(BOSTON) – Hines, the international real estate firm, and investment partner MetLife, held a groundbreaking ceremony today celebrating the start of construction on Meriel Marina Bay, a new multifamily complex in Quincy, MA.
Meriel Marina Bay will be situated on 5.83 acres of waterfront and will consist of two four-story apartment buildings with a total of 352 market-rate units, approximately 20,000 square feet of retail space and 500 parking spaces.
The development represents Hines’ third for-rent residential project in the Boston area. Hines also has developed Currents on the Charles, a four-story multifamily development containing 200 units in Waltham, MA; and Fuse a six-story multifamily development containing 244 units in Cambridge, MA. This brings the firm’s multifamily portfolio in Boston to over 795 units.
For MetLife, the development represents the company’s fifth for-rent residential project in the Boston area that includes Lenox Farms in Braintree, Charles River Landing in Needham, Lodge at Foxborough in Foxborough and Lodge at Ames Pond in Tewkesbury. Meriel Marina Bay brings MetLife’s multifamily portfolio in Boston to more than 1,650 units.
“We are excited about breaking ground on this development, which sits on the last piece of undeveloped waterfront property at Marina Bay. Hines is pleased to be able to respond to the significant demand for new, high-quality luxury housing in the Quincy area, and we are committed to delivering a superior product with Meriel Marina Bay,” stated Hines Senior Managing Director David Perry.
The project will include a significant expansion of the boardwalk, as well as retail and dining offerings at Marina Bay. A waterfront pedestrian connection between the boardwalk and Squantum Point Park will also be created. The project will expand the shuttle service to the nearby North Quincy MBTA station and will have views across Dorchester Bay to downtown Boston, the Back Bay and the Seaport District.
Hines expects occupancy of the first units in spring of 2017.
In January 2011, Hines formed its Multifamily Division, with a focus to expand the firm’s multifamily development activity throughout the U.S. by working with Hines’ domestic regions on for-rent residential programs. Currently, the Multifamily Division has more than 7,000 units in projects in various stages of development. In addition to the Boston area, the company has other multifamily projects that are located in several U.S. cities including: Chicago; Denver; Houston; Miami; Minneapolis; Pasadena, CA; Phoenix; Rockville, MD; and St. Petersburg, FL.
About MetLife, Inc.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countriesand holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.