Boston, Massachusetts - Rafi Properties, LLC is pleased to announce that it has filed a Letter Of Intent to the Boston Redevelopment Authority on Monday, July 13th, 2015 and is expected to submit the Expanded Project Notification Form shortly after Labor Day.
The 3,685 square feet site is situated in the heart of Downtown Crossing on Washington Street, in between Boston Opera House and a Suffolk University dormitory and theatre. The development will have a gross floor area of approximately 105,000 square feet with residential, office, and food & beverage components.
The 30-story mixed-use building will be consisted of mainly 94 condominium-grade residential units offering an expansive city view and featuring state of art building technologies. The building will have floor to ceiling windows, smart home technology for unit access and energy monitoring, high ceilings, in-house amenities, as well as restaurants on the 1st and 2nd floor and co-working office space on the 3rd and 4th floor. To maintain the historic and cultural characteristic of Washington Street, the existing façade of the building will remain and be restored. The development is scheduled to be completed in the summer of 2017.
As an effort to revitalize the Downtown Crossing neighborhood and to promote energy and activity on the street level, we aim to have a number of restaurants or a boutique, artisan food market on the 1st and 2nd floor. With various new residential and hotel developments in the immediate vicinity of the property, Rafi Properties, LLC sees soaring demand for modern, creative food & beverage options for the Downtown Crossing neighborhood.
Aside from food & beverage facilities on the 1st and 2nd floor, Rafi Properties, LLC is planning to reserve 3rd and 4th floor of the mixed-use building as a co-working office space available for tenants of the residential units and members. With a growing population of start-ups and small businesses and increasingly high office rentals in Boston downtown area, Rafi Properties, LLC sees the co-working office space as an unique offering that will not only accommodate the city's need for flexible office options, but will also further drive foot traffic and activities in the Downtown Crossing neighborhood.
Since the property was acquired in June 2014, Rafi Properties, LLC has met with various community groups, abutters and the Boston Redevelopment Authority over the past 12 months on the feasibility of developing a 30-story mixed-use building in Downtown Crossing. The initial feedback from community meetings with The Midtown Park Plaza Neighborhood Association and Midtown Cultural Residential Association is receptive to the development proposal. The developer and its team members are working closely with traffic, structural, waste management, and contractors to address their feedback.
The seasoned development team is comprised of reputable firms with strong expertise and over 30 years of experience in advising on and developing high-rise mixed-use projects in Downtown Boston.
Project Architect, Add Inc./Santec - Established since 1954, Add Inc./Stantec is an international award-winning architectural firm with more than 15,000 employees in 250 locations. The Boston-based team has designed high-profile mixed-use residential high rises in Boston such as 315 on A, Pier 4, and Troy Boston.
Structural Engineer - TBD
Project Permitting and Legal Counsel, Dain, Torpy, Le Ray, Wiest & Garner, PC (Donald Wiest) - Donald is a partner of Dain, Torpy, Le Ray, Wiest & Garner, PC, focusing on complex zoning and related permitting work. Wiest also served as the Land Use Counsel to the Boston Redevelopment Authority from 2001 to 2006. Wiest has represented various large-scale development projects in the Boston area such as Columbia Center, Russia Wharf, and clients such as Madison Properties for South End Seaport and ADD. Inc for its headquarter. From 2008 through 2014, Daniel has been named one of the top lawyers in the land use/zoning category by Super Lawyer.
Project Contractor, TBD - Rafi Properties, LLC is in negotiation with a shortlisted group of experienced contractors with high-rise development track record in Boston for pre-construction services.
For any media enquiries, please contact the developer’s representative below:
About Rafi Properties, LLC
Rafi Properties, LLC (“The Company”) is a private real estate development, investment, and property management company based in Boston, Massachusetts. The Company and its overseas affiliates own real estate investments in both Asia and the United States. Its strategic focus is to invest in value-add opportunities in core urban markets such as Boston, Hong Kong, and Beijing with strong market demand and growth potential. Since founded in 2010, the Company has attracted funding from a number of Asia-based investors and have delivered strong performance and high returns from its earlier projects in Boston, Hong Kong, and China. As of July 2015, the Company and overseas affiliates have approximately 392,000 square feet of development and investment properties in Hong Kong and China and approximately 154,000 square feet in the United States. Going forward, the company plans to increase its U.S. investment size.