Re: New Building Proposed for Newbury Street
Newbury St. garage site to get ritzier
By Scott Van Voorhis
Thursday, November 22, 2007
It?s boom times on Newbury Street with a pair of developers pushing a plan for the first new major retail and office building in years on the upscale shopping boulevard.
Developers Nader Golestaneh and Peter Bassett are in talks with City Hall to tear down a 1980s garage near the Taj and replace it with seven stories of high-end shops and offices. The developers have already owned and sold a number of buildings on Newbury Street over the years, according to Tom Brennan, a broker who specializes in Newbury Street property.
The move comes after several sales of retail buildings along Newbury Street for a total of about $200 million. Developer Ron Druker is also planning a major project just around the corner at the former Shreve, Crump & Low?s building at Arlington and Boylston streets.
?I have sold 12 buildings along Newbury Street,? said Brennan of Talanian Realty. ?It?s a hot time for the street.?
The developers, under the banner of Centremark Properties, have presented preliminary plans to the Back Bay Architectural Commission to demolish the roughly 160-car garage at 4-6 Newbury St., a seven-story glass, metal and masonry building. Golestaneh could not be reached for comment.
The first three floors of the new building would feature shopping space, topped by four floors of offices.
The project would take shape at the center of the most lucrative shopping block on Newbury, where rents can top $200 a square foot, said Talanian?s Brennan. He expects the retail space to be rented to high-end clothing stores, while the offices upstairs will be attractive to lawyers, architects and venture capitalists.
The developers, however, will likely have to win city approval to change the zoning rules for the site. The proposed building rises to 80 feet, above the 65-foot limit for the area, said William Young of the Back Bay Architectural Commission.
Link