Boston City Centre Development ProposalCreating an iconic development in the heart ofBoston that will provide a dynamic, open andinnovative future for all Bostonians

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Improves TransitExperience & Connectivity

Designs for the Future Celebrates City’s History

Activates City Center forLive, Work & Play

Sets Bar for UrbanSustainability

Enhances PedestrianExperience

Builds & PreservesDowntown Economic Base

Forward looking development for a world class city

City Hall jobs and building must remain at City Center

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• While not universally loved,City Hall’s architecture isimportant to many

• Celebrated façade isimportant in modern arch.

• Important part of Boston’sarch. evolution and history

• Extremely inefficient (55%of space useable)

• Not designed for today’soffice needs

• Limited light, circulation,and low air quality

• Undesirable and archaic

• Location is at a crossroadsof historic Boston, CBD, andWest End

• Location is ideal for publicservices and central for city

• Surrounding area haslimited green space

• Location is iconic and centralin Bostonian memory

• Important to Bostonians thattheir city hall be on thegrounds where democracywas founded.

Location Historical ImportanceUsability Architectural Significance

Our proposal comprehensivelyaddresses these issues. We proposepartial demolition of City Hall (keepingthe North Façade and a portion of theEast and West Façades intact).Furthermore, we will keep City Hallfacilities on-site and open throughoutconstruction, allowing for furtherconsolidation of City Services into asingle building at this prime location.

Solu

tion

Consolidate & Keep City Hall On-SiteAllow the New w/o Destroying the Old

City Hall services will move to new, stateof the art offices on the same site. Thiswill allow for City hall to consolidate andremain open throughout construction.

Much of iconic façade will remain intact.New architecture will seamlessly blend newand existing architecture. New constructionwill allow for cutting edge use features.

A transformative development requires substantial zoning relief

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BleakOpenSpace Office

Use

New Planned Development Area (PDA)• Address changes under Large Project

Review; Boston Parks and Recreation;Boston Civic Design Commission Review,and MBTA project review.

Let “1963 UrbanRenewal Plan”lapse in 2022

1 2Requested Relief: Designate full site City Hall Medium Density Area• 10 FAR across entire site organized into 5 zones• 50% of the new site area will remain publicly accessible open space• Height restriction waiver in line with adjacent PDAs of 400’+• Parking freeze lifted to attract and support new uses

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New JobsDiversification& Expansion of

Economy

StreetImprovements

TransportationAccess

EnhancedPedestrian

Environment

Our site plan draws on inspiration from around the world and implementsbest practices in design to produce a world-class development

Elevated Park Creates additionalgreen space and underneathcreates enclosed and shaded

access to T stationInspiration: The High Line, NYC

Storm Water ManagementSystems retain & reuse water as a

feature-improving ourenvironment and making the site

more immersive

Terraced buildings withoutdoor space provide

unique and highlysought after creative

office space.Inspiration: Grey Group

Offices, NYC

Grand arcade space introduced to pullpeople into the site and provide

immersive and one-of-a-kind retail andrestaurant opportunity.

Inspiration: Galleria Vittorio Emanuele,Milan

Existing City Hallfaçade to be partiallysaved. Concrete willbe blended into thenew creative office

space using glass andother materials that

blend seamlessly.

Planted cascading stepsprovide a “green” for all

people to sit and enjoy thespace.

Inspiration: Spanish Steps

Building over T Stationprovides best possibletransit access and best

use of space.

Iconic sculpture commissionedfrom local artist announces

Boston as a premier city in theworld. Rotating outdoor art

exhibits draw people to the siteregularly.

