at the 500 Atlantic Avenue Project in Boston;
Signs Long-term Lease with Intell for the First Twelve Floors
|June 11, 2004 - Boston, MA - The InterContinental Boston and luxury
residential project at 500 Atlantic Avenue is set to begin construction,
announced developers Gary Barnett and Brian Fallon, of Intell Boston Harbor
LLC, today. The 424-room hotel, located in Boston's Financial District,
will be the first InterContinental hotel in Boston.
In addition to the hotel, the development will include 130 luxury condominiums, "Residences at the InterContinental." Hotel guests and condo owners alike will have access to a wide range of first class hotel amenities, including concierge services, room service, maid service, meeting rooms, the largest ballroom in the downtown area, a health club with indoor pool and spa, fine dining, unique retail and public open space along both the waterfront and the Rose Kennedy Greenway.
"We are pleased to move forward on this project and believe that the city will benefit from both the additional residential units and the presence of a luxury InterContinental hotel as an option for tourists and business travelers alike," Mr. Barnett said.
Located at 500 Atlantic Avenue, the proposed development consists of a 20-story building rising along Atlantic Avenue that steps down to a low 61-foot hotel component along the Fort Point Channel. In addition, the building design will effectively mitigate the visual impacts of the Central Artery Project, creating a world-class harbor front design for the project.
The project's architect is Howard Elkus of the Boston firm of Elkus/Manfredi. Interior design of "Residences at the InterContinental" is being developed by nationally renowned interior designer Celeste Cooper.
"As the Central Artery project nears completion, the Atlantic Avenue waterfront area has become one of the city's most sophisticated neighborhoods," Mr. Fallon said. "We are confident that our project will complement the city's vision of a 24 hour, seven day per week Boston Harbor community that is vibrant, accessible and welcoming to residents, financial district employees and visitors alike."
The major public amenities to the project include: publicly accessible wharf and walkway that will act as part of the Harborwalk, new access ways to the Harbor directly from Atlantic Avenue, reconstruction of the wharf area, development of a water shuttle terminal, ground floor retail and restaurants and an outdoor cafe.
"We are pleased to introduce the first InterContinental hotel in Boston in this stellar location overlooking the Boston Harbor and soon to be constructed greenway," said Stevan Porter, President, InterContinental Hotels Group, The Americas. "The decision to build the hotel is further supported by the fact that Boston is a hub for the financial service, technology and medical industries, benefits from a vibrant tourism trade and will see the opening of a new convention center in just a few days."
Site preparation will begin immediately, with the steel structure for the building expected to rise beginning in late summer. The construction process is expected to take approximately two years, with the building opening in late Spring 2006. The total cost for the project is approximately $330 million.
InterContinental Hotels & Resorts will operate the hotel component of the development under a long-term lease with Intell for the first twelve floors. The presence of a luxury hotel along Boston's waterfront is consistent with the goal of the InterContinental Hotels & Resorts to be associated with large, well-sponsored properties in key locations around the world.
InterContinental Hotels & Resorts, which includes the Willard InterContinental in Washington, D.C. and the InterContinental Mark Hopkins in San Francisco, currently has more than 135 hotels in more than 65 countries.
The project site, which was owned and utilized as commercial property by Boston Edison for the past century, overlooks the Fort Point Channel and is adjacent to new parkland to be developed by the Massachusetts Horticultural Society along the Rose Kennedy Greenway.
"Residences at the InterContinental" are being marketed by Kevin Ahearn of Otis & Ahearn of Newbury Street.
|Also See:||Hyatt Development Corp. Wants to Give Up Hotel Site on South Boston Waterfront / December 2003|
|City of Boston Obtains $40 million from HUD Specifically for Hotel Projects; Loan Pool Designed to Speed Up Stalled Hotel Projects / August 2003|