Allston, Mass. – The Quincy City Council recently unanimously voted to move forward on the development and reconstruction of 1500 Hancock St., a 153,000sf mixed-use project proposed by LBC Boston Partners Properties.
LBC officials said that with the vote on Tuesday, construction can begin immediately with demolition of the current site set to begin by the end of next month. The project still needs final approval from the city’s planning commission, which is expected to take up the issue on May 10th.
“We couldn’t be happier and this project really shows what can be done when city government and private businesses work together to achieve common goals,” said LBC Managing Partner Andrian Shapiro. “This will really help revitalize downtown Quincy.”
Specifically, the council approved a land swap, called a Land Disposition Agreement, between LBC and the city, trading a city-owned lot behind the property for developer-owned frontage which will be made into wider sidewalks, a public atrium and open pedestrian space.
“The plan has evolved tremendously to meet all the city’s objectives and issues,” said Alex Matov, LBC managing partner. “But it’s now better than ever and a truly impressive project.”
The $40 million project includes 171 new apartments and nearly 15,000sf of commercial space with restaurants, healthcare facilities and specialty store tenants.