criterion

Demo Set to Begin for Salem Mixed-Use Project

Wed, 20 Nov 2024 20:17:45 GMT

A permit has been pulled to demo the existing structure at 266 Canal Street in Salem to make way for an approved mixed-use project. Plans for the development site located at 266, 282, 282R & 286 Canal Street, and 2 Kimball Road call for five new buildings to include 250 residential units and roughly 4,000 square feet or retail space.

Sitework Underway on 156-Unit Development in Methuen

Fri, 11 Jun 2021 00:00:00 GMT

Initial site work has begun on 83 Pleasant Valley in Methuen. Criterion Development Partners submitted plans for a 156-unit, 164,500 SF 40B multifamily development. The project will include 39 affordable units plus parking for 273 cars on a 7.87 acre site.

Read more: https://www.bldup.com/projects/83-pleasant-valley

New Development on Charlestown Line

Thu, 11 Mar 2021 00:00:00 GMT

With all eyes regarding development on the Sullivan Square area right now, one project that will impact Charlestown – but is only slightly in the Town – has been approved and will be ready for construction in about 12 months.

Criterion Development, of Waltham and Dallas, permitted with the City of Somerville a major development on Cambridge Street in the Lost Village recently. That development will remake an entire half of a block, including reimagining the Somerville City Club, building out 205 residential units and eventually building a hotel on the Charlestown side of the property.

The L-shaped development tract was a little off the radar in Charlestown due to the fact that most of it lies in Somerville along the Inner Belt Road and across the street from the Somerville Holiday Inn – meaning that permits and processes were run out of Somerville City Hall and not Boston.

Jack Englert, of Criterion’s Waltham office, said they have permitted 205 units of housing and they will be rebuilding the Somerville City Club within the development. It will be reinvented as a pub or some other entertainment hub. The City Club is well known to those in the Town for frequently hosting Charlestown-themed boxing nights, as well as other functions over the years.

Englert said they typically build luxury units, so this development will include a full array of amenity space, with some modifications to that program due to COVID-19 lifestyle changes.

One piece of property that is in Charlestown – and was purchased late last year from Paradigm Properties (which has owned industrial and research/development properties on Roland Street since 2012) – will one day host a full-service hotel. It will be located on the corner of Washington Street/Cambridge Street and Inner Belt.

“That plan is out there when the industry comes back,” he said.

The plan is for one building, five stories tall that would include 400 spaces of parking to be shared between three uses – including an office space for Paradigm, the City Club and the residences.

“We should be delivering our first units in 24 months from now,” Englert said. “It could be a little less time. You’ll start to see some major activity there in about 12 months.”

Criterion acquires 43 acres in San Antonio's Eilan mixed-used community

Thu, 03 Dec 2020 21:04:42 GMT

Nov 10, 2020

The Dallas-based development group behind the prominent 1800 Broadway apartment complex near Pearl made an expansive second move in San Antonio this week, kicking off more development in a prominent master-planned community.

Criterion Development Partners acquired more than 43 open acres in the 119-acre Éilan development directly across I-10 from The Rim at approximately 17803 La Cantera Terrace, the group announced Tuesday. Hudson Advisors of New York was the seller, represented by JLL. There was no debt for the purchase.

The development will continue the rapid growth of Northwest San Antonio with potentially more apartments and offices, retail or even a new hotel — a rare sight amid the pandemic. Chad Colley, Criterion's director of development, said the company is having discussions with developers in all of these categories with the intention of continuing the young, modern feel of Éilan.

The first focus for Criterion is its roughly 250- to 400-unit apartment complex it will develop on the site set to break ground mid-2021. The design will complement the Tuscan style of the other Éilan projects, and amenities will include a resort-style pool and a sun deck overlooking Hill Country. Colley declined to name the architect, as it is still too early in the process to announce.

