From the Site Service Real Estate Team
We are very pleased to share with you an update related to the Church Plaza Revitalization Project. We know that each forward step is due in large part to the prayerful support of our worldwide church family.
First and foremost, our purpose with this project is to support the healing mission of our Church by better utilizing our real estate holdings so that more of our Church’s resources are focused on core activities outlined in the Church Manual.
Our last communication in January shared the news that the Church selected Carpenter & Company (http://carpenterandcompanyinc.com/) as the purchaser and Master Developer of the two approved development sites on Belvidere and Dalton streets, across the street from the Hilton and Sheraton Hotels.
The Belvidere/Dalton project consists of two new buildings: a tower that will include a hotel and condominiums of approximately 58 stories, slightly shorter than the neighboring Prudential Tower, and a rental apartment building of approximately 25 stories, opposite the Hilton Hotel. The income from this sale transaction will not only provide the necessary funding for Plaza repair and improvements, but also contribute to ongoing operations and maintenance.
At the helm of the design team for the project is the highly respected architect Henry Cobb, of Pei Cobb Freed & Partners (New York). Mr. Cobb and his firm have earned a global reputation and local renown. In Boston’s Back Bay, these designs have included the Hancock Tower and the Church Plaza with its reflecting pool and three 1970s Modernist concrete buildings.
Mr. Cobb has this to share about his involvement in our project: “My colleagues and I are thrilled and honored to participate in bringing to fruition this key component of the Christian Science Plaza Revitalization Project. Because the Belvidere/Dalton sites adjoin the Prudential Center, yet are integral to the Christian Science Plaza, their redevelopment presents an especially fascinating design challenge—inviting us to once again consider how tall buildings, together with the open spaces they frame, can respond creatively to the need for growth while showing appropriate respect for their historic setting in the city of my birth.”
Carpenter, along with its project partner, Pritzker Realty Group (http://www.pspcapital.com/real-estate.html), will be responsible for designing, financing, constructing, and maintaining the new buildings. The Church has been providing and will continue to provide input during the planning, design, and public review processes, but after necessary approvals and permits are obtained, Carpenter assumes full ownership of the property.
On August 5, the “due diligence period” of the real estate agreement was completed. This sets the stage for finalizing the design and presentations within Boston’s public approval process. Subject to these municipal approvals, the Developer anticipates beginning construction in early 2014.
Our deepest gratitude for your continued prayerful support of this activity that offers blessings for the Church as well as the community.
