MassDevelopment.com: Press Room: 100 Cambridge Street Named "2006 Awards for Excellence" Finalist by the Urban Land Institute

100 Cambridge Street Named "2006 Awards for Excellence" Finalist by the Urban Land Institute
Only Two Projects in New England Selected for International Recognition
March 13, 2006

Contacts:
Adam Bickelman, MassDevelopment, 617-330-2086
Trish Riggs, Urban Land Institute, 202-624-7040

MassDevelopment today announced the selection of 100 Cambridge Street, the former Leverett A. Saltonstall state office building, as a finalist in the Urban Land Institute's (ULI) 2006 Awards for Excellence. Since 1979, the Urban Land Institute has recognized development projects in both the public and private sectors that demonstrate superior planning, design and execution. 100 Cambridge Street is one of 21 finalists selected from a pool of more than 80 applicant projects in the United States, Canada and Mexico, and one of only two projects located in New England. The Institute will announce this year's winners at its annual Spring Council Forum held in Salt Lake City, Utah in May.

"Urban Land Institute is the gold standard for industry organizations in the real estate community nationwide; and it's an honor for 100 Cambridge Street to be named a finalist in this year's Awards for Excellence," said Robert L. Culver, MassDevelopment president/CEO. "Today, 100 Cambridge is a model for smart growth redevelopment. What was once a bleak cement plaza in the heart of downtown Boston is today a mixed-use complex of public and private offices, residential condos, retail shops and gardens. Win or lose in May, holding finalist status is a distinct honor."

The Leverett P. Saltonstall state office building, built in 1965, replaced a neighborhood of 19th century buildings at the foot of historic Beacon Hill. By the 1990s, it had badly deteriorated, and it closed in 1999 after the discovery of asbestos in the HVAC system. MassDevelopment, the state's finance and development authority, partnered with a private team including architects Elkus Manfredi and Suffolk Construction to renovate the building and add substantial new development.

A five-story addition reestablished the street edge by wrapping the tower with retail frontage, 75 residences and a new office entrance. The structure was entirely remediated with new windows, building systems, lobbies and tenant finishes. Offering spectacular views, floors 13-22 now house private tenants, while state agencies occupy the lower floors under a long term below-market lease. Despite a 15+% vacancy rate in Boston's downtown office market, 97% of the office space is leased; all 75 condominiums, 19 affordable, have been sold; and a pharmacy, day care center and bank have committed to the retail space, bringing back 24-hour street activity.

MassDevelopment, the state's finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. In fiscal year 2005, MassDevelopment financed or managed 158 projects statewide representing an investment of nearly $1.9 billion in the Massachusetts economy. These projects are supporting the creation of 2,769 housing units and more than 9,800 jobs: 4,702 permanent and 5,100 in construction.