Inspiration: Hudson Yards, NYC

Other site features include: Free charging and WIFI for visitors,improved wayfinding signage, bike storage and shared bikes, daycare facilities, shared car drop-off/pick-up, electric car charging,

extensive landscaping, Improved ADA accessibility

Boston City Centre will revolutionize the physical space, ignite economicdevelopment and make sure all Bostonians can share a place to prosper

Phys

ical

Socia

lEc

onom

ic

f

• Increased tax revenue for city by activating underutilized space and creating a new economic powerhouse site• Attractive location for technology and STEM businesses that provide high quality and “robot-proof” employment

opportunities• Create an attractive Live, Work, Play environment

• Connect Historic Boston to downtown through thoughtful architectural design• Intentionally designed, direct, and continuous connections to the T stations more attractive than ever shaded spaces in

summer and covered walks in winter make train commuting more attractive• Downtown currently has limited open park space, we will provide >222,000 SF of designed park space including elevated

park to increase inter-site connectedness

• 19.8% affordable housing allocation provides every Bostonian a chance to live in the city’s newest center of development.• Artist housing and space for exhibition will create an art scene, including rotating street art exhibits similar to the Wynwood

Walls• Immersive exhibitions at the public building create fun for all ages• Iconic art piece at center of site announces Boston as one of the greatest cities in the world• Significant community engagement efforts planned so that all existing social communities feel respected and heard

Enhancing the Public Realm through Physical Social and Economic Initiatives

As planners of a community, we have a responsibility to createsustainable and resilient spaces – we think about our role in three pillars

Stewards of Energy and Environment Community Builders and Defenders ofthe Public Good Innovators of Resilient Spaces

Rain water harvesting, undergrounddetention and water re-use built in –without affecting subway infrastructure

LEED Certified buildings, energyefficient structures

Outdoor plantings

Public art spaces open to all peoplewith additional planned communityevents

Wi-fi and public charging on site freeof charge

Community engagement andcommunication to ensure spaces aredesigned by those that will use them

Resilient and flexible design allow formultiple uses and change over time

PropTech and smart structures allow usto learn over time and adapt to thechanging needs of the city

On-site recycling

Accessible spaces open to all

Boston City Centre is designed to maximize the appeal of multiple modesof transport, creating a Transit Oriented Development

Development aboveexisting train station to

include retail componentfor a more appealing and

accessible communityspace

Easily convertibleparking levels as self-driving cars and ride

sharing become moreprevalent

Shuttle service tonearby T stationsfor accessibility

from all major lines

Improved sidewalksthroughout site and to

nearby T stations

Covered walkway betweenretail/office towers withgreen space on second

level.

Handicap access atall main entry points

Bicycle storage and bike-share station on site

Multiple inter and intra-siteconnections encourage

pedestrian traffic, createinteresting site lines, drawvisitors from street level

Glass covered arcade walkis tiered with escalators andADA access to meet grade

of site.

Creating a meaningful amount of affordable housing is an imperative;Sparking a successful community for all is a challenge we will overcome

• We will provide affordable artist housing for those artists commissioned to do public androtating art exhibits and include the art community in determining the program of theCommunity Space.

• Reduced rent provided for those working at the site to encourage Eat, Work, Play residents ofall income levels

Number of Units Provided

Building 2

Building 4

2

4

Building

Description and Details

133

152

Total AffordableUnits

• Best practices adopted from ULI’s “Healthy Housing for All” report• Total affordable percentage provided = 20% (vs. 13% required)• Affordable units to be spread throughout building, not separated• Exact configuration to be planned with Boston Housing Authority to

ensure it meets cities needs

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Min Required: 186

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Actual Provided: 285

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OurPlan

Req’d

OurPlan

Req’d

OurPlan

CommunityDevelopment

Initiatives

Maximizing Value for the City

Current Situation* Proposed Under CHP Development

Currently, city services are spread across threebuildings (Court St., Hawkins St. and City Hall).

City Departments utilize only 262,000 SF of space(the remaining 209,000 is usable only for circulationand facilities).

Currently, the city incurs an energy expense of $3Mper year and one report estimated between $225Mand $255M of repairs are needed between the threebuildings.

*Source: Public Facilities Department, October 2017 Boston City Hall and Plaza Study

We believe the current city hall location is actually a very goodone for civic services. Relocation would create hardships forBostonians. Best to keep it where it is.

We propose combining all City Services into one building –providing Bostonians an “all under one roof” city service center.To allow this, we would allocate 300,000 Square feet (10%more than City hall currently occupies) in a brand new building.

This would allow the City to lease or sell Hawkins St. and CourtSt. Buildings, unlocking additional value for other initiatives.

Public private partnership or condominium style ownershipwould be on the table during negotiation.

