Boston, MA 06/19/2014 (wallstreetpr) – Metlife Inc (NYSE:MET) and the international real estate firm, Hines are coming together to work on a new project. A new project is about the development of a multifamily complex. It will be constructed at Marina Bay in Quincy, MA. The housing complex will be spread over 5.83 acres of waterfront in Quincy, MA. The responsibility of development will be on Hines. It will also act as a co-investor in the project. However, the majority equity stake will lie with MetLife. A team that would be working on the project consists of CB Richard Ellis, who will represent the seller and Simon Butler who is multi-housing expert will look after the marketing efforts.
The Multifamily complex
The new project of Metlife Inc (NYSE:MET) and Hines is a huge project that will have two buildings. It will be four-story apartment buildings. Almost 17,000 square feet area is allocated for retail space. There will be more than 500 parking spaces. The homeowners will get the convenience of the boardwalks. There will be retail and dining attractions at Marina Bay. The main attraction will be the waterfront pedestrian walking space to be constructed between the boardwalk and Squantum Point Park. For a change, the project will have other benefits as shuttle services to the nearby station. The complex will be given a unique structure so as to provide with the views of the Back Bay, Dorchester Bay and the Seaport District.
Investment in real estate
The project will start in next year. The customers can opt for pre-leasing in the start of 2016. Before this project, the two companies have worked on two more residential development projects. Metlife Inc (NYSE:MET) has always been an investor in the real estate projects. The new multifamily complex is the next step in its real investment strategy. It will meet the high demand for quality rental housing in Marina Bay.
