A new office property is in the process of being developed in Massachusetts following a redevelopment authority’s approval of the project. This building slated to be developed will be eight stories tall and span 230,000 square feet. The commercial real estate development site was acquired by two companies, Rubenstein Partners and Nordblom Company, in January 2015 for a total of $75 million.
According to Nordblom, this project offers the company the chance to erect a building that will keep the strong momentum of the local mixed-use area going. The company said the urban neighborhood where the building will be positioned is up and coming and is poised for growth in the future. The company reported that its goal was to add high-quality space to a market featuring limited supply.
The building will be centrally located near a variety of amenities, such as dining and retail opportunities. The Massachusetts Turnpike is also conveniently located near the building area, and so are Interstate 93 and Southeast Expressway. Furthermore, Logan International Airport is just a few minutes’ drive from this development site.
This development project appears to be going well in the state of Massachusetts. However, not all of these types of projects go as smoothly. It is natural for individuals and businesses to face a wide range of challenges, such as during the negotiation process of a commercial real estate transaction. An applied understanding of the law and experienced legal guidance may help individuals and businesses to navigate such a process in a profitable manner that ultimately meets their goals.
Source: cre.nerej.com, “Boston Redevelopment Authority approve 321 Harrison Avenue development”, Oct. 7, 2016