where the stops and opportunity begins - revere beach · watewrfofanw nsqf.vbchf(fl4,f5d t e. d. f....
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EXCLUSIVE SALES AGENT Boston, MA 02210 | 617.457.3400 | www.naihunneman.com | www.WaterfrontSquareMA.com
hotel offering memorandum
Where the Stopsand Opportunity Begins
3 EXECUTIVE SUMMARY
7 INVESTMENT HIGHLIGHTS
9 SITE OVERVIEW
13 MARKET OVERVIEW
CONTENTS
Greater Boston Hotel Development Opportunity
Greater Boston Hotel Development Opportunity
EXECUTIVE SUMMARY
WATERFRONT SQUARE is the first designated transit oriented development in North America to be built adjacent to a popular commuter transit station and directly across from a 3.5 mile curving ocean beach. Its unique subway station-on-the-ocean location will service over 52,000 residents in Revere and more than 250,000 people living within seven miles of the site.
All of life’s necessities are located within a short walk or T ride to the site, and commuting couldn’t be easier. The site offers convenient access to Logan Airport and Downtown Boston via subway, bus or car. It is just a 10-minute ride to Logan Airport and downtown Boston, 20 minutes to Cambridge.
Eurovest Development’s vision for the site is well underway and momentum is building. Public components of the waterfront community are already complete – the new Wonderland Multi-Modal Center, the 1,465-car parking garage and bus terminal, the pedestrian footbridge to the beach, and the public plaza deck. The $75 million public investment in the site has set a very high standard of design and quality for the remainder of the project and the growing neighborhood beyond. In addition, $25 million in State funding has been appropriated for a new Commuter Rail Station adjacent to the site.
Two residential projects are underway that will provide a unique opportunity to live right on the Atlantic Ocean – apartments overlook the beach and the captivating views beyond it. Addressing a regional need for new housing, the apartment homes will accommodate everyone from singles to seniors, couples to young families.
This vibrant environment is the ideal location for a hotel development. This unique private and public investment could be the last of its kind in New England for at least a generation. With all-important state and environmental permitting for the site already secured, Waterfront Square’s vibrant seaside venue offers an unprecedented development opportunity. With fast-track permitting and approvals in place for builder partners, remaining site parcels are shovel-ready. Construction can begin on the site’s hotel, office and retail components in three months or less.
Eurovest Development, Inc. (Eurovest) is uncompromising in its commitment to create a new urban center at Revere Beach that celebrates the beauty and history of the area. By applying the highest standards of urban planning and landscape design, the Master Plan creates a one-of-a-kind community that combines function with timeless beauty.
Premier Transit-Oriented Location Poised for Growth
ONE-OF-A-KIND OFFERING TO DESIGN AND CONSTRUCT A 124-200 KEY BEACHFRONT HOTEL
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REVERE BEACH STATION
REVERE BEACH
MASS GENERAL OUTPATIENT CLINIC
BEACHMONT STATION
SUFFOLK DOWNS DEVELOPMENT SITE
100 YARDS
BOSTON(10min)LOGAN INTERNATIONAL AIRPORT
IN CONSTRUCTION
WONDERLAND STATION
DEVELOPMENT SITES
STEPS TO THE BEACH, MINUTES TO DOWNTOWN BOSTON
STEPS TO THE BEACH, MINUTES TO DOWNTOWN BOSTON
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5
WONDERLAND PARKDEVELOPMENT SITE
CAMBRIDGE
SPRING 2015 START
WONDERLAND STATION
EXECUTIVE SUMMARY
PLANNED COMMUTER RAIL STATION
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FLEXIBLE, FULLY PERMITTED, AND FAST-TRACK OPPORTUNITIES
