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Image courtesy of CUBE 3
Tremont Asset Management and the owner of the Tavern in the Square dining group unveiled plans for a trio of developments that could bring nearly 600 new housing units and a cultural center to Quincy Center.
The $300 million projects at the southern edge of the downtown include three residential buildings totaling 800,000 square feet including restaurant, coworking and performing arts space, Quincy Mayor Thomas Koch announced at a Thursday press conference.
Tremont Asset Management plans to replace the Arcade office and retail building at 1469 Hancock St. with a 15-story, 204-unit residential tower designed by Lawrence-based architects CUBE3, including 8,000 square feet of retail space.
Joey Arcari, president of the Broadway Hospitality Group which owns the Tavern in the Square restaurant chain, is proposing to replace the Family Dollar store building at 1445 Hancock St. with a 7-story building including 40 housing units, a 2-story restaurant and coworking center. The discount store’s lease runs out in 2022 and groundbreaking could take place in the first quarter of 2023, Arcari estimated.
The city plans to buy a pair of underutilized properties in between the two sites and demolish them for a 15,000-square-foot park and gathering spot, adjacent to an outdoor dining area at the 1469 Hancock St. tower.
And a city-owned parking lot at the corner of Hancock Street and Walter Hannon Parkway will be redeveloped by Tremont Asset Management as a second tower on the block: a 500,000-square-foot residential building with approximately 350 units, along with a 3-story performing arts center. Details on ownership and operation are subject to a development and disposition agreement approved by the city council.
Alluding to a community debate over perceived overdevelopment, Koch said the project will accelerate the downtown’s transition to a 24-7 neighborhood and support the Boston region’s housing production goals.
“We’re right by the Quincy Center Red Line station, which is all about transportation oriented development. So it checks a number of the boxes off and makes perfect sense. This is where we want density and where we want height,” Koch said.
Tremont Asset Management is developing the Stratus Residences in Brighton and Babcock Place in Brookline’s Coolidge Corner. The company, which is affiliated with Slater Family Holdings, made its first foray into Quincy development last year when it began permitting for a 214-uit apartment tower at 61-71 Hancock St. in North Quincy.
