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Boston City Centre Development ProposalCreating an iconic development in the heart ofBoston that will provide a dynamic, open andinnovative future for all Bostonians
1Team 129
Improves TransitExperience & Connectivity
Designs for the Future Celebrates City’s History
Activates City Center forLive, Work & Play
Sets Bar for UrbanSustainability
Enhances PedestrianExperience
Builds & PreservesDowntown Economic Base
Forward looking development for a world class city
City Hall jobs and building must remain at City Center
3
• While not universally loved,City Hall’s architecture isimportant to many
• Celebrated façade isimportant in modern arch.
• Important part of Boston’sarch. evolution and history
• Extremely inefficient (55%of space useable)
• Not designed for today’soffice needs
• Limited light, circulation,and low air quality
• Undesirable and archaic
• Location is at a crossroadsof historic Boston, CBD, andWest End
• Location is ideal for publicservices and central for city
• Surrounding area haslimited green space
• Location is iconic and centralin Bostonian memory
• Important to Bostonians thattheir city hall be on thegrounds where democracywas founded.
Location Historical ImportanceUsability Architectural Significance
Our proposal comprehensivelyaddresses these issues. We proposepartial demolition of City Hall (keepingthe North Façade and a portion of theEast and West Façades intact).Furthermore, we will keep City Hallfacilities on-site and open throughoutconstruction, allowing for furtherconsolidation of City Services into asingle building at this prime location.
Solu
tion
Consolidate & Keep City Hall On-SiteAllow the New w/o Destroying the Old
City Hall services will move to new, stateof the art offices on the same site. Thiswill allow for City hall to consolidate andremain open throughout construction.
Much of iconic façade will remain intact.New architecture will seamlessly blend newand existing architecture. New constructionwill allow for cutting edge use features.
A transformative development requires substantial zoning relief
4
BleakOpenSpace Office
Use
New Planned Development Area (PDA)• Address changes under Large Project
Review; Boston Parks and Recreation;Boston Civic Design Commission Review,and MBTA project review.
Let “1963 UrbanRenewal Plan”lapse in 2022
1 2Requested Relief: Designate full site City Hall Medium Density Area• 10 FAR across entire site organized into 5 zones• 50% of the new site area will remain publicly accessible open space• Height restriction waiver in line with adjacent PDAs of 400’+• Parking freeze lifted to attract and support new uses
3
New JobsDiversification& Expansion of
Economy
StreetImprovements
TransportationAccess
EnhancedPedestrian
Environment
Our site plan draws on inspiration from around the world and implementsbest practices in design to produce a world-class development
Elevated Park Creates additionalgreen space and underneathcreates enclosed and shaded
access to T stationInspiration: The High Line, NYC
Storm Water ManagementSystems retain & reuse water as a
feature-improving ourenvironment and making the site
more immersive
Terraced buildings withoutdoor space provide
unique and highlysought after creative
office space.Inspiration: Grey Group
Offices, NYC
Grand arcade space introduced to pullpeople into the site and provide
immersive and one-of-a-kind retail andrestaurant opportunity.
Inspiration: Galleria Vittorio Emanuele,Milan
Existing City Hallfaçade to be partiallysaved. Concrete willbe blended into thenew creative office
space using glass andother materials that
blend seamlessly.
Planted cascading stepsprovide a “green” for all
people to sit and enjoy thespace.
Inspiration: Spanish Steps
Building over T Stationprovides best possibletransit access and best
use of space.
Iconic sculpture commissionedfrom local artist announces
Boston as a premier city in theworld. Rotating outdoor art
exhibits draw people to the siteregularly.