MASTER-PLANNED SITE• $500 million mixed-use development on 8.8 acres (1.3 million
sq. ft.) overlooking Atlantic Ocean on 3.5-mile beach• 5 miles north of Boston• 3 miles to Logan International Airport• Direct access to Boston via Route 1A which connects to
Interstates 90 and 93• Approved for 901 multifamily residential units, a 124-200
key hotel, a 165,000 sq. ft. office building, and up to 80,000 sq. ft. of retail space
PUBLIC INFRASTRUCTURE ADJACENT TO SITE• $75 million of funding• State-of-the-art multi-modal MBTA Transportation Center:
Blue Line station at Wonderland with direct access to Logan Airport, Downtown Boston (over 10,000 riders daily)
• Connects to MBTA Silver Line, providing access to Boston’s Convention Center
• New 1,465-space garage and bus terminal• Five acres of public plazas and open space• Elevated pedestrian plaza and footbridge for access to
beach and MBTA station• Additional $25 million by State to connect commuter rail line
to Wonderland Station
FAST-TRACK PERMITTING FOR 124-200 KEY BEACHFRONT HOTEL• One-of-a-kind opportunity to design and construct select
service, limited service or extended stay hotel• Shovel-ready, 1.33 acre parcel (Lot 6)• All key state and Massachusetts Environmental Act (MEPA)
permitting process approved and secured• Only 3 approvals needed for entitlements: City of Revere
site plan review; Conservation Commission; Revere Beach Design Review (process can be completed with 3 months)
RESIDENTIAL COMPONENTS• Under Construction: 194 units of luxury apartment homes
(“Vanguard at Waterfront Square”); $41.7 million project• Spring 2015 Start: 230 residential units (“660 Ocean
Avenue at Waterfront Square”): $58 million project
INVESTMENT HIGHLIGHTS
ocean avenue st reetsc apeUPTON PARTNERS+
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4
2
5SPRING 2015 START
IN CONSTRUCTION
LOT 5: 1.43 acres
LOT 6: 1.33 acres
PROPOSED DEVELOPMENT PROGRAM
WATERFRONT SQ. AT REVERE BEACH (LOTS 4, 5 AND 6)EUROVEST DEVELOPMENT // 04 DECEMBER 2014
OPTION 2 PROGRAM (lots 5 and 6)
T
e.
d.
f .
g.
T
Office
LOT 6
LOT 5
LOT 4
Residential
Hotel
OPTION 2 PERSPECTIVE DIAGRAMS
Retail and/or residentialamenity or hotel lobby
2 levels ofparking
G
G
P
P
5432
5432
LOT 6 Hotel: 66.000 SF G: 4.000 SF 120 keys P: 4.000 SF 4-5 stor ies over podium 2-5: 58.000 SF
Off ice: 21.000 SF G: 1 .000 SF 2-3: 20.000 SF
Retail : 37.000 SF G: 7.000 SF P: 30.000 SF Plaza deck: 8.000 SF Parking: 64.000 SF - 160 cars
LOT 5 Residential : 160.000 SF G: 4.000 SF 168 residencies P: 20.000 SF 4-5 stor ies over podium 2-5: 136.000 SF
Retail : 20.000 SF G: 4.000 SF P : 16.000 SF
Plaza deck: 18.300 SF
Parking: 80.000 SF -200 cars
SUM: Residential : 160.000 SF - 168 residencies Hotel: 66,000 SF - 120 keys Retail : 57,000 SF Off ice: 21.000 SF TOTAL: 304.000 SF
LOT 6 LOT 5
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DEVELOPMENT SITES
LOT 6Hotel: 66,000 SF 120 keys 4-5 stories over podium
Office: 21,000 SF
Retail: 37,000 SF
Public Open Space: 8,000 SF
Parking: 64,000 SF - 160 cars
LOT 5Residential: 160,000 SF 168 residences 4-5 stories over podium
Retail: 20,000 SF
Public Open Space: 18,300 SF
Parking: 80,000 SF -200 cars
TOTALResidential: 160,000 SF - 168 residences
Hotel: 66,000 SF - 120 keys
Retail: 57,000 SF
Office: 21,000 SF
WATERFRONT SQ. AT REVERE BEACH (LOTS 4, 5 AND 6)EUROVEST DEVELOPMENT // 04 DECEMBER 2014
OPTION 2 PROGRAM
OPTION 2 SITE PLAN DIAGRAM
Residential
OfficeHotel
Retail
Ret
ail
future developmentparking belowparking belowLOT 6 LOT 5 LOT 4
LOT 5LOT 6
WATERFRONT SQ. AT REVERE BEACH (LOTS 4, 5 AND 6)EUROVEST DEVELOPMENT // 04 DECEMBER 2014
OPTION 2 PROGRAM
OPTION 2 SITE PLAN DIAGRAM
Residential
OfficeHotel
Retail
Ret
ail
future developmentparking belowparking belowLOT 6 LOT 5 LOT 4
WATERFRONT SQ. AT REVERE BEACH (LOTS 4, 5 AND 6)EUROVEST DEVELOPMENT // 04 DECEMBER 2014OPTION 1 PERSPECTIVE DIAGRAMS
T
e.
