Newton Tech Park to be Transformed Into Mixed-Use Complex

NEWTON, MA—After securing unanimous support from the Board of Alderman, Crosspoint Associates is set to begin construction on the redevelopment of a major portion of the Newton Technology Park complex here into a mixed-use complex.

Officials with the developer say that the plan calls for the redevelopment of the front two buildings in the three-building 160,042-square-foot office complex. The front two buildings—141 and 165 Needham Street—will be converted from 109,000 square feet of office space to approximately 87,000 square feet of retail space. The 153 Needham St. property will undergo some capital improvements, but will remain office-laboratory space. The total cost of the redevelopment project is approximately $15 million. Construction is to begin this month on the project with retail tenants taking occupancy by the summer of 2016. Crosspoint received a 20-0 Board of Aldermen vote for the redevelopment project on April 24.

Kerry McCormack, director of development for Crosspoint Associates of Waltham, MA, says the future mixed-use complex will be rebranded Newton Nexus. The property is currently virtually vacant after TripAdvisor vacated the front two buildings and a portion of the rear building, he says. Trip Advisor relocated to its new nearly 281,000-square-foot build-to-suit space at The Center 128 West property in Needham at the end of July. McCormack estimated TripAdvisor had leased approximately 120,000 square feet at the Newton Technology Park.

McCormack tells Globest.com that his firm is in final negotiations with a small grocer, dry goods retailers, and a few restaurants at the Newton Nexus property. He would not divulge the identity of the tenants, but said announcements could be forthcoming in a few weeks. He says that Crosspoint is finalizing a lease for approximately 20,000 square feet of space at 165 Needham St. with a retail market and has a commitment from a dry goods merchandiser for 45,000 square feet at 141 Needham St.

“We are going to probably start construction on about the week of 8-17 and we are hopeful to be able to announce the two tenants (at that time) as well,” he says.

Crosspoint and joint venture partner BayNorth Capital, LLC of Boston purchased the former Polaroid complex in 1999. The industrial buildings were originally constructed in the 1950s.

The company has other holdings in the vacinity. Crosspoint acquired 180 Needham St, a 7,600 square foot-mixed-use retail office building last December and also owns 188 Needham St. and 210 Needham St. Last year, the company renovated 210 Needham St. for HomeGoods and relocated Modell's to the rear of the 188 Needham St. property.

McCormack says that Crosspoint is relocating parking from the street to inside the Newton Nexus property and is bringing storefronts to the minimum 15-foot setback from the street. He said that will “activate the street by putting restaurants out on the street. We will do outdoor patio spaces, we will have outdoor congregating areas, and we will have an arbor built into the program that will screen the parking from the street and provide outdoor congregating areas as well.”

He continues, “We have made this interior courtyard parking space that we can actually cordon off and create community event space in the summer and the weekends. We tried to incorporate a lot of the things that were important to the city.”

There is currently one tenant occupying the 55,000 square feet of office space at the complex. McCormack says he is confident that the company will be able to fill the remaining vacant space. He adds that the company is looking to lease the space to multi-tenants.

Last week, Crosspoint announced that Jon Shepherd is the company's new CFO. He has an extensive background in real estate investment and developmen and will focus on all financial aspects of the company with specific responsibility for reporting, project financing, cash and debt management, risk management, tax planning and various human resource functions. He holds a B.S. degree in business administration from Northeastern University, has been a board member and treasurer of the Friends of Lowell High School and currently serves as treasurer for the Connor Flanagan Foundation.