100 Arlington St | Congress Group | Back Bay

change to residence and PNF

lattest update
Arlington CFII, LP, a joint venture between affiliates of The Congress Group, Inc. and AREA Property Partners, has filed a project notification form with the BRA to reuse the existing building at 100 Arlington Street. Currently used as a charter school, the site is located near the Park Plaza Hotel and is bounded by Arlington Street, Stuart Street and Piedmont Street.

The development team proposes to convert the building into a multi-family residential building with approximately 128 rental units. The ground level of the building will include the residential lobby as well as approximately 10,000 square feet of retail space.

The public comment period runs through Friday, July 30, 2010. Comments should be sent to Geoff Lewis, Senior Project Manager, geoffrey.lewis.bra@cityofboston.gov.
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the PNF is now online:

http://www.bostonredevelopmentautho...ngton Street/PNF/100 Arlington Street_PNF.pdf
 
Third time's a charm. Forget office building, forget hotel, now residential, although it remains to be seen, will they do apartments or condos?

And, those of you who questioned the finances, the Herald article points out that the Congress Group paid $45 million but sold it for $30 million to Related (although they retained partial ownership).

The Arlington
Boston Herald
Greg Turner
Hub developer Dean Stratouly has brought in a new partner — New York real estate giant Related Cos. — to help him finish turning an old charter school into luxury apartments in Park Square.

Stratouly’s Congress Group “recapitalized” the Back Bay project this week, with Related now a joint venture partner to convert the 14-story, H-shaped building at 100 Arlington St.

“We are bringing them in both for capital and keying off the success they’ve had at One Back Bay and The Clarendon,” Stratouly said yesterday, referring to Related’s posh condo and apartment tower two blocks away.

The former Boston Renaissance Charter School will become “The Arlington,” with 128 units expected to be ready to rent next summer, Stratouly said.

A Congress Group affiliate sold the property to Related for $30 million after buying it from the charter school, which relocated to Hyde Park, for $45 million in 2010. Stratouly will maintain an ownership stake in the new venture.

“There is a paper loss at this point that we hope to catch up after the project is completed,” Stratouly said.

The Congress Group cut ties with its previous partner, New York-based real estate fund manager AREA Property Partners.

Related executive Justin Metz said his firm’s investment in 100 Arlington shows its “long-term commitment to Boston and execution-focused investment strategy.”

The project — across Stuart Street from the Park Plaza Hotel & Towers — won city approval in November 2010, but interior work just started this past January. The 1926 building’s limestone-and-brick facade will soon be “freshened up,” Stratouly said.

A 215-seat restaurant called Liquid Art House has already signed up for the building’s ground-floor retail space, which features two-story arched windows.

The Congress Group developed the 33 Arch St. downtown office building and the Embassy Suites Hotel at Logan Airport. Stratouly also played a key role overseeing the development of the South Boston convention center.
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Looks spiffy so far. I always enjoyed the top floors' design of this building.
 
Agreed. A very handsome building and the ground floor retail will be great for the area.
BeeLine, thanks for all the updates!
 
From yesterday. I just realized that this building started out as the home of the Boston Consolidated Gas Company. As you can see the new windows are going in.

IMG_9132
 
Before it was the gas company building, the gas company had a tank on site. I have never seen a picture of it, but maps do show it. It made sense to have it there becuase this was a borderland industrial area pre-1920.
 
This building looks great. I was not crazy about Mr. Stratouly 33 Arch Development
but this investment looks like a no-brainer.
 
It's a wonderful addition to the area...but from everything I know and have heard it will not be a winning investment for Mr. Stratouly. Paid too much and is taking a bath on construction.
 
DS is Dean Stratouly, the developer.

BBJ: You’ve partnered with The Related Cos. to turn a former charter school into apartments. How much will be rents be?

DS: They will be comparable to rents at The Clarendon,$6 per square foot.

BBJ: That’s even more expensive than rents being talked about in the Seaport District at $4 per square foot.

DS: This is condo-style living with an amenity package that will be second to none,including a basketball court,a weight room,and a doggy day care center.
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http://m.bizjournals.com/boston/real_estate/2013/04/dean-stratouly-on-his-new-park-sq-apts.html
 
BBJ: Do you think anything can stop the rapid growth of residential projects under construction?

DS: Yeah, that loon in North Korea could start shooting things.
 
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