d.
f .
g.
T
Residential
LOT 6
LOT 5
LOT 4
Residential
Hotel
Retail and/or residentialamenity or hotel lobby
2 levels ofparking
OPTION 1 PROGRAM (lots 5 and 6)
G
G
P
P
5432
5432
LOT 6 Residential : 104.000 SF G: 4.000 SF 108 residencies P: 10.000 SF 4-5 stor ies over podium 2-5: 90.000 SF
Retail : 27.000 SF G: 7.000 SF P: 20.000 SF
Plaza deck: 14.400 SF Parking: 64.000 SF - 160 cars
LOT 5 Residential : 94.000 SF G: 4.000 SF 100 residencies P-5: 90.000 SF 5 stor ies over podium
Hotel: 66.000 SF G: 4.000 SF 120 keys P: 4.000 SF 4-5 stor ies over podium 2-5: 58.000 SF
Retail : 12.000 SF P: 12.000 SF
Plaza deck: 17.000 SF
Parking: 80.000 SF -200 cars
SUM: Residential : 198.000 SF - 208 residencies Hotel: 66,000 SF - 120 keys Retail : 39,000 SF TOTAL: 303.000 SF
SITE OVERVIEW
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SIX STOPS FROM LOGAN INTERNATIONAL AIRPORT
AN 8.8 ACRE TRANSIT-ORIENTED MASTER DEVELOPMENT SITE, unsurpassed visibility, over 50,000 cars passing by and more than 10,000 MBTA riders using its train station daily.
CONVENIENTLY LOCATED ALONG A 3.5 MILE SANDY BEACH, the site provides sweeping views of the Atlantic Ocean and overlooks historic Revere Beach, America’s first public beach. An easy commute by transit or car, and convenient access to Logan International Airport.
A STATE-OF-THE-ART MULTI-MODAL TRANSPORTATION CENTER with a 1,465 car parking garage, elevated plaza and pedestrian bridge connecting the station directly to the beach, serving the northshore. In addition, the state has allocated an additional $25 million to connect the commuter rail line to Wonderland Station.
WATERFRONT SQUARE IS LOCATED FIVE MILES NORTH OF BOSTON, one of the nation’s most dynamic cities in the country. Direct access to Boston is available via Route 1A, which connects with Interstate 90 and Interstate 93.
THE SITE IS LOCATED DIRECTLY ON THE MBTA PLAZA AT WONDERLAND STATION. Wonderland Station is the first station stop on the MBTA Blue Line making it easy board to all in-bound trains. The Blue Line provides direct connection to Boston’s largest tourist attractions including Faneuil Marketplace, the North End, The New England Aquarium, Government Center and Boston’s Financial District. Through its connection with the Silver Line, the Blue Line provides access to Boston’s 676,000 square foot Convention Center.