Inspiration: Hudson Yards, NYC
Other site features include: Free charging and WIFI for visitors,improved wayfinding signage, bike storage and shared bikes, daycare facilities, shared car drop-off/pick-up, electric car charging,
extensive landscaping, Improved ADA accessibility
Boston City Centre will revolutionize the physical space, ignite economicdevelopment and make sure all Bostonians can share a place to prosper
Phys
ical
Socia
lEc
onom
ic
f
• Increased tax revenue for city by activating underutilized space and creating a new economic powerhouse site• Attractive location for technology and STEM businesses that provide high quality and “robot-proof” employment
opportunities• Create an attractive Live, Work, Play environment
• Connect Historic Boston to downtown through thoughtful architectural design• Intentionally designed, direct, and continuous connections to the T stations more attractive than ever shaded spaces in
summer and covered walks in winter make train commuting more attractive• Downtown currently has limited open park space, we will provide >222,000 SF of designed park space including elevated
park to increase inter-site connectedness
• 19.8% affordable housing allocation provides every Bostonian a chance to live in the city’s newest center of development.• Artist housing and space for exhibition will create an art scene, including rotating street art exhibits similar to the Wynwood
Walls• Immersive exhibitions at the public building create fun for all ages• Iconic art piece at center of site announces Boston as one of the greatest cities in the world• Significant community engagement efforts planned so that all existing social communities feel respected and heard
Enhancing the Public Realm through Physical Social and Economic Initiatives
As planners of a community, we have a responsibility to createsustainable and resilient spaces – we think about our role in three pillars
Stewards of Energy and Environment Community Builders and Defenders ofthe Public Good Innovators of Resilient Spaces
Rain water harvesting, undergrounddetention and water re-use built in –without affecting subway infrastructure
LEED Certified buildings, energyefficient structures
Outdoor plantings
Public art spaces open to all peoplewith additional planned communityevents
Wi-fi and public charging on site freeof charge
Community engagement andcommunication to ensure spaces aredesigned by those that will use them
Resilient and flexible design allow formultiple uses and change over time
PropTech and smart structures allow usto learn over time and adapt to thechanging needs of the city
On-site recycling
Accessible spaces open to all
Boston City Centre is designed to maximize the appeal of multiple modesof transport, creating a Transit Oriented Development
Development aboveexisting train station to
include retail componentfor a more appealing and
accessible communityspace
Easily convertibleparking levels as self-driving cars and ride
sharing become moreprevalent
Shuttle service tonearby T stationsfor accessibility
from all major lines
Improved sidewalksthroughout site and to
nearby T stations
Covered walkway betweenretail/office towers withgreen space on second
level.
Handicap access atall main entry points
Bicycle storage and bike-share station on site
Multiple inter and intra-siteconnections encourage
pedestrian traffic, createinteresting site lines, drawvisitors from street level
Glass covered arcade walkis tiered with escalators andADA access to meet grade
of site.
Creating a meaningful amount of affordable housing is an imperative;Sparking a successful community for all is a challenge we will overcome
• We will provide affordable artist housing for those artists commissioned to do public androtating art exhibits and include the art community in determining the program of theCommunity Space.
• Reduced rent provided for those working at the site to encourage Eat, Work, Play residents ofall income levels
Number of Units Provided
Building 2
Building 4
2
4
Building
Description and Details
133
152
Total AffordableUnits
• Best practices adopted from ULI’s “Healthy Housing for All” report• Total affordable percentage provided = 20% (vs. 13% required)• Affordable units to be spread throughout building, not separated• Exact configuration to be planned with Boston Housing Authority to
ensure it meets cities needs
87
Min Required: 186
99
Actual Provided: 285
Req’d
OurPlan
Req’d
OurPlan
Req’d
OurPlan
CommunityDevelopment
Initiatives
Maximizing Value for the City
Current Situation* Proposed Under CHP Development
Currently, city services are spread across threebuildings (Court St., Hawkins St. and City Hall).
City Departments utilize only 262,000 SF of space(the remaining 209,000 is usable only for circulationand facilities).
Currently, the city incurs an energy expense of $3Mper year and one report estimated between $225Mand $255M of repairs are needed between the threebuildings.
*Source: Public Facilities Department, October 2017 Boston City Hall and Plaza Study
We believe the current city hall location is actually a very goodone for civic services. Relocation would create hardships forBostonians. Best to keep it where it is.
We propose combining all City Services into one building –providing Bostonians an “all under one roof” city service center.To allow this, we would allocate 300,000 Square feet (10%more than City hall currently occupies) in a brand new building.
This would allow the City to lease or sell Hawkins St. and CourtSt. Buildings, unlocking additional value for other initiatives.
