Banker & Tradesman
January 29, 2017
Four years ago, Quincy’s ambitious plans to remake its downtown were in shambles.
The master developer, Street-Works Development LLC, unceremoniously exited the $1.6 billion project to redevelop key parcels of land in the downtown, saying financial issues and “prohibitive” city strings made it “impossible” to proceed with plans. For their part, frustrated city officials were more than willing to see Street-Works out the door.
But fast-forward to today and the picture is much different. Late last year, Boston-based Redgate, a residential developer, completed its two-building “West of Chestnut” development at 31 Chestnut Way and its 169 rental units are already 78 percent leased. Nearby at 1545 Hancock St., at the site of an old Woolworth building, Galvcon Development has just completed construction of the new 56-unit “Cliveden Place Condos” building and is currently in full swing on a second 30,000-square-foot commercial building at the same site.
Meanwhile, the city council last week cleared the way for Quincy developer Peter O’Connell to proceed with construction of a 15-story, 130-unit residential tower, with ground-floor retail, on the city-owned Hancock parking lot, as part of a land swap deal, via a land disposition agreement.
Next up: Another land-swap deal would allow LBC Boston to build either a residential building or a new hotel at 1500 Hancock St. on what’s now a city-owned parking lot and on adjoining property that currently hosts empty retail buildings. Developers are now tilting toward construction of apartment units, though no final decision has been reached yet.