Urban Strategy Fund : A new Boston Real Estate Fund
 
Property Type:
402,715 SF of retail/office space

 

 

Investment Strategy:
Development

 

 

quonset.jpg

 

The Shops at Quonset
North Kingston, RI

 

This $31 million development is located within the 3,174-acre master planned Quonset Business Park on Narragansett Bay.


Development of this former Naval Air Force Base in North Kingstown is managed by our partner, Quonset Development Corporation (QDC), a quasi-public agency that is responsible for all approvals and have control of infrastructure, utilities and road systems.


The State has of Rhode Island has invested heavily into the transportation infrastructure of the park, including rail, water/sewer and construction of the Route 403 Connector, a 4-lane highway that will connect Route 4 to our site. QDC holds a $48 million bond for additional infrastructure, and a parcel in the western portion of the park is under consideration for a commuter rail station.


Highlights


New Boston was designated developer in May of 2005 and received final approval from Quonset Board of Directors in October 2007 on the conceptual master plan of the site.Construction began in January 2008 with 256,000 SF (nearly 66%) of space already pre-leased to anchor tenants, Lowes and Kohls, already pre-leased.

 

The construction loan was closed in September 2008, following the signing of the leases with anchor tenants Lowe’s and Kohl’s.  The critical junior anchor, Dave’s Marketplace (23,771 SF), was secured and construction commenced on the 75,000 SF in-line retail center this fall.


Kohl’s officially opened its doors on October 1st, 2008 and Lowe’s held an official board cutting ceremony on January 15, 2009 to celebrate its opening.  An additional 13,000 square feet of letters of interest have been executed for the in-line and out-parcel spaces. 
 

 

  Current Investments
 

545 Long Wharf

 

777 Brook Street

 

East Hartford Portfolio

 

Gates of West Bay

 

Harris Corners I - III

 

Lofts 881

 

Maitland Green I & II

 

Olmsted Green

 

One Greenway (Parcel 24)

 

The Schoolhouse

 

Seaside at 38 Hope Street

 

The Shops at Quonset

 

Southpoint Executive Center

 

Waterbury Senior Housing

 

Winooski Falls

 

Wyomissing

 

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