"This development offers first-rate living, working and hotel accommodations to those who value having an amenity-rich environment within walking distance and an abundance of shopping and entertainment within a short drive," Colley said in a news release. "We believe this property is extremely unique and the most desirable location in the area."

Éilan's Netherlands-based developer, Wereldhave, started building in 2007, according to the Express-News. The original developer intended to develop the full 119 acres, Colley said, so the land acquired by Criterion is already entitled and ready for mixed-use projects.

“It allows all the uses we like,” Colley told the Business Journal. “It’s kind of a dream, to be honest with you. Never in my career have I seen anything as done as this was.”

Criterion Development Acquires 15 Riverdale Avenue for $13.26M

Thu, 27 Aug 2020 00:00:00 GMT

Criterion Development Partners in partnership with BVT Equity Holdings have purchased 15 Riverdale Avenue in Newton from Legacy Real Estate Ventures for $13.26M. The 3.4-acre property has been fully approved for the development of 204 apartment units under the MA-40B development program.

Legacy purchased the single-story flex property in 2012 in a sale leaseback transaction from C&K Components. The cash flowing flex property in the inner suburbs of Boston fit in well with Legacy’s portfolio of Flex, Medical and Office buildings in the Northeast market. Michael Price, Principal of Legacy Real Estate Ventures stated, “We purchased the property 8 years ago and it has been a great income producer, but its highest and best use has always been as a residential redevelopment. We began discussing this possibility with Criterion Development Partners three years ago and they recently completed the permitting process which made this concept a reality.

The development will consist of 20 studios, 87 one-bedroom units, 74 two-bedroom units and 23 three-bedrooms with 25% of the units designated as affordable. A portion of the property will be built with sustainable Passive House design procedures, led by Icon Architecture.

https://www.bldup.com/posts/criterion-development-acquires-15-riverdale-avenue-for-13-26m

Developer pitches affordable housing in Newton’s Nonantum neighborhood

Wed, 28 Aug 2019 00:00:00 GMT

Newton city councilors say they are working with a developer who wants to build hundreds of new rental housing units, with room for retail and commercial uses, on the site of a Nonantum industrial property along the Charles River.

Criterion Development Partners is proposing 204 rental units, including 51 permanently affordable units, plus more than 17,000 square feet of office space and 4,600 square feet for retail use, according to the city. The site is located on about 3.4 acres on Riverdale Avenue, off of California Street.

The proposed mixed-use development would be built under the state’s Chapter 40B affordable housing law. The proposal comes after Mark Development’s Robert Korff proposed a 40B development in West Newton late last month.

Read more: https://www.bostonglobe.com/metro/globelocal/2019/08/28/developer-pitches-affordable-housing-busines...

The Union at River East offering a break to a lucky musician

lkarls@criteriondp.com (Monica Penn) — Mon, 28 Jan 2019 21:11:50 GMT

https://www.star-telegram.com/entertainment/arts-culture/article224773905.html

Criterion announces opening of The Union at River East

lkarls@criteriondp.com (Monica Penn) — Wed, 02 Jan 2019 21:38:51 GMT

FORT WORTH, TEXAS, January 1, 2019 - Criterion Development Partners (CDP) announced today that leasing has begun for The Union at River East, located at 2900 Race Street in Fort Worth, and the residential community is open for immediate move-ins. The mixed-use project is a state-of-the-art 4-story development anchored on Fort Worth’s historic Race Street, just northeast of downtown Fort Worth. The Union at River East includes retail and commercial spaces as well as studio, one- and two-bedroom units ranging from 599 to 1,286 square feet. Each residential unit features designer finishes, stainless steel appliances and modern cabinets with quartz countertops. A majority of the first-floor units provide fenced yards and 10-foot ceilings.

“We have created an environment that fosters community and welcomes young professionals looking for an innovative and vibrant location to call home,” said W. Pretlow Riddick, president of CDP. “We are reinventing the Race Street and River East neighborhood, aligning modern day amenities with the historical value of the area.”