THE SITE IS 3 MILES OR SIX STATION STOPS FROM LOGAN INTERNATIONAL AIRPORT. The Airport is directly accessible off of the MBTA Blue Line or Route 1A.
APPROVED FOR 901 MULTIFAMILY RESIDENTIAL UNITS, A 165,000 SQUARE FOOT OFFICE BUILDING AND UP TO 80,000 SQUARE FEET OF RETAIL SPACE. The Hotel site is part of the “Square” at Waterfront Square positioning it at the center of the development.
SUBSTANTIAL SUPPORT FROM THE CITY OF REVERE AND THE STATE OF MASSACHUSETTS. Waterfront Square was featured as one of the most important projects in Revere at the City’s recent Economic Development Summit. It is also one of the state’s most important transit oriented development sites, as selected by former Governor Mitt Romney, to transform the Revere Beach area into the premier mixed-use community along the coastal corridor of Massachusetts.
SITE OVERVIEW
Developing at Waterfront Square is one of the greatest opportunities for a Hotel in the Northeast offering:
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SIX STOPS FROM LOGAN INTERNATIONAL AIRPORT
ONE OF THE UNITED STATES’ HOTTEST ECONOMIES IS 10 MINUTES AWAYONE OF THE UNITED STATES’ HOTTEST ECONOMIES IS 10 MINUTES AWAY
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Metro Boston is on an economic roll due in large part to another information technology boom— the same factor that sent its economy soaring in the 1980s and 1990s. Boston is a major employment center in the New England region with significant office developments in the downtown CBD and surrounding metropolitan markets (with a total of approximately 372,000,000 square feet of inventory) as well as world renowned educational institutions and hospitals throughout Massachusetts.
Historically, unemployment rates in Massachusetts have been lower than those in the rest of the country and that statistic continues today. With the fortunes of hospitality occupancy dependent on the health of the job sector and employment, those markets with above average employment gains will continue to outperform the balance of the country in terms of occupancy rate and new investment. This is precisely what the greater Boston hospitality market is witnessing today and the trend is not expected to shift within the foreseeable future.
The Boston Metropolitan Statistical Area (MSA) economy continues to gain momentum, with employers having replaced virtually all
of the positions lost during the downturn. According to Current Employment Survey (CES) data from the U.S. Bureau of Labor Statistics (BLS), total non-farm payroll employment increased by a solid 43,100 (1.7%) from September 2013 to September 2014, up from a comparable gain of 39,200 (1.6%) in the previous 12 months. The private sector was up a strong 42,900 (1.9%) in the most recent year-over year period, and is now 3.8% higher than the peak November of the previous cycle in 2007.
The latest CES data shows job gains spreading from high technology and knowledge based institutions such as major hospitals and universities, to a local consumer economy that had been hit hard by the housing and consumer debt bust.
ONE OF THE UNITED STATES’ HOTTEST ECONOMIES IS 10 MINUTES AWAY
MARKET OVERVIEW
ONE OF THE UNITED STATES’ HOTTEST ECONOMIES IS 10 MINUTES AWAY
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CURRENT EMPLOYMENT SURVEY (CES) DATA FROM THE U.S. BUREAU OF LABOR STATISTICS (BLS)
SECTOR JOBS ADDED % INCREASE
Professional and Business Services 24,300 6.0%
Computer Systems Design 5,100 9.1%
Construction 6,800 8.3%
Education and Health Services 5,900 1.2%
Financial Services 3,800 2.2%
Information 3,600 4.9%
Software Publishing 1,800 7.3%
Leisure and Hospitality 3,000 1.0%
Manufacturing 2,700 1.4%
Computer and Electronics Manufacturing 1,500 2.4%
Transportation and Warehousing 1,600 3.0%
Wholesale/Trade 1,200 1.3%
Note the broad base of gains across all industries and sectors. Since the recession ended, the broad based employment gains have gradually been pulling the unemployment rate downward. The BLS reports a seasonally unadjusted unemployment rate of 5.7% for September 2014 in the Boston-Cambridge-Quincy NECTA, down from 6.5% one year earlier. This compares to a National average of 5.9% in September 2014, which was down from 7.2% a year earlier.
