Hyatt in Braintree takes first construction steps

(From Left) Charles Peck, Brookline Bank; Gary C. Johnson, Principal at Cambridge Seven Associates; Sean Powers, Braintree Councilor at Large; Kenneth Dillon, Senior VP at Cambridge Savings Bank; Mark Cusack, State Representative; Darren Messina, VP Design and Construction at Carpenter & Co.; Joseph C. Sullivan, Mayor of Braintree; Richard L. Friedman, President & CEO at Carpenter & Co.; Charlie Flint, Managing Director at BayNorth Capital; Charles Kokoros, Council VP District 1; Frank Marinelli, Marinelli Law Office; and Robert Harnais, Harnais Law Office break ground on the new Hyatt Place Hotel to be constructed in place of the Sheraton in Braintree.

By Jessica Bartlett, Town Correspondent

A groundbreaking ceremony today at the location of the old, castle-like Sheraton in Braintree formally started the construction of a Hyatt Place Hotel and a variety of retail stores, which are planned to open in March 2012.

The development of the 10-acre parcel, located just off I-93 and Route 3, will include the renovation of the existing 374-room hotel into a 204-room Hyatt Place, with planned renovations to all guest room interiors as well as public spaces.

Part of the area will also be transformed into a 32,000 square foot retail building, complete with an 8,200 square feet renovated restaurant and 6,000 square feet of retail space for a new tenant in the area currently under lease with Jared, The Galleria of Jewelry.

“Braintree is enthusiastic for this project to get underway,” said Braintree Mayor Joseph Sullivan, in a release. “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.”

The development firm Carpenter & Company will oversee the construction of the site, along with real estate investment firm BayNorth Capital.

Karma Nominee Trust, an investment group involving Carpenter, initially purchased the property for $9.1 million in Feb. 2010, closing 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it has taken until now to get the financing for the project, the updated design will be a vast improvement on the outdated castle look that currently sits on top of the hill across from the South Shore Plaza, said representatives from Carpenter & Company.

Although the entire structure will not be torn down, parts of the castle-like adornments will be taken off and updates will be added to the existing structure.

“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, president and CEO of Carpenter & Company, in a release.

According to the CEO, the opportunity for growth and development in the area is great, especially because of the location, located in the hub of Braintree just outside of Boston with ample access to the South Shore.

The company has already received Planning Board approval and will begin construction this week.

According to Peter Morin, chief of staff and operations for the Town of Braintree, the inclusion of the hotel will bring an ample sum of money to the town in the form of the hotel/motel tax.

Although the town has had the tax since the end of 2009, because the Sheraton has been off line since early 2010, they haven't seen much of that money. The fact that the Hyatt will have less rooms than the Sheraton also won't be an issue, Morin said, as the Hyatt will charge more per room than the Sheraton.

The property taxes from the building will also aid the town, Morin said.

Overall, it will be a healthy development for Braintree's economy, and 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."