Carpenter Breaks Ground on South Shore Place

Carpenter & Company broke ground today on its South Shore Place project in Braintree, Massachusetts.  South Shore Place is situated on the site of the former Sheraton Braintree, which until early 2010 operated as a 374-room hotel.  Carpenter purchased the Sheraton Braintree for redevelopment shortly after it closed.  The property, which offers a commanding location with great visibility and superb access, will undergo a top to bottom renovation over the next few months, including the opening of a new Hyatt Place Hotel and a variety of new retail stores.  “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. “This area offers a great deal of opportunity; we are simply taking advantage of it.”

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

Located just outside of Boston at the convergence of two major routes, I-93 and Route 3, the development will encompass 10.2 acres. Carpenter & Company, plans to renovate and redevelop the existing hotel into a 204-room Hyatt Place, with improvements to all interior guest rooms and public spaces, including the building’s exterior and a renovated porte cochere. All renovations will be in accordance with Hyatt Place design standards.  Carpenter & Co.’s financial partners include BayNorth Capital, Cambridge Savings Bank, Brookline Bank and Bank Rhode Island.

The project will also include a new retail development that will be comprised of a new 32,000 square foot main retail building, a renovated restaurant and a 6,000 square foot retail pad.