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1. MGH Revere Healthcare Center
2. New England Confectionery Company (NECCO)
3. Suffolk Downs
4. Gillette
5. Liberty Mutual
6. Mass General Hospital
7. Brigham & Women’s Hospital
8. BNY Mellon, Boston
9. Draper Laboratory
10. Genzyme Corp
11. Melrose Wakefield Hospital
12. Harvard University
13. MIT
14. Fidelity Investments
15. Tufts University
16. BNY Mellon, Everett
17. Duncan, Co
18. Marriott International
19. Boston Convention Center
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WINTHROP
EMPLOYMENT MAP
LOGAN INTERNATIONAL AIRPORT
MARKET OVERVIEW
DEVELOPMENT SITES
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SUFFOLK DOWNS: $750 million future development on 150 acres
WONDERLAND GREYHOUND PARK: 34 acres of future
development valued at $500 million.
BROADWAY INITIATIVE: Mayor Rizzo has launched an initiative to
change the face of Broadway, the main street through the heart of
the City.
In Good Company
REVERE ECONOMIC DEVELOPMENT
Waterfront Square at Revere Beach is a catalyst for economic
development for the beachfront, the city of Revere and the
entire north shore corridor. Beyond the millions spent in public
and private dollars to advance the transit-oriented development,
there is a multitude of progress, potential and planning happening
in Revere within a mile and a half of the site, which will serve
to attract people from all over the region, New England and
beyond, including:
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MARKET OVERVIEW
FIVE NEW SCHOOLS and a $7 million multi-purpose sports complex
centrally located downtown and available for state tournaments, school
athletic programs and resident use.
BEACH INVESTMENT OF OVER $11 MILLION and more on the
way, including $9 million in funding for a new pier.
MAJOR INFRASTRUCTURE IMPROVEMENTS $50 million over
the next 5 years to refurbish the city’s storm water system.
CITY INFRASTRUCTURE IMPROVEMENTS: Completion of a
new multi-modal Transportation Center on site that includes a new train
station and parking garage, a broad public plaza and the Markey
Memorial Pedestrian Bridge to the beach.
NEW PUBLIC SAFETY BUILDINGS including a state-of-the-art
fire station, new police station and $15 million in funding approved for
new state park maintenance facility.
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BECOME A PART OF THE MOST EXCITING DEVELOPMENT OPPORTUNITY IN GREATER BOSTON.
PROJECT MASTER PLANNER & ARCHITECT:
MASTER DEVELOPER:
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ANDREW G. KAEYER [email protected]
DAVID N. ROSS Executive Vice President, [email protected]
303 Congress StreetBoston, MA 02210617.457.3400www.naihunneman.com
This is a confidential presentation intended solely for your limited use when considering whether to pursue negotiations to acquire the property. This document and its contents are confidential and are not to be copied, circulated, or otherwise used without the express, prior written consent of NAI Hunneman Commercial. This investment brochure is subject to errors, omissions, prior sale, and withdrawal from the market without notice. The material contained in this brochure is based in part upon information supplied by the owner of the property and in part upon information obtained by NAI Hunneman Commercial from sources it deems to be generally reliable. Summaries contained herein of any legal documents are not intended to be comprehensive statements of the terms of such documents but rather only outlines of some of the principal provisions contained therein. No warranty or representation, expressed or implied, is made by NAI Hunneman Commercial or any of its subsidiaries as to the accuracy or completeness of the information.
Note: This property is exclusively listed with NAI Hunneman, Brokers from other firms may not copy or disburse this property information without prior consent from the listing broker. Cooperating brokers must complete “client registration form” (available upon request).
www.WaterfrontSquareMA.com
For more information about opportunities at Waterfront Square Revere Beach contact:
GINA BARROSO Sales [email protected]