The New Quincy Center, a $1.6 billion redevelopment project in Quincy, MA that broke ground five weeks ago, has shifted ownership as Related Beal withdraws from the build and is replaced by Twining Properties. Ken Narva, managing partner at Street-Works Development, told The Patriot Ledger that Related Beal's recent restructuring has led the Beal company in a different direction. "They're a bigger entity now, and refocusing more on metropolitan Boston rather than Greater Boston," Narva said.
Terms of the transition were not disclosed, but WSJ did report that Street-Works is financing and building the project in chunks, with the first block at roughly $130 million being financed with $56 million in equity investment from LaSalle Investment Management and about $9 million from Street-Works and the Quincy Mutual Fire Insurance Co. Street-Works has said that it has a preliminary agreement to obtain a $65 million construction loan.
Street-Works originally partnered with Related Beal last year the build 3.5 million square feet of urban development anchored by shops and restaurants and offering space to office workers, college professors and students and modern health and wellness options. According to the Wall Street Journal report, the plan for Quincy is to tear down many low-rise buildings in the city's core and replace them with 1,400 residential units, 1.2 million square feet of office space, 650,000 square feet of retail space and two hotels.
"The city of Quincy, along with their development partners Beal/Street-Works, is setting a precedent for city redevelopment, after the recession, across the United States," said U.S. Rep. Stephen Lynch. "This project has received national recognition for its creativity and will be used by cities across the nation as a model for city development."
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