Mayor Thomas Koch joined with three developers Tuesday to unveil a proposed 15-story residential tower, a hotel, and a luxury condominium building that proponents said would anchor the next step of Quincy Center redevelopment.
Developers Peter O’Connell of Quincy, Alex Matov of LBC Boston and Quincy native Sean Galvin of Galvcon Development detailed their mixed-use projects at a news conference today in the Mayor’s office. Combined, the projects will total in the range of $100 million in private investment.
“This is a tremendously important step forward for the future of Quincy Center,” said Mayor Koch “We have been working for some time on creating the opportunity to bring this kind of private investment to the heart of Quincy Center, and it’s going to happen. The time is now, and I’m thrilled that these developers have shown such great commitment to our future.”
- O’Connell, who has developed landmark local projects such as Marina Bay and Quarry Hills, will build a 122-unit, 15-story luxury high rise in the Hancock Parking Lot;
- LBC Boston, which has spent more than $23 million acquiring property around Quincy Center over the last year, will build a 116-room hotel at 1500 Hancock Street, the block beginning at the corner of Cottage Avenue.
- Galvcon Development, a long-time Quincy developer of high-end residential properties, will build 48 luxury condominium units on the site once home to Woolworth’s at the intersection of Hancock Street and Cliveden Street.
The Mayor also announced that this phase of development will include the construction of a parking garage in the Hancock Lot. The design and total number of spaces is being engineered now. Based on the design of the garage, remaining property in the Hancock Lot will be offered to additional developers in the form of a Request For Proposals.
He said the City’s overall strategy for the downtown has remained unchanged, asserting that any infrastructure investment will be directly tied to new revenue generated by the private development.
“We’ve said from Day One, we’ve held to it, and we’re going to continue to hold to it – the downtown will pay for itself,” he said.
The O’Connell development will also require a land agreement with O’Connell, which will include an extensive public approval process when presented to the City Council. That agreement is slated to take shape in coming months.
The proposals comes as construction for the first step of downtown redevelopment, Quincy Mutual’s West of Chestnut development, is getting underway. That plan, being developed by Gate Residential, calls for a $100 million investment and 200 units of luxury housing split into two phases.
This is a developing story. More coverage in The Quincy Sun’s April 9th edition out on Wednesday.