A partner in the $1.6 billion Quincy Center revitalization has withdrawn from the project and been replaced with another nationally known real estate firm, Quincy officials announced on Friday.
Related Beal, which has been involved in part of the development since January 2012, said it decided to withdraw from the project in order to focus on developments elsewhere. Twining Properties will be stepping in to fill the role.
“The Beal team played an important role in getting the project to where it is today. The fundamentals of the project have not changed,” said Ken Narva, co-founder of lead developer Street-Works LLC.
Priorities shifted once the Beal Companies LLP, among the oldest real estate firms in Boston, developed a strategic partnership with the Related Cos., a private real estate firm out of New York.
Since then the newly renamed Related Beal has shifted its priorities, the company said in a release.
“The commencement of construction of Merchant’s Row is a logical transition point, and with the addition of Twining Properties and LaSalle Investment, Street-Works will continue to execute their great vision for the redevelopment of Quincy,” said Stephen Faber, executive vice president of Related Beal.
The official groundbreaking occurred in June for Merchants Row, a combination of housing, retail and business space in Quincy Center.
Meanwhile, the addition of New York-based firm Twining Properties has extended its real estate arm to Quincy Center.
The company has been involved in projects from Kendall Square to Seaport Square in Boston, and has constructed mixed use development all along the Northeast.
“We are extremely excited to be a part of this visionary transformation for downtown Quincy,” said Alex Twining, president & CEO of Twining Properties, in a release. “This project represents the perfect opportunity for Twining Properties to add another transit-oriented development to our network of cutting edge residential and retail projects along the MBTA Red Line!”
Narva said he was excited by the addition of Twining, which shares the company’s belief in building development near public transportation.
“They have been advising us on the 1,500 residential unit component of the project for several years, and their decision to join our development team signals just how closely our vision for New Quincy Center aligns with the exciting development now taking place in downtown Boston and Cambridge,” Narva said.
In an interview Friday, Christopher Walker, spokesman for Mayor Thomas Koch, supported the changes.
“We’re very excited that Twining Properties has joined the partnership,” Walker said. “They have a tremendous reputation in New York City and built a great reputation in Boston over the last several years for their development work.”
While he referred questions about the capital struture of the agreement between Beal and Street-Works to Street-Works officials, Walker emphasized that nothing would change while the city sits in the midst of the first phase of the development – the $120 million restructuring of the Merchants Row area.
And while Twining has a more residential focus, the overall mix of residential and office space would remain about the same.
“From a practical standpoint, nothing changes,” Walker said.