Selling Hawkins and Court could generate $135M, and wewould request a right of first refusal to purchase the two assets.

Massing Diagram

Building 4Building 3Building 1 Building 5Use: Office + Retail

Footprint: 30,000 SFStories: 30

Total Height: 390 ftTotal Sq. Ft: 900,000 SF

Phase: 1

10

30

20

0

35

New City Hall Residential

Building 2

Parking Office Retail Public Use

Use: Residential + ParkingFootprint: 35,000SF / 20,000 SF

Stories: 8 / 33Total Height: 429 ft

Total Sq. Ft: 780,000 SFPhase: 1

Use: Office + Retail + PublicFootprint: 66,000 SF (at base floors)

Stories: 12 (at highest floor)Total Height: 180 ft

Total Sq. Ft: 858,000 SFPhase: 2

Legend Affordable Housing

Use: Residential + RetailFootprint: 33,000 SF

Stories: 27Total Height: 351 ft

Total Sq. Ft: 895,000 SFPhase: 1

Use: PublicFootprint: 13,000 SF

Stories: 3Total Height: 54 ft

Total Sq. Ft: 39,000 SFPhase: 3

GradeT StationBelow

Reuse of existingcity hall façade

Phased approach keeps City Hall on site, maximizes affordable housingdelivery and stabilizes within 7 years,.

Phase 1 Phase 2 Phase 3Affordable Housing

• Break ground on residential towers thatcontain affordable housing

• Build out office tower that will house thenew City Hall

Relocation of City Hall• Relocate City Hall to new office tower• Begin redevelopment of current City Hall

building

Completion• Complete construction of community cultural

facility• Install landscaping, pedestrian walkways,

fountain, and Spanish steps

Year 0 Year 3 Year 5

Development

2019 2020 2021 2022 2023 2024 2025 2026 2027

Strong opportunity for new development in market

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Multi-family Office Retail• No new units came on line in 2018,

allowing for strong vacancy compressionand rent growth near double themarket’s historic average

• Supply beginning to ramp back up, with1,300 units currently underway

• Sales are somewhat muted in the market,but assets that have traded have tradedat strong valuations at ~4% cap rate

• $4.50 PSF average prevailing market rentfor class A buildings

• Vacancies have held at or below the metrorate since 2015 (~10% -4-5 star assets)

• High demand from tech firms and co-working spaces are large demand driver

• Few buildings currently support leasesover 75K SF and none over 250K SF

• 365K SF Congress Square is the onlydelivery in the market since 2011

• Large wave of supply on line by 2022• $70 PSF prevailing market rent for 5-star

assets

• Increased residential inventory in themarket has created demand for differentforms of retail as the area trends towardsa more 24-hour zone

• Rents are some of the city’s highest,driven by the market’s large office supply

• Strong population and job growth inBoston has allowed for relatively strongretail performance this cycle

• ($60-$100 PSF prevailing market rent forcore retail)

High demand + supply constraints= average effective rent

assumptions of $5 PSF for marketrate units and $1.70 PSF for

affordable units

Strong demand from tech firms forcreative office space + low supply

for large tenants = $65-$80PSFeffective rent assumptions for

office space

Favorable demographics + strongretail market = effective retail rents

of $100 PSF for prime retail and$65-$70 for secondary retail

We have proposed a deal structure that involves and incentives all theright players to accomplish our ambitious goals

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We have chosen to team with BostonEquity Partners, the most capable

partner for a project of this magnitudeand importance. Choosing an LP with

extensive experience and ability to raiseDebt financing was paramount in this

choice.

Our financial model demonstrates that Boston City Centre will be arobust and high-performing development

The Boston City Centre generates a tremendous amount of value, whichcan be shared by the city and the partners in the project. We’ve made asignificant offer to the city to secure the project. Under currentassumptions, we’ve model a risk-appropriate 16.3% project return and areturn of 25.7% to the GP.

M aster D evelo pment R eturnsP ro ject Level IRR 16.32%

Equity M ultiple 2.87LP IRR 15.51%

Equity M ultiple 2.68GP IRR 25.67%

Equity M ultiple 6.45