Street-Works, LLC and The Beal Companies, two creative real estate developers, are joining forces on the $1.6 billion revitalization of downtown Quincy, Mass. As Beal/Street-Works, the two companies will execute the largest historic redevelopment in Massachusetts and, in doing so, erect a national model for aging cities seeking a brighter future.
The Beal Companies and Street-Works will be co-managing partners on the redevelopment of the new Quincy Center, a transit-oriented, mixed-use project that encompasses 3.5 million sq. ft. of new development—over 20 acres—including 1.1 million sq. ft. of new office space, two hotels and over 1,400 new residential units.
“The Beal team has been and continues to be a driving force behind urban spaces and projects in and around Boston, and we are pleased to have them join us in the rebirth of Quincy,” Street-Works Co-Founder and Managing Partner Ken Narva noted in a statement. “Our companies share the same vision—to combineprudence with entrepreneurial vision and thoughtfulness to create a downtown that will be successful for generations to come.”
“This is a once-in-a-lifetime opportunity to revitalize the birthplace of two American presidents,” added Robert Beal, president of The Beal Companies. “We respect the passion and expertise of the Street-Works team and are proud to partner with them on this important project. Their track record for creating and redeveloping authentic, urban neighborhoods across the United States meshes well with our approach and core beliefs. With Street-Works, we’ll not just build buildings in Quincy; we’ll create a new environment in which the city of the 21st century can flourish.”
“The excitement in Quincy is palpable as we take each new step towards making our new downtown a reality,” Quincy Mayor Tom Koch said in a statement. “Beal/Street-Works will continue to bring fresh, outside-the-box ideas to this redevelopment, and we’re lucky to have such reputable, creative partners. With Beal/Street-Works, the future for Quincy looks brighter than it ever has.”
The Beal Companies and Street-Works share a commitment to cities and bring a wealth of shared experience to the project. Street-Works has successfully completed mixed-use projects fromto Connecticut, including Santana Row in San Jose, Calif., Bethesda Row in Bethesda, Md., and Blue Back Square in West Hartford, Conn., and is currently leading major urban redevelopments in Detroit and Dallas.
Founded in 1888, 40 years after the death of John Quincy Adams, The Beal Companies has restored many of Boston’s most iconic historic buildings, from the Grain Exchange Building and Custom House Tower in the Financial District to the Park Square Building in the Back Bay. At the same time, Beal was the first real estate company to develop incubator biotech space in the greater Boston area, opening the door to the state’s successful life sciences and health care industries. Most recently, Beal developed The Clarendon, the first New York City-style condominium tower in Boston. Beal’s ability to innovate while being mindful of a city’s history is seen as key to Quincy’s success in attracting residents, businesses and visitors to the downtown district.
This partnership follows a joint venture, announced in September 2011, with National Realty and Development Corp. (NRDC) to develop 400,000 sq. ft. of retail space in the city.
The public/private financial agreement underpinning the Quincy revitalization has gained national attention. It offers an unprecedented model for how public and private can work together to create sustainable development in tough economic times. Beal/Street-Works will upgrade Quincy’s infrastructure using private money; Quincy’sof public funds will only occur after this plan produces new tax revenues so repayment of the city’s bonds will be shouldered by the new development, not the city’s current residents. The redevelopment promises to provide more than 10,000 jobs.