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A Compendium of Property & Capital News
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Oct 23
A Compendium of Property & Capital News

A.W. Perry/Andes’ Lux Condos “Brio” Breaks Ground; Takes Final Residential Pad In Shipyard

July 28, 2017 - By Kerri Mannion
BRIO, Hingham Shipyard

HINGHAM—After serving as a production site for hundreds of warships during WWII, the Hingham Shipyard underwent a massive revitalization over the past decade. It has become a prominent residential community but has struggled to bring in top retailers, which developers initially envisioned prior to the financial crisis meltdown. Since Samuels & Associates’ The Launch opened in 2009, the site has offered 210,000 sf of retail, restaurant, and entertainment space - in addition to 30,000 sf of office space.

In 2008, AvalonBay came on line, offering the Shipyard’s first apartment complex. Through its numerous amenities, including a pool, tennis courts, and clubhouse, this luxury townhouse style complex initiated the successful residential development run at the Shipyard. Following Avalon, Lennar Corporation completed 150 condominium units called Hewitts Landing, which resembles traditional-style townhomes. This spring, Avalon also initiated construction of Avalon II, a 190-unit rental complex set to occupy the former Building 19 warehouse and corporate offices.

Now, the development team of A.W. Perry and Andes Capital looks to continue the Shipyard evolution furor with Brio - a 77-unit luxury condominium complex. The Shipyard’s close proximity to the MBTA commuter boat and bus line provides a unique trans-oriented strategy for developers, and as recent local trades have shown, serves investors with big appetites for retail products; proven earlier this year when Real Reporter revealed AEW Capital’s purchase of Lincoln Plaza (the Stop & Shop anchored strip across the street from the Shipyard on route 3A) for $43.7 Million - a price more than twice its assessed value.

But Brio is not the first luxury condo complex developed at the Shipyard. In 2012, Samuels & Associates completed construction of The Moorings, a 26-unit luxury condo development situated at the center of the vibrant waterfront restaurant scene. The single-level, open-floor-plan condos with high-end design features and amenities landed on Boston Magazine’s ‘Best Places to Live Outside the City’ list in 2015.

The Brio development team hopes to continue the successful run of residential units, “Brio will be a different type of condo,” says Bob Maloney, Executive Vice President and Managing Director of Acquisitions at A.W. Perry. “It will be single-level, which people appreciate. It will be high-end with water views and a common roof deck. For people who have a boat at the marina, they will be able to walk to the boat easily and spend an afternoon on the water,” he adds.

After selling The Moorings and working with the Shipyard real estate project since conception, Charlene Flynn, President of TLC Real Estate and Sales Director for Brio, agrees that it will stand out from the rest. “While price will be about the same, the Brio complex itself will be much larger than The Moorings with 77 units versus its 26,” she notes.

According to its brochure, Brio will offer single level, 1-bedroom, and 1+bathroom units as well as 2-bedroom and 2+bathroom units. The complex includes garage parking, a garden terrace with fire pits, and a state-of-the-art lobby with concierge service (an amenity Flynn says will be the first offered south of Boston). Most condos will also have private outdoor spaces, the majority with waterfront views. Flynn adds Brio will be the only Shipyard complex with direct views of the cove, given its placement immediately adjacent to it.

“It’s the project everyone has been waiting for, something people will be happy has finally arrived,” reveres, Flynn. She says Brio will offer more modern amenities missing at the Shipyard - namely, the concierge service and modern garden terrace. According to Flynn, its location “in the heart of the Shipyard,” rather than off to the right away from the stores and restaurants (as with both Avalon projects and Hewitts Landing) will also distinguish it from the Shipyard’s other complexes.

Maloney suggests that the lifestyle offered by the Shipyard will attract buyers with similar tastes, namely those who seek high-end amenities in an urban-style setting, with easy access to the waterfront. “We tend to look at every project on its own and tailor it to its surroundings,” he claims in regards to A.W. Perry’s development strategy. He envisions the building being ideal for couples selling their Hingham homes to downsize. “Their kids maybe just graduated from college and they have a boat at the marina,” he adds. Meanwhile, Maloney lauds the one-bedroom units are appropriate for young families as starter homes and the larger two-bedroom units on the upper floors offer extra space to those who need it. “There is something for everyone,” he notes.

Amid all its success with housing developments, The Launch has struggled to fulfill its retail goals, with several units between 2,055 - 9,650 sf still available. According to Flynn, Brio hopes to bridge that gap between the retail seam. “Brio brings in 77 residential units, which will drive business for not only existing retail tenants, but it will encourage more boutique stores to come in,” adds Flynn. Leslie Cohen, Chief Operating Officer of Samuels & Associates, expressed similar optimism for the addition of Brio to the neighborhood. “S&A has long realized what a draw the Hingham Shipyard location would be for retail, residential and business tenants alike. We are pleased to see the site continue to evolve and look forward to positive working relationships with the other owners/developers on the site,” she remarked.

A.W. Perry and Boston Andes Capital broke ground at 10 Shipyard Drive, along with Callahan Construction on July 19th, aiming to complete the project by December 2018, a day that A.W. Perry’s President, Rich Beal welcomed. “It has been a lot of hard work and seems like a long time in the making, but we are finally happy to be here today … this is an exciting project for us and the town of Hingham.” Beal also praised the architects ART & BH+A as well as the lending team of Rockland Trust and Salem 5. The sales office is expected to open late July, with prices starting in the 500k’s, though Flynn relays she already has several names on a pre-reservation list.