The following is a press release from Trinity Financial:
Trinity Financial, Inc. and Apartment Investment and Management Company ("Aimco" (NYSE: AIV)) announced today that they have entered into an agreement with the Massachusetts Department of Transportation to construct a $190 Million, 12-story building at One Canal Street in the historic Bulfinch Triangle neighborhood of downtown Boston.
Located near TD Garden, one block from North Station and adjacent to the historic North End, the project, known as One Canal, will include 310 units of housing, 147 parking spaces, and ground-floor retail that is designed to accommodate a supermarket. The project will be built on Massachusetts Department of Transportation Parcels 2A, 2B and 2C under a 99-year ground lease. The project is Trinity’s second development to commence construction in the Bulfinch Triangle and will add to the vitality and energy of the revitalized neighborhood that marks the northern terminus of the Rose Kennedy Greenway.
Under the terms of the agreement, Trinity and its experienced development team will be responsible for the construction of the building, which Aimco will own and operate after its completion. Terry Considine, Aimco Chairman and CEO, comments, “We have a high regard for Jim Keefe and Patrick Lee, the principals of Trinity Financial. We admire, in particular, their success in the construction of the neighboring Avenir property. We look forward to the opportunity to work together.”
"MassDOT is pleased to partner with Trinity Financial on this exciting development," said MassDOT Secretary and CEO Richard A. Davey. "With the completion of the Central Artery Project the downtown Boston area is attracting new residential and business opportunities like this and transforming the face of the City."
“We are thrilled to be able to announce that the project is moving forward,” said Abby Goldenfarb, Vice President of Trinity. “The West End and North End communities have been looking forward to construction for over a decade and we appreciate their support and patience as we worked through a number of complex challenges to get this project underway.”
The project, which involves construction spanning the MBTA Orange and Green Lines and the Central Artery, is designed by ICON architecture and will be built by John Moriarty & Associates. Goldenfarb said that they expect to see construction vehicles on the site by early next week. A formal groundbreaking event is being planned for later in the fall.
The background on the disposition of this site, made up of land known as Parcels 2A, 2B, and 2C, is closely tied to the construction project known as the Big Dig. In 2005, the Massachusetts Turnpike Authority and the MBTA issued invitations to bid on seven parcels in the Bulfinch Triangle area that resulted from the elimination of the old elevated Central Artery interstate highway and the MBTA’s Green line viaduct.
Trinity submitted a bid for four of the seven parcels but won the right to develop only one, Parcel 1A, on which it developed the 241-unit rental apartment building, Avenir, now owned and operated by Equity Residential. The three other parcels along North Washington Street, Parcels 2A, 2B and 2C, were awarded to another developer. After that developer experienced delays in a faltering economy and was de-designated, Trinity Financial was invited by officials of the MBTA and MassDOT, successor to the Massachusetts Turnpike Authority, to step in.
ABOUT TRINITY FINANCIAL, INC.
Founded in 1987, Trinity Financial, Inc. has pursued a distinctive vision of real-estate development based on a collaborative urban spirit and a unique understanding of communities and relationships. Trinity’s work spans half a dozen residential and commercial specialties, from multi-unit housing to transit-oriented development. Across that spectrum, Trinity projects, worth more than $1 billion, have demonstrated a high caliber of vision and attention to detail, which has set them apart and led to sustainable success. For more information about Trinity Financial, please visit www.trinityfinancial.com
Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the largest markets in the United States. Aimco is one of the country's largest owners and operators of apartments, with 258 communities in 23 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV, and are included in the S&P 500. For more information about Aimco, please visit www.aimco.com