Leggat McCall bets on urban development

The Boston Globe | By Globe Staff
December 14, 2016

When Eric Sheffels joined Leggat McCall Properties more than 30 years ago, his Boston firm’s development team focused on the suburbs. Urban places? Not so much.

That’s all changing now — with the help of a big influx of cash. Boston-based Berkshire Group recently became Leggat McCall’s first outside investor, buying a 50 percent stake in the company for an unspecified amount. The investment will allow Sheffels, Leggat McCall’s copresident and chief investment officer, and his team to develop projects that may collectively be worth $1 billion over the next several years.

“It will give us a quantum leap in capacity to tackle larger urban projects that we were previously undercapitalized to attack,” Sheffels says.

Much of that money could end up in Boston, though Sheffels says his group is also eyeing opportunities in cities such as Worcester and Providence.

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