Modern Home Builder - Winter 2016 - Volume 2 - 138
Criterion Development Partners
The New England market is full of competition today and Massachusetts in
particular is a hot area. Both supply and demand are up in the area and Criterion
faces many competitors, but sets itself apart by having strong local connections.
mass transit, popular amenities and core employment, providing a
rich living experience. "It's all about proximity to jobs, transportation and convenience," Englert adds.
Although Englert says most firms approach multifamily developments the same way, Criterion sets itself apart by having strong
local connections and an intimate familiarity with the areas. "There
are nuances to this game that are hard to pick up if you are not a
local resident, and sometimes those nuances are lost to a national
company," he explains. "The tricky part is finding and building sites
that are not highly broadcasted and maybe a little on the edge -
just outside the core or in edgier neighborhoods - but given their
location and proximity to transit are viable and exciting locations."
The New England market is full of competition today and Massachusetts in particular is a hot area, Englert says. "Apartments
weren't very popular up here until the late '90s and there was not
a lot of competition in the early 2000s," he adds. "Massachusetts is
/Callahan Construction Managers/ Callahan Construction Managers is a full service
construction management company that has served the New England and Mid-Atlantic
regions for more than 65 years. We provide a wide range of preconstruction and
construction management services. Callahan is proud to currently be partnering with
Criterion Development Partners on Rivers Edge, Phase II in Medford, MA. When
completed, the mixed-use building will host 282 residential units along with retail and
restaurant space at the ground level that will sit in front of a precast parking garage.
www.mhb-magazine.com Winter 2016 Volume 2
very hot right now so we have all the national groups in here trying
to do developments. There is more supply but there is plenty of
demand, so it hasn't proven to be a problem."
Because both supply and demand are up in the area, Englert
says Criterion is naturally facing many more competitors - and
some with more resources. "A lot of the groups have resources
to pay more than market sometimes for land prices, which makes
our lives more difficult," he notes. "We still pursue off-market opportunities and have our local knowledge to stay out of the fray of
Criterion is developing a five-story, $100 million apartment complex on Morrissey Boulevard in Boston, which is an ideal location
because of its proximity to the JFK-UMass MBTA station. "We
love its location because of its access to transportation - the JFK
train station and the Red Line," Englert says. "The Red Line being
right next door opens up the entire city. You can be in Cambridge
in 12 minutes and are an easy ride to the Massachusetts General
The 278-unit complex will offer one- and two-bedroom apartments for rent once completed.The Morrissey Boulevard complex
has been designed as two buildings, with below-grade parking.
"The design is unique and exciting," Englert says. "It's a truly urban
project and limited parking, so we bumped up amenity spaces significantly. Dealing with the proximity to the highway and railroad
requires some augmented construction to limit sound."