Re: Waterside Place
Waterside may be right Place, right time
The housing market collapse could hand John Drew an advantage as he competes with other developers to build out Boston?s waterfront and sign up tenants.
While other harborside builders have bet heavily on the residential market, Drew?s $600 million Waterside Place is mainly a retail, office and hotel project with some condos mixed in.
?Right now, in this market, it?s the right mix,? Drew said.
Drew is now hammering out letters of intent for leases with eight different stores, including unidentified anchor and grocery stores.
He?s pushing to begin construction next year on the long-planned 1.1 million square foot Waterside Place.
New York-based Vornado Realty Trust, a major retail developer, is Drew?s partner and Waterside Place is just Drew?s latest waterfront venture. The developer previously teamed up with Fidelity Investments to build out the World Trade Center complex.
Drew?s plan for an upscale shopping complex - along with offices, a hotel, and some condos - stands in direct contrast to most of the other major development plans for remaking Boston?s waterfront.
Next door to Drew?s proposed Waterside Place, developer John Hynes has proposed a new neigborhood of condos, offices and shops, one that could include as many as 2,000 housing units.
Fan Pier, another nearby project, also has an extensive residential component, though developer Joseph Fallon has chosen to start off with an office building.
Meanwhile, developers have proposed a number of new residential projects for East Boston?s waterfront, though actual construction has lagged.
While there are some concerns about retail overbuilding, that pales with the challenges developers face now financing new housing projects, industry executives say.
Waterside Place is seen as a contender for a new Target store, or even a Nordstrom?s, brokers say.
?Drew has the vision,? said Peter Montesanto, a broker at the Dartmouth Co., which specializes in retail real estate. ?He?s been down there for 25 years. He is well-connected with Fidelity. He has the claws. He is going to hang in there.?
http://www.bostonherald.com/business/general/view.bg?articleid=1046160