Boston—National Real Estate Advisors, LLC (National) and its partner, Lewis Trust Group, have reached agreement with the Boston Redevelopment Authority on a master plan to redevelop the 1960s era garage and office building at One Congress St. into a vibrant 2.3 million-square-foot mixed-use complex across from the Rose Fitzgerald Kennedy Greenway. National is managing the investment in the project on behalf of the National Electric Benefit Fund.
The transformative $1.5 billion project on the five-acre site will be completed in multiple phases over more than a decade to replace the hulking 11-story government center garage, often criticized as one of the city’s biggest eyesores. The redevelopment will comprise six modern buildings, including luxury apartments, a flagship hotel, high-end retail, and Class “A” office. The first phase of the project, tentatively scheduled to start in 2015, is slated to be a 480-foot tall apartment tower to take advantage of strong demand for multifamily rental residences in the city. The next phase project will be determined by market conditions—either a second apartment tower or an office building.
The redevelopment is designed to create more than 2,600 construction jobs and provide for 6,000 permanent jobs.
Jeff Kanne, President and CEO of National, said: “This signature build-to-core project promises to enhance downtown in the next stage of transformative redevelopment, following in the wake of improvements which were part of the Big Dig. We will not only add value for our investors and substantial tax base for the city, but also create jobs and significantly enrich the urban environment, while helping link the Financial District to the North End with pedestrian friendly streetscapes and an inviting public plaza.”
About National Real Estate Advisors
National Real Estate Advisors has $2 billion+ in assets under management for pension plan sponsors, investing in major U.S. urban markets using a build-to-core strategy. The company undertakes large-scale development and redevelopment projects in its open-end fund and separate account, building investment portfolios of stabilized modern property assets—apartment, office, mixed-use, industrial, data centers and hotels—with design features, technological enhancements, and amenities that drive high tenant demand and create value over time. A SEC registered advisor, the firm is a subsidiary of the National Electrical Benefit Fund.
For more information, visit www.natadvisors.com
About Lewis Trust
Lewis Trust Group, headquartered in London, England, is a privately-held, investment company that operates retail stores, real estate, a wealth management company, and hotels, worldwide. The Group's real estate unit has property development and investment operations primarily in the United Kingdom and the United States but also in the European Union, Israel and Thailand.