-acre waterfront site into a mix of commercial and residential uses.
Sea Chain LLC, which bought the shipyard in 1997 from Bethlehem Steel, has teamed up with Alexandria, VA-based AvalonBay Communities, Roseland Property Co. of Short Hills, NJ, and Samuels & Associates of Oakland CA, to develop the property in what will be the second shipyard conversion announced in the Greater Boston area this year. Last month, auto dealer Dan Quirk said he plans to turn Quincy's Fore River Shipyard, once operated by General Dynamics, into a similar master-planned community.
The Hingham project, which is expected to be completed by the fall of 2008, will include 240,000 sf of retail and office space, 246 apartment homes and 94 condominiums along with an eight-screen, 1,200-seat movie theater and daily commuter ferry service to Boston. Quirk, whose 110-acre site in Quincy will undergo a similar transformation, is expected to unveil a master plan for the Fore River Shipyard later this year.
"It's a one of a kind site," Michael Roberts, vice president of development for AvalonBay, tells GlobeSt.com. "It's pretty unique to have 130 acres of completely redeveloped land on the water with a commuter ferry to Boston."
AvalonBay will spend about $48 million to turn a portion of the property into 235 one- and two-bedroom townhouses and apartments known as Avalon at the Hingham Shipyards, Roberts adds. That project, which will include a clubhouse and exercise facility, community meeting room, indoor sports court and an outdoor pool.
Roseland Property will build 150 for-sale townhomes on the site, while Samuels & Associates will construct 240,000 sf of retail and office space along with 94 condominiums. Joel Skler, a principal with Samuels & Associates, tells GlobeSt.com that the company currently is in negotiations with several realtors and restaurant groups but has not yet finalized any arrangements. "There's been a tremendous amount of interest." He adds that about 37,000 sf of the project will be earmarked for restaurants with 40,000 sf slated for office uses.
"What the South Shore is lacking is a truly mixed-use place that reconnects people to the waterfront where they can come and have a dining and entertaining night out," Skler continues. "We think this is an opportunity to provide that." Sea Chain LLC will continue to operate the on-site marina. A new commuter rail parking lot will also be built as part of the project's planned improvements.
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