HYM and National Unveil Name to Replace Government Center Garage
National Real Estate Advisors, LLC and The HYM Investment Group, LLC announced today that Redevelopment of the Government Center Garage will now be called Bulfinch Crossing. The new name and branding reflect a new chapter for this storied site in Boston, located within what has historically been known as the Bulfinch Triangle, an area that was originally planned by America’s first architect, Charles Bulfinch.
Bulfinch Crossing is where 300 years of history provides the foundation for a bold, new urban experience; where iconic Boston neighborhoods are once again knit together around connectivity and mobility; and where a carefully crafted mix of uses and purposeful design come together in the service of community, creating a new and exciting destination for residents, workers and visitors right in the heart of the City.
Bulfinch Crossing embodies National and HYM’s strong commitment to creating communities, driven by a deeply-held belief that urban developments can only attain success when the built space can be enjoyed by everyone. Bulfinch Crossing will reconnect this pivotal location to the rich urban fabric of the area, activating and enhancing the street-level experience and daylighting Congress Street for residents, workers and visitors alike.
Spanning two city blocks at the geographic center of Boston’s urban evolution, Bulfinch Crossing is a 2.9-million-square-foot mixed-use development. Situated atop two MBTA subway lines, a short walk from the City’s main transportation hubs, and a mere five-minute drive from Logan Airport, Bulfinch Crossing sets a new standard for transit-oriented development.
Bulfinch Crossing – which commenced its initial garage reconfiguration phase in November 2015 – is anchored by One Congress, a 1-million-square-foot office tower that will rise more than 500 feet, providing unrivaled views of Boston. The iconic design by the internationally renowned firm Pelli Clarke Pelli Architects will also offer unparalleled visibility for large corporate users, making One Congress one of the most desired business addresses in the City.
“Boston continues to be a strong investment with solid fundamentals – a growing population along with a thriving technology and innovation economy – which is why we chose to invest in Bulfinch Crossing,” said Jeffrey J. Kanne, President and Chief Executive Officer of National Real Estate Advisors. “We have confidence in the City and in the location of the project, and we trust that the team at HYM will execute this vision for a new urban experience with great success.”
“We envision Bulfinch Crossing as part of the ongoing evolution of Boston. It is symbolic of the new urban experience – one that is highly connected to the community and by transit; one that embraces a variety of uses; and one that emphasizes thoughtful and purposeful design to make it an exciting destination,” said Thomas O’Brien, founding partner and managing director of The HYM Investment Group. “We are thrilled to share our vision for the site, along with its new name and brand.”
At full build-out, National and HYM are planning three mid-rise buildings surrounding a new public plaza on the eastern side of the parcel, abutting the Rose Kennedy Greenway, including a hotel-and-condo building, a boutique office building and a multi-story retail space. Combined with One Congress and two high-rise residential buildings on the west parcel, Bulfinch Crossing will reestablish a prominent central gathering point in downtown Boston near old Haymarket Square that will foster a new sense of community in the area. With stunning parks minutes away, this central location will allow for interaction between the future inhabitants, city-dwellers, and employees in the area.
The project’s first high-rise residential component, a luxury apartment building designed by CBT Architects, will rise 480 feet into Boston’s skyline and consist of 486 units; 64 of which will be designated as affordable housing units. It is expected to break ground later in 2016 along New Sudbury Street. As the tallest rental residential tower in the city it will have unrivaled 360-degree views from the Charles River to the Boston Harbor, and the Blue Hills to Nahant.
In total, the project will include 812 residential units, 196 hotel rooms, 1.15 million square feet of office space and 85,000 square feet of new retail that will activate the area and complement the established surrounding neighborhoods. The project will create a one-acre rooftop amenity on the west parcel and a 1+ acre urban, public plaza on the east parcel. At completion of the overall redevelopment, the remaining portions of the existing garage will contain approximately 1,100 parking spaces, providing parking for both public use as well as the on-site uses. The construction of this development project will provide more than 1,200 construction jobs.
About The HYM Investment Group, LLC:
The HYM Investment Group, LLC is a Boston-based real estate company focused on the acquisition, development and management of complicated urban mixed-use projects. HYM is currently leading the development of over nine (9) million square feet of mixed-use development in Greater Boston, including the following notable and complex projects: Government Center Garage Redevelopment (now Bulfinch Crossing), Boston Landing, and NorthPoint.
HYM is focused on creating significant value for investors by recognizing real estate opportunities where others may not. Each real estate asset is treated as a unique business opportunity, and each asset plan seeks to cause the real estate to reconnect, energize and enhance the urban communities of which it is a part. For more than 35 years HYM’s principals have been working on real estate ventures in the Boston, New York and Washington, D.C., corridor.
About National Real Estate Advisors, LLC:
National Real Estate Advisors has $2.6 billion in net assets under management invested in commercial and multifamily real estate valued at $7.6 billion (as of 12/31/15). Through its open-end fund and separate account for pension fund clients, the company invests in major U.S. urban markets, using a build-to-core strategy in large-scale development and redevelopment projects. National builds investment portfolios of stabilized modern property assets—apartment, office, mixed-use, industrial, data centers and hotels—with design features, technological enhancements, and amenities that can drive high tenant demand and create value over time. Utilizing its wholly-owned affiliate, National Real Estate Development LLC, the company also directly develops major projects for client accounts and partners. The firm is a subsidiary of the National Electrical Benefit Fund. For more information visit, www.natadvisors.com