Federated Cos. chooses Bayside brokers
The company planning to develop a sizable portion of the Bayside neighborhood has selected The Dartmouth Co. and WRE Commercial Brokers as its exclusive retail leasing agents.
The Federated Cos., a national real estate investment firm, bought 3.25 acres from the city in May for $2.3 million. Earlier in the year, it purchased the struggling Bayside Village, a nearby student housing complex, for $9.2 million. The company says it plans to maintain Bayside Village as a student housing facility and develop the former city lots into a 1 million-square-foot, mixed-used development.
The Federated Cos. says it selected The Dartmouth Co. and WRE Commercial Brokers to bring "a local as well as a national and regional perspective in the deal-making process," a press release states. The Dartmouth Co. is a commercial real estate firm with offices in Boston; Albany, N.Y.; Greenwich, Conn.; and Paramus, N.J. WRE Commercial Brokers is a commercial real estate firm based in Windham.
The company is still working with the city to finalize its development plans, according to Suzanne Tamargo, the company's spokeswoman. She says she does not believe the company has filed a formal building application yet. The city has given Federated Cos. a deadline to obtain its approvals and start construction, and if this timeline is not met, the city could pull out of the contract.
The 3.25-acre project, which the company is calling Maritime Landing, encompasses seven lots between Somerset and Elm streets in an area the city has targeted for aggressive development. The arrival of Whole Foods and Trader Joe's has helped this mission. The Federated Co. says it plans to construct 97,161 square feet of retail space, a 96,000-square-foot hotel, 554 luxury housing units and a 1,060-space parking garage, according to its press release. Construction is expected to begin next April.
The Federated Cos., based in Miami, was founded in 1999 and has developed and managed over 7,500 units of residential housing with an aggregate value of over $1.5 billion, according to a company report.
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