The property features nine units dedicated to creative professionals that offer a storefront/working area paired with living amenities. Each of these units are located on the ground floor and open to a landscaped public courtyard.

“The Union was developed with the contemporary professional in mind every step of the way,” said Chad A. Colley, the Director of Development of CDP. “It is an incredibly unique live/work community that offers the conveniences of cutting-edge features and the luxurious comforts that will allow those who call The Union ‘home’ to live, work and create with ease and inspiration.”

The development also offers a state-of-the-art fitness room (U Fitness), package concierge service and a resort styled pool. Additional residential amenities include; a luxurious and spacious lounge, a sky lounge with a panoramic view of downtown Fort Worth and a billiard room. Residents will also have access to the co-work space, known as U Work, located on the ground floor. U Work provides professionals with membership-based office space without committing to long-term leases, and still provides the necessary business amenities for day to day working.

PT Fitness and CDP have partnered to provide residents and members with circuit fitness, group fitness and personal training. PT Fitness will operate daily out of the 2,200-square foot fitness space, U Fitness. Fitness classes, yoga, Pilates and other fitness services will be offered along with access to cardio equipment and weight machines.

The opening of The Union is the second development in the area by CDP. In 2017, Riddick and his team opened The Scenic at River East, a garden style apartment community located off Oakhurst Scenic Drive, overlooking the Trinity River. The development is also centrally located with immediate access to downtown, the hospital district and the Trinity River.

Boston Suburbs Join the Urbanization Trend by Adding Homes in Retail Complexes

lkarls@criteriondp.com (Monica Penn) — Mon, 23 Jul 2018 00:00:00 GMT

http://www.wbjournal.com/article/20180723/PRINTEDITION/307209994/1002

The Six Best Apartments Near Parks in Fort Worth

lkarls@criteriondp.com (Monica Penn) — Mon, 16 Apr 2018 00:00:00 GMT

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https://candysdirt.com/2018/05/14/the-6-best-apartments-near-parks-in-forth-worth/

Can Race Street Become Fort Worth’s Next Hot Urban Village? $5.6 Million Project May Help

lkarls@criteriondp.com (Monica Penn) — Tue, 20 Mar 2018 00:00:00 GMT

https://www.star-telegram.com/news/business/growth/article205897559.html

RE150 Named one of 2017's Top 10 Boston Multi-Family Completions

lkarls@criteriondp.com (Monica Penn) — Wed, 14 Feb 2018 00:00:00 GMT

https://www.multihousingnews.com/post/top-10-boston-completions-of-2017/

Criterion Breaks Ground on New 322,019-Square-Foot Mixed-Use Project in Reemerging River East Neighborhood

lkarls@criteriondp.com (Monica Penn) — Thu, 06 Jul 2017 00:00:00 GMT

FORT WORTH, Texas, July 6, 2017 – Criterion Property Company, L.P. broke ground today on The River East a 322,019-square-foot mixed-use project at 2900 Race Street. The River East will have a modern design with space available for residential, retail and office use.

FORT WORTH, Texas, July 6, 2017 – Criterion Property Company, L.P. broke ground today on The River East a 322,019-square-foot mixed-use project at 2900 Race Street. The River East will have a modern design with space available for residential, retail and office use.

“We have been working closely with adjoining property owners, Fort Worth and Tarrant County officials and involved citizens to make this development happen,” said Pretlow Riddick, Criterion president. “We're excited to build upon the momentum that is currently underway by developing this exciting project within the heart of the commercial core of what we are calling the River East neighborhood. Our target market for the commercial uses will be the unique regional retailers, restaurants and businesses that make a neighborhood special.”

Criterion has worked closely with the city on the upcoming streetscape improvements to Race Street with the goal of making it more pedestrian-friendly with wider sidewalks, reversed-angled parking, pedestrian lighting, bike lanes, landscaping, decorative pavement, street furniture and public art. A public paseo will link Race Street to a redesigned Plumwood Street with a plan for future development on Belknap Street.

