Anybody know exactly how big this project is supposed to be?
Portland firm chosen to lead Sussman project on Hampshire St.
By Casey Conley
Jan 06, 2012 12:00 am
Billionaire hedge-fund investor Donald Sussman has chosen a local firm to design an arts-themed project he's hoping to build in the East End.
Tom Federle, an attorney and Sussman spokesman, said Developers Collaborative was chosen ahead of several other companies, including the Minneapolis firm Artspace.
Specific details about the project have not been announced, although Federle said various ideas have been discussed, with most involving some mix of artist space, housing and retail. The project would be built in one section of the India Street neighborhood, where Sussman and an affiliated company, Hampshire Street Properties, own more than a dozen properties.
“The Hampshire Street neighborhood has a rich history and great potential for a vibrant future,” Sussman said in a statement. “I am thrilled to be teaming up with Developers Collaborative to design a use for these properties that has a positive impact for the Hampshire Street neighborhood.”
Sussman is a billionaire hedge-fund manager and the husband of U.S. Rep. Chellie Pingree, a Democrat who represents Maine’s first congressional district. The couple lives in North Haven, but Sussman also owns a home on Hampshire Street.
Sussman and Receco LLC, which share an office suite on Commercial Street, own at least seven properties on Hampshire Street, five on Newbury Street and two on Federal, according to city records.
The India Street neighborhood, which is sandwiched between Munjoy Hill and the Old Port, has a mix of health and social service providers, century-old apartment houses and a host of established restaurants and delis. Recently, a yoga studio, and men's barber shop have opened in the neighborhood, which has long been home to Coffee by Design, Rite Aid and an Angela Adams boutique.
With an abundance of vacant lots, it's also seen by some as ripe for development. An 80-unit condo project on Newbury Street has been approved by the city but remains stalled until the developer can find financing. Meanwhile, the four-story, 122-room Hampton Inn opened on Fore Street last year.
Federle predicted Sussman's project would include demolition of some existing buildings but an overall net gain in apartment units. Developers Collaborative, among other things, will help decide which buildings should be removed and what should be built in their place.
“We are going at it with the angle of trying to create space that can be useful to the creative economy,” he said, adding that live-work spaces, arts-compatible businesses and artists studios are among the ideas being kicked around.
Developers Collaborative was chosen, Federle said, based on their experience with “creatively making reuse of properties in a way that enhances the neighborhoods in which they exist.”
He added that Developers Collaborative is a “(champion) of smart-growth principles and sustainable design."
Kevin Bunker, a principal in Developers Collaborative, said the company was “thrilled” to be working with Sussman and Hampshire Street Properties.
Federle gave no time line yesterday for when a specific project might be released.