Partnership to Develop One of Boston's Largest Projects

CHICAGO - Urban Retail Properties Co. and Boston-based Drew Co., have been named developer for one of the largest public-improvement projects in Boston's history and the city's first new mixed-use development project since the opening of Copley Place in 1984.

Urban and Drew will be responsible for the development of an 11.3-acre site including the South Boston waterfront area known as "core block," considered to be the city's premier real estate parcel. Waterside Place, a 1.2 million-sq.-ft. mixed-use project, across from the Boston Conference and Exhibition Center, will house retail, hotel and residential space.

"We've done some of most exciting mixed-use projects in the nation, but Waterside Place is a truly unique opportunity to create a new landmark," said Ross Glickman, CEO of Urban Retail Properties Co. "The project enhances the area's retail offerings through a combination of new, complementary retail, first-class hotel and residential space and will create tremendous opportunities for Boston and for retailers seeking to enter the marketplace or expand there."

The project, a critical piece of Boston's waterfront redevelopment program, will feature 600,000 sq. ft. of retail space, a 20-story condominium complex and a 21-story hotel.

Urban's experience in vertical mixed-use developments was critical to the Massachusetts Port Authority, which controls the development. In 1975, Urban opened the 3.1 million sq. ft. Water Tower Place in Chicago, which combines retail, residential and hotel components in a compact footprint on North Michigan Avenue. Boston's 3.7 million sq. ft. Copley Place was built on landfill over a multi-lane highway.

Urban and Drew have collaborated on numerous projects in the past, including the Ronald Reagan Building and International Trade Center in Washington and several other projects in the capital.