When the doors are thrown open to Quincy’s new downtown shopping district, the city will host some of America’s premier retail destinations-thanks to a first-of-its kind, joint venture between Street-Works Development and National Realty and Development Corp. (NRDC), a retail real estate owner/developers in the Northeast.
"This is a tremendous win for Quincy," said Mayor Tom Koch. "We are fortunate to have such a powerful force in the retail industry investing their expertise, time and resources in developing two major blocks of our downtown. NRDC is committed to creating the type of shopping, dining and entertainment options our community would like to see, and I’m excited to be working with them on this major piece of our redevelopment project."
"NRDC would like to thank Street-Works and the city of Quincy for making us a part of this incredible opportunity," said Robert Baker, chairman and CEO of National Realty and Development Corp. "Our belief in the importance of vibrant downtowns has made us eager to enter the urban market in an authentic and meaningful way. It is very clear that Quincy and Street-Works have given birth to the new paradigm of urban redevelopment, and we have every faith that together we will create a very successful new Quincy Center."
NRDC will joint venture with Street-Works in the development and leasing of approximately 400,000 square feet of anchor retail space at Market Center. With nearly 50 years of experience in retail development, ownership and management, and a portfolio of more than 22 million square feet throughout the Northeast, the NRDC team has top-level access to the country’s best-known retailers, including Kohl’s, TJX Cos., Toys ‘R Us, Sears and Target.
"This partnership aligns perfectly with our overall vision for Quincy-to lay the groundwork, bring the very best partners on board, and get everyone working towards making a vibrant, dynamic and revitalized downtown real and sustainable," said Richard Heapes, co-founder and partner of Street-Works LLC. "When Street-Works first conceived the master developer strategy for the new Quincy Center as articulated in the Land Disposition Agreement, we immediately thought of NRDC as partners for this venture. This is a strategic and thoughtful element of our master developer approach to executing a successful urban project in Quincy."
New Quincy Center is a $1.6 billion transit-oriented, master planned, mixed-use development in Downtown Quincy that will include approximately 700,000 square feet of retail space, 1 million square feet of office space, two hotels, 1,200 residential units and over 5,000 new structured parking spaces.
The redevelopment has gained momentum since the signing of the Land Disposition Agreement in December 2010 with the recent announcement of its retail brokers, CBRE-GRA, and a visit from Gov. Deval Patrick supporting the application for I-Cubed state funding for the project, according to a statement.
