Hyatt to replace Sheraton ‘castle’
Construction has begun on a project that will replace the castle-like Sheraton in Braintree with a Hyatt Place Hotel and a variety of retailers.
The development of the 10-acre parcel, located just off I-93 and Route 3, will include the transformation of the existing 374-room hotel into a 204-room Hyatt.
Part of the area will become a 32,000-square-foot retail building, complete with an 8,200-square-foot restaurant and 6,000 square feet of retail space for a new tenant in the spot currently under lease with Jared, The Galleria of Jewelry.
The hotel and shops are scheduled to open next March.
“We look forward to seeing this high-quality redevelopment generate long-term economic development, job opportunities, and tax revenues for the town and the South Shore area,” Braintree Mayor Joseph Sullivan said in a release.
Carpenter & Co., a Cambridge-based real estate development company, will oversee the construction, along with real estate investment firm BayNorth Capital of Boston.
Karma Nominee Trust, an investment group involving Carpenter, purchased the property for $9.1 million in February 2010 and closed on the building shortly thereafter.
Although it has taken until now to get the financing for the project, the updated design will be a vast improvement on the outdated look that now sits on top of the hill across from the South Shore Plaza, said Carpenter.
Although the entire structure will not be torn down, parts of the castle-like adornments will be taken off and updates will be added.
“What we have planned for this redevelopment is really a fantastic, and much needed improvement, on what this site was before,” said Richard L. Friedman, Carpenter’s president and chief executive officer, in a release.
The company has already received approval from Braintree’s Planning Board, and a groundbreaking ceremony was held last Tuesday.
According to Peter Morin, chief of staff and operations for the town of Braintree, the hotel will generate substantial revenue from property taxes and the hotel/motel tax.
The hotel tax took effect at the end of 2009, but because the Sheraton has been offline since early 2010, the town hasn’t seen much of that money. The fact that the Hyatt will have fewer rooms than the Sheraton won’t be an issue, Morin said, as the Hyatt will charge more per room.
Morin said that the project speaks to the strength of Braintree’s economy.
“It shows we’re in a great location and in this economic time, we can attract this level of investment,’’ Morin said.
“It underlines the fact that we’re a vibrant community, and people want to bring their businesses here,’’ Sullivan said.
“The neighborhood was engaged . . . and I think it’s a very positive project and a great sign for the town.’’