Development firm Carpenter & Co. and real estate investment firm BayNorth Capital will officially break ground today on the redevelopment of an outdated hotel in Braintree.
The site will undergo a top to bottom renovation over the next few months, including a Hyatt Place Hotel and a variety of retail stores. The completed project will eliminate the old castle design and replace it with a contemporary project, according to a statement. The groundbreaking ceremony will take place at noon on Tuesday, July 19 at the former Sheraton Braintree site, 37 Forbes Road.
"What we have planned for this redevelopment is really a fantastic, and much needed improvement on what this site was before," said Richard L. Friedman, president and CEO of Carpenter & Co. "This area offers a great deal of opportunity; we are simply taking advantage of it."
"We had a great experience with Carpenter & Co. in the development of the Marriott Courtyard in Brookline and look forward to working with the team on this exciting project," said Charles J. Flint, managing director of BayNorth Capital. "A number of professionals at BayNorth Capital either live or grew up in the South Shore and it is a pleasure to participate in a development, which is not only economically attractive, but will also dramatically enhance one of the most prominent interchanges in the Boston metropolitan area."
Carpenter & Co., with its development team, plan to renovate and redevelop the existing 374-room hotel, formerly the Sheraton Braintree, into a 204-room Hyatt Place, with improvements to all interior guest rooms and public spaces, including the building’s exterior and a renovated porte cochere. All renovations will be in accordance with Hyatt Place design standards, and the hotel will be managed by Interstate Hotels & Resorts. Carpenter & Co.’s financial partners include Cambridge Savings Bank, Brookline Bank and Bank Rhode Island, which was arranged by HFF L.P.
"Braintree is enthusiastic for this project to get underway," said Braintree Mayor Joseph C. Sullivan. "We look forward to seeing this high quality redevelopment generate long-term economic development, job opportunities and tax revenues for the town and the South Shore area."
The project will also include a new retail development that will be comprised of a new 32,000-square-foot retail building, a renovated restaurant and a retail pad for a 6,000-square-foot tenant, currently under lease with Jared, The Galleria of Jewelry.