The River East mixed-use project is focused on building upon the economic vitality of the neighborhood and joins a line-up of recently opened retail, event venues and businesses including Gypsy Scoops Ice Cream, Tributary Café, The Good Food Company, The Post event space and Top Golf.

The residential component of the mixed-used project has been designed with an urban feel featuring open floor plans, designer interior schemes and amenities intended to bring people together. With 181 units ranging in size from 600 to 1,331 square feet, floor plan options will include studios, one bedrooms and two bedrooms. Each unit will feature designer finishes, stainless steel appliances and modern cabinets with quartz countertops. Additionally, most of the first-floor units will have fenced yards and 10-foot ceilings.

Outdoor amenities include a large pool with a sundeck featuring cabanas, lounge areas and in-water chaise chairs; an indoor/outdoor pavilion featuring a lounge area, wet bar, flat screen TVs and games; an outdoor grilling kitchen and a large fenced pet park. Residents of The River East will also have access to a postal center with an automated parcel kiosk system, fitness center, leasing office, secure bike storage and a fourth-floor club room with social lounge and terrace with views of downtown and the Trinity River.

The River East project will also provide 13,500 square feet of live/work spaces for small businesses or artists, ranging in size from 700 to 2,500 square feet. Larger spaces could be created by combining spaces and custom designed for early partners seeking truly unique spaces. Currently, a 2,200-square foot fitness space is available and provides the flexibility to accommodate an open yoga, Pilates or CrossFit studio. The space can also accommodate more traditional cardio equipment and weight machines.

In addition to the fitness center, The River East will also feature a 4,400-square-foot co-working space for entrepreneurs, startups, freelancers and independent workers. There will be another 3,000 square feet of retail space.

Civitas Capital Group is the investor and Dallas-based PlainsCapital Bank is providing the senior financing for the project.

“The River East neighborhood has recently benefited from the influx of businesses. We are dedicated to working with Criterion and the city to spur economic development in the area and are confident this mixed-use project will further enhance this rapidly growing urban environment,” said David Lee, Director of Investments for Civitas.

"PlainsCapital is excited to be part of Fort Worth's growing River East landscape," said Cass Robinson, senior vice president and senior relationship manager for PlainsCapital Bank. "We're committed to supporting efforts to help create vibrant communities here in North Texas and throughout the state."

Last year, Criterion broke ground on a 276-unit Class-A multifamily community in the River East neighborhood called The Scenic at River East . The luxury property, which opened this year, is located at 999 Scenic Hill Drive and features apartments, townhomes and manor homes.

About Criterion

Criterion Property Company ( www.criteriondp.com ) is a real estate operating company specializing in the development, construction management and asset management of multifamily communities. Dedicated to conducting all business with the utmost honesty and integrity, Criterion’s mission is to enhance and maximize the value of its assets for partners, lenders, investors and employees. With offices in Dallas and Boston, Criterion is actively seeking multifamily investment opportunities in Texas and the Northeast, focusing on the surrounding areas of Dallas, Fort Worth, Austin, San Antonio, Boston, Philadelphia, New York metro area and Washington, D.C. In these areas, Criterion will seek to identify multifamily development opportunities in “smart growth” areas, which are mixed-use areas of residential, retail and office space already served by key infrastructure components such as mass transit systems.

About Civitas Capital Group

The Civitas Capital Group family of companies provides a range of products and services for institutional investors, family offices and qualified individuals. Through its affiliates, the firm offers investment strategies to clients seeking exposure to the U.S. lodging and real estate market through its Alternative Investments and EB-5 Capital divisions. For more information about Civitas, please visit http://www.civitascapital.com or follow the company on Twitter at https://twitter.com/CivitasCG .

