Developer Remains Unruffled During Decade-Long Delay
By Thomas Grillo
Reporter
John Rosenthal, president of Meredith Management Corp., has proposed a $450 million project to be built over the Massachusetts Turnpike in Boston?s Kenmore Square.
If patience is a virtue, then John Rosenthal is blessed. Ten years after he introduced plans to build a mini-city along and above the Massachusetts Turnpike near Fenway Park and the Yawkey MBTA Commuter Rail Station, the $450 million project recently was filed with the Boston Redevelopment Authority. If approved, One Kenmore will include four towers, 338,000 square feet of office space, 101,000 square feet of ground-floor retail and 282 apartments.
In 1991, Rosenthal purchased a parking garage on Lansdowne Street and proposed an entertainment complex at the site, but the plan was shelved when General Cinema withdrew its support. Later, when the Massachusetts Turnpike Authority offered several nearby parcels above the turnpike for development, the idea for One Kenmore was born.
Rosenthal?s company, Meredith Management Corp., has developed, owned and managed more than 3,000 apartments, 6,000 condominiums and 5 million square feet of commercial space. Along with the late Michael Kennedy, Robert and Ethel Kennedy?s son, he founded Stop Handgun Violence. He also launched Friends of Boston?s Homeless.
Rosenthal recently spoke to Banker & Tradesman about his work.
Q: After a decade of planning, you recently filed the One Kenmore proposal with the city of Boston. What took so long?
A: This is a very dynamic site with large and active abutters, including the Red Sox, Boston University, Audubon Circle Neighborhood Association, Fenway Civic Association and Fenway Community Development Corp., many of whom said they have been victimized by other development and uses in the area. BU and the Sox don?t necessarily share the same interests. They have very different constituents. The neighborhood groups said they have been put upon by institutions, nightclubs and the Longwood Medical Area. Later, a panel was created to create a civic vision for turnpike air rights. That document recommended zoning changes that took time to implement. Then the Red Sox had to decide whether to build a new stadium elsewhere or stay put. Then, and only then, could the turnpike issue an RFP for the parcels.
Q: It sounds as if there were lots of moving parts and you were on the sidelines until they were worked out.
A: Yes, lots of things needed to get settled before anyone could pay attention to what I wanted to do there.
Q: While the lengthy process was unfolding, did you ever say, ?Forget it, I have better things to do??
A: No. I focused on other things. We had developed 3,000 apartments and sold 1,200 in 2000 and that was a large transaction. I managed to balance my for-profit world with large, successful nonprofits, including Friends of Boston?s Homeless, and developed lots of housing and programs over the last decade for the homeless. I?ve helped make Massachusetts the leader in gun-violence prevention during that time. All of this put any business venture in perspective for me. How could I feel sorry for myself if I was proposing a million square feet of development in a dynamic neighborhood with lots of stakeholders and I was being delayed? Compare that to 45 percent of the homeless who work regular jobs and can?t afford housing. Or meeting parents of dead children every month from preventable gun violence. It became easy to be patient over a business deal. I knew the time would come because there are too many public benefits associated with this development, not the least of which is a full-time, renovated Yawkey Station.
Q: The largest residential project you?ve done is a 400-unit apartment complex in Fall River. Can you handle a mega deal like One Kenmore?
A: We are proposing 282 units and we?ve managed and leased a 400,000-square-foot, 25-story tower in Springfield. We know how to manage, maintain and lease. And we?ve managed River Walk, a 1.3 million-square-foot mixed-use industrial project in Lawrence. We have all the systems and experience in place to manage and lease a project of this magnitude. Clearly, we have not built, nor have many people built, over the turnpike. [New York-based Bovis Lend Lease] is our builder and they have built larger projects than this. By the time we get our approvals, we will have a development partner who will not only have the experience, but the financial backing to put up the majority of equity required and all the completion guarantees necessary for this deal. We can?t do it alone. Neither can the developers of Columbus Center.