About Us
Old Bayside Capital LLC (“OBC”) is an outgrowth of the Boston based Old Bayside family of real estate investment and development companies. Designed to be a solution oriented advisory company, OBC offers its expertise both as to operational and technical matters.
Having successfully undertaken all development types including ground up new build, adaptive reuse, gutted rehabilitation and asset repositioning, OBC offers hands-on operational expertise. Moreover, with an emphasis on the acquisition and development of hotel assets, OBC has comprehensive knowledge of the lodging industry’s many facets.
As an active participant in the capital markets, the company is expert in financial structuring as well as complex legal and tax matters. The company provides guidance that is often coupled with involvement from its wide-ranging industry contacts. With the formation of OBC, Old Bayside provides problem solving advisory services including:
- Capital structuring
- Financial restructuring / troubled asset repositioning
- Direct equity investments
- Counsel on legal and tax matters
- Due diligence and operational reviews
We invite your interest in Old Bayside Capital.
A sampling of our award winning work follows:
Adaptive Reuse
The redevelopment of the former Boston Police Department Headquarters, into an upscale 220 room full service hotel, was an adaptive reuse which has achieved both commercial success and critical acclaim. Located in Boston’s Back Bay neighborhood, at the corner of Stuart and Berkley streets, the $60 million development program transformed this iconic structure into a dynamic hospitality environment. The collaborative 18 month construction program preserved the Italian Renaissance limestone building facades along Berkeley and Stuart Streets. While preserving the heritage of the facility, the integration of a complicated, vertical and horizontal building addition, increased the structure from 87,331 sq ft to 141,000 sq ft.
Originally constructed in 1924, the adaptive reuse of the building was deemed a major renovation and rehabilitation project by the Boston Redevelopment Authority, necessitating “Article 80″ large project regulatory approval. Numerous structural and environmental challenges were successfully addressed by the development program. A permanent display area of Boston Police Department memorabilia is located in the hotel’s lobby which, like the renovation itself, pays homage