City of Quincy and Street-Works Announce Joint Venture With Major Retail Developer

Mayor Thomas P. Koch announced a major milestone in the redevelopment of Quincy Center in the partnership between Street-Works and the National Realty Development Corp, one of the foremost developers of retail space in the country.

"This is a tremendous win for Quincy," stated Mayor Tom Koch. "We are fortunate to have such a powerful force in the retail industry investing its 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," stated 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 over 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 Companies, 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," stated 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."

"Street-Works and NRDC share a hands-on approach to conceiving and executing successful development opportunities. Our working relationship with NRDC is more than 20 years old and is built on mutual trust, respect, effective performance, and a belief in paying attention to all of the details. This joint venture is not just a commitment between two businesses, it is also a personal commitment between friends to insure that retail in the new Quincy Center is a success," stated Ken Narva, Co-Founder and Managing Partner of Street-Works.

"NRDC is committed to development in the urban space and we are very excited and focused on making the new Quincy Center a success," stated John Orrico, President of NRDC. "Our team will be working very closely with Quincy and Street-Works to bring real results to this project-both on the ground in Quincy and by drawing from our national network of retailers."

"NRDC has been very successful in its expansion over the past 50 years and brings a very strong balance sheet to the table," stated Jeffrey Levien, Senior Director of Development for Street-Works. "We are thrilled to have them on board, as they are known as savvy owners that pick their opportunities carefully."

National Realty & Development Corp. has extensive experience in guiding projects from inception to leasing and tenant occupancy under the guidance of John Orrico. The company's six divisions-site acquisition, leasing/marketing, construction, legal, property operations and accounting-as well as its 95 full time managers and staff, will work on behalf of the new Quincy Center project as part of the joint venture. Also as part of the joint venture arrangement, National Realty & Development Corp. will be providing pre-development capital at a critical phase.

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, 2 hotels, 1,200 residential units and over 5,000 new structured parking spaces. The City of Quincy is strategically located 8 miles south of Boston, offering direct access to Route 128/95, I-93 and the region's T-system Red Line. The redevelopment has gained momentum since the signing of the Land Disposition Agreement in December of 2010 with the recent announcement of its retail brokers, CBRE-GRA, and a visit from Governor Patrick supporting the application for I-Cubed state funding for the project.

As part of a new bold public-private partnership, Street-Works will upgrade the city's infrastructure using private money, with Quincy's investment of public funds occurring only after the redevelopment produces new tax revenues. This financial agreement offers an unprecedented model for how public and private interests can work together to create something real and sustainable in today's economic times.

More News