Public private partnership or condominium style ownershipwould be on the table during negotiation.
Selling Hawkins and Court could generate $135M, and wewould request a right of first refusal to purchase the two assets.
Massing Diagram
Building 4Building 3Building 1 Building 5Use: Office + Retail
Footprint: 30,000 SFStories: 30
Total Height: 390 ftTotal Sq. Ft: 900,000 SF
Phase: 1
10
30
20
0
35
New City Hall Residential
Building 2
Parking Office Retail Public Use
Use: Residential + ParkingFootprint: 35,000SF / 20,000 SF
Stories: 8 / 33Total Height: 429 ft
Total Sq. Ft: 780,000 SFPhase: 1
Use: Office + Retail + PublicFootprint: 66,000 SF (at base floors)
Stories: 12 (at highest floor)Total Height: 180 ft
Total Sq. Ft: 858,000 SFPhase: 2
Legend Affordable Housing
Use: Residential + RetailFootprint: 33,000 SF
Stories: 27Total Height: 351 ft
Total Sq. Ft: 895,000 SFPhase: 1
Use: PublicFootprint: 13,000 SF
Stories: 3Total Height: 54 ft
Total Sq. Ft: 39,000 SFPhase: 3
GradeT StationBelow
Reuse of existingcity hall façade
Phased approach keeps City Hall on site, maximizes affordable housingdelivery and stabilizes within 7 years,.
Phase 1 Phase 2 Phase 3Affordable Housing
• Break ground on residential towers thatcontain affordable housing
• Build out office tower that will house thenew City Hall
Relocation of City Hall• Relocate City Hall to new office tower• Begin redevelopment of current City Hall
building
Completion• Complete construction of community cultural
facility• Install landscaping, pedestrian walkways,
fountain, and Spanish steps
Year 0 Year 3 Year 5
Development
2019 2020 2021 2022 2023 2024 2025 2026 2027
Strong opportunity for new development in market
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Multi-family Office Retail• No new units came on line in 2018,
allowing for strong vacancy compressionand rent growth near double themarket’s historic average
• Supply beginning to ramp back up, with1,300 units currently underway
• Sales are somewhat muted in the market,but assets that have traded have tradedat strong valuations at ~4% cap rate
• $4.50 PSF average prevailing market rentfor class A buildings
• Vacancies have held at or below the metrorate since 2015 (~10% -4-5 star assets)
• High demand from tech firms and co-working spaces are large demand driver
• Few buildings currently support leasesover 75K SF and none over 250K SF
• 365K SF Congress Square is the onlydelivery in the market since 2011
• Large wave of supply on line by 2022• $70 PSF prevailing market rent for 5-star
assets
• Increased residential inventory in themarket has created demand for differentforms of retail as the area trends towardsa more 24-hour zone
• Rents are some of the city’s highest,driven by the market’s large office supply
• Strong population and job growth inBoston has allowed for relatively strongretail performance this cycle
• ($60-$100 PSF prevailing market rent forcore retail)
High demand + supply constraints= average effective rent
assumptions of $5 PSF for marketrate units and $1.70 PSF for
affordable units
Strong demand from tech firms forcreative office space + low supply
for large tenants = $65-$80PSFeffective rent assumptions for
office space
Favorable demographics + strongretail market = effective retail rents
of $100 PSF for prime retail and$65-$70 for secondary retail
We have proposed a deal structure that involves and incentives all theright players to accomplish our ambitious goals
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We have chosen to team with BostonEquity Partners, the most capable
partner for a project of this magnitudeand importance. Choosing an LP with
extensive experience and ability to raiseDebt financing was paramount in this
choice.
Our financial model demonstrates that Boston City Centre will be arobust and high-performing development
The Boston City Centre generates a tremendous amount of value, whichcan be shared by the city and the partners in the project. We’ve made asignificant offer to the city to secure the project. Under currentassumptions, we’ve model a risk-appropriate 16.3% project return and areturn of 25.7% to the GP.
M aster D evelo pment R eturnsP ro ject Level IRR 16.32%
Equity M ultiple 2.87LP IRR 15.51%
Equity M ultiple 2.68GP IRR 25.67%
Equity M ultiple 6.45
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