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Didn't see this posted anywhere...

Offices proposed for charter school site
By Casey Ross
Globe Staff / September 24, 2009

Boston Developer Dean Stratouly wants to turn the Boston Renaissance charter school building in Park Square into an office tower with retail on the ground floor. Stratouly, president of the Congress Group, has submitted a plan to the city that calls for a top-to-bottom modernization of the 13-story building at 100 Arlington St., which he purchased for $45 million last year. The Renaissance school is moving from the midrise to a new facility in Hyde Park next September. The building previously housed the University of Massachusetts.

The building would be renovated into 210,000 square feet of office space. Initially, Stratouly considered adding several floors to the building, but gave up because of concerns about neighborhood resistance and the building?s architecture. It was built in 1899 and renovated in 2000.

Stratouly, a veteran developer, built the office tower at 33 Arch St. and completed an extensive renovation at the high rise at 28 State St., along with several large developments in the metropolitan region.

The project at 100 Arlington still must be reviewed by the Boston Redevelopment Authority, which will hold meetings to take input from neighborhood groups.

http://www.boston.com/business/articles/2009/09/24/offices_proposed_for_charter_school_site/
 
BostonYoureMyHome said:
Didn't see this posted anywhere...

Offices proposed for charter school site
By Casey Ross
Globe Staff / September 24, 2009

Boston Developer Dean Stratouly wants to turn the Boston Renaissance charter school building in Park Square into an office tower with retail on the ground floor. Stratouly, president of the Congress Group, has submitted a plan to the city that calls for a top-to-bottom modernization of the 13-story building at 100 Arlington St., which he purchased for $45 million last year. The Renaissance school is moving from the midrise to a new facility in Hyde Park next September. The building previously housed the University of Massachusetts.

The building would be renovated into 210,000 square feet of office space. Initially, Stratouly considered adding several floors to the building, but gave up because of concerns about neighborhood resistance and the building?s architecture. It was built in 1899 and renovated in 2000.

Stratouly, a veteran developer, built the office tower at 33 Arch St. and completed an extensive renovation at the high rise at 28 State St., along with several large developments in the metropolitan region.

The project at 100 Arlington still must be reviewed by the Boston Redevelopment Authority, which will hold meetings to take input from neighborhood groups.

http://www.boston.com/business/articles/2009/09/24/offices_proposed_for_charter_school_site/
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The last development I remember this Developer building was 101 Arch Street. Did not like this building at all.
 
TheRifleman said:
The last development I remember this Developer building was 101 Arch Street. Did not like this building at all.
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this building you dont like???
108265.jpg


a skyscraper built in the style of boston's old look and preserving the facade of a beautiful and historic/old building??

jeez what the heck were they thinking?!??!?!?
 
Last edited:
eljusticiero67 said:
a skyscraper built in the style of boston's old look and preserving the facade of a beautiful and historic/old building??
Click to expand...

A lot of people on this forum tend to dislike this building. I think it's a great building that looks great up close as well as areal views. I think the size is perfect for the location and it works in all seasons both night and day.

As far as the article, I am confused. The first line states:

"Boston Developer Dean Stratouly wants to turn the Boston Renaissance charter school building in Park Square into an office tower with retail on the ground floor."

But then the globe reports shortly after:

"The building would be renovated into 210,000 square feet of office space. Initially, Stratouly considered adding several floors to the building, but gave up because of concerns about neighborhood resistance and the building?s architecture."

So is he planning a tower or not?
 
He's planning a renovation to office space. It's already a 'tower' in the author's words...

This project is a guaranteed loser financially. The developer is going to get creamed. He paid way too much- in excess of $40 million. Office rents are only going to be in the mid-40s, which nets him low 30s after expenses. Even if it were 90% leased it would still be a dog. The guy will need to drop $10-20 million into the building and that's conservative. He's already underwater if you value the building based on a cap rate of 8%.
 
eljusticiero67 said:
this building you dont like???
108265.jpg


a skyscraper built in the style of boston's old look and preserving the facade of a beautiful and historic/old building??

jeez what the keck were they thinking?!??!?!?
Click to expand...

Yeah, but they let the weirdest people work in that building. ;)
 
sidewalks said:
He's planning a renovation to office space. It's already a 'tower' in the author's words...

This project is a guaranteed loser financially. The developer is going to get creamed. He paid way too much- in excess of $40 million. Office rents are only going to be in the mid-40s, which nets him low 30s after expenses. Even if it were 90% leased it would still be a dog. The guy will need to drop $10-20 million into the building and that's conservative. He's already underwater if you value the building based on a cap rate of 8%.
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In this market, what do you think... cap rate of at least 9.5%?
 
You might be able to get away with a 9% cap...you might even get an 8%...but there are so few transactions it's hard to get a firm handle on the situation...either way, he'll be hardpressed to get tenants to fill it and those he does find probably won't be AAA credit which will hurt the value of the asset
 
Yeah, its that combined vacancy rate and credit risk that makes me want to push it into the nines.

p.s. that, plus the Boston Gas site is a little in left field for Class A space.
 
Its ok. Short commute and all.
They just spent a boatload putting on a "Parisian" style canopy on the Summer St side and then put the friggin address on it crooked.
My biggest bitch is that the drinks at Vinalia are over priced and I have to walk an extra block to get to JJ Foleys.
Sorry. I'm cranky. It is almost my nap time.
 
Don't worry, Toby will settle down once he has a serious girlfriend.
 
1) What happened to the money the state loaned/gave to the Renaissance School back in the 1990's when it was first built, did they have to pay any/all of it back and is any of this money going toward the new school in Hyde Park?
2) What is the relationship between Mayor Menino and the builder of the Hyde Park school?
3) What is the relationship between the mayor and Mr Stratouly?
4) Could 100 Arlington be turned into a boutique hotel? Would that bring in more money to the developer? Why not do that, instead?
5) Which causes more problems between neighbors and developers - hotels or office space?
 
IAM thinking that MR TM Mayor and MRStratocastouly are frends ifthey make the nice music together. AND YOU SHULD NOT JUDGE THEm for this. BUT.

Putting up Supermans Building here looks NICE like old Iron Monger building Sqare in NYC. Especially you SMASH ugly brick flee box being nextdoor for the big footprince. AND put the neons there too.
That is what iam seeing here.
 
good questions John...Stratouly's plan was originally a hotel. he must believe that market conditions no longer warrant that approach. No idea who the builder of the hyde park school is...doesn't seem relevant...this was a market deal. Don't know how much the school was required to pay back to the state...
 
This will be the test of whether the Bay Village association is the paper tiger it showed itself to be on the Stuart St. project. I am amazed that Stratouly is talking about this now, rather than say, in mid-November. I can picture the Mayor angrily slamming his fist saying: "Nein, nein, nein, nein!" (Whoops. Sorry. That was the movie I saw Saturday night.)
 
I think the BVNA approved the change to office and the plan to maintain the current height...what's the controversy?
 
You are right. If the envelope isn't changing, there shouldn't be one.
 
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