Apartments to replace Lanes and Games

Fri, 26 Aug 2016 00:00:00 GMT

Beloved Cambridge bowling alley Lanes and Games will be open for approximately one more year before closing for good, according to the developer who plans to build a high-end apartment building in its place.

Criterion Development Partners is looking to build 325 apartments in place of the bowling alley and an adjoining motel.

Lanes and Games and its neighboring motel, the Gateway Inn, have been owned by Tony Martignetti and his family for over 30 years, Criterion consultant Richard McKinnon said at a North Cambridge Stabilization Committee (NCSC) meeting Wednesday night.

“The Gateway Inn is open 24/7, and the bowling alley is open seven days a week. The [Martignetti] family made a decision; they’re tired. They want to retire, they don’t want to run it anymore, and the next generation doesn’t want to run it anymore,” McKinnon, a Cambridge resident, said.

Criterion Announces New Urban Residential Community in River East Neighborhood

lkarls@criteriondp.com (Monica Penn) — Wed, 04 May 2016 00:00:00 GMT

FORT WORTH, Texas, July 6, 2017 – Criterion Property Company, L.P. broke ground today on The River East a 322,019-square-foot mixed-use project at 2900 Race Street. The River East will have a modern design with space available for residential, retail and office use.

FORT WORTH, Texas, May 4, 2016 – Criterion Property Company, L.P. broke ground today on The Scenic , the first new multifamily development in the reemerging River East neighborhood. The Scenic Residences at River East is a 276-unit Class-A multifamily development that is adjacent to Riverside Park in Fort Worth, Texas and will overlook both the Trinity River and downtown.

“It’s exciting to introduce a new generation of residents to the wonderful assets these established neighborhoods just east of downtown have to offer,” said Brandon Hancock, Criterion’s development manager for Texas. “With The Scenic development, these new residents of River East will experience an authentic urban lifestyle with access to local shops, restaurants, markets and parks. And it is only going to get better with the pedestrian and bike friendly improvements coming to nearby Race Street by the time our first residents are moving in. They will be minutes from one of the most walkable commercial cores in the DFW area.”

The Scenic provides a unique urban residential living experience with selected amenities and designer-appointed finishes throughout the studios, one-, and two bedroom residences. The property also offers exclusive two-story townhouse residences and boutique manor houses featuring custom finish packages.

The architectural design of The Scenic is modern, while acknowledging the style of the surrounding neighborhoods. The landscape design embraces the natural setting of bluffs, rock outcroppings and existing trees within the site, creating a walkable urban neighborhood feel that deftly interfaces with the pedestrian realm at public streets. The project also features a linear park that connects Embrey Place to Bird Street.

Residents have access to a large pool with a sundeck featuring preserved heritage trees, cabanas, lounge areas and in-water chaise chairs. There will also be a programmed indoor/outdoor pavilion featuring a lounge area, wet bar, flat screen TVs and games. Additional outdoor amenities include a grilling kitchen, large fenced pet park, fenced yards for most of the first-floor units, community gardening plots, pocket parks dispersed throughout the grounds and a connected trail system through the site. Residents will also have access to a postal center with an automated parcel kiosk system, fitness center, secure bike storage and a third-floor club room with co-working area, social lounge and terrace featuring views of downtown and the Trinity River.

About Criterion

Luxury apartments debut in Medford

Sun, 26 Oct 2014 00:00:00 GMT

Tenants are now moving into a new luxury apartment building on the riverfront site of a former auto dealership in Medford.

Lumiere apartments, when fully completed in February, will consist of 163 rental units — 16 of them deemed affordable under state guidelines — in an S-shaped building on the corner of Mystic Valley Parkway and Locust Street, overlooking the Mystic River. The just-completed first phase, which began occupancy Oct. 18, includes 48 units.

Read more: https://www.bostonglobe.com/metro/regionals/north/2014/10/25/new-luxury-apartments-opening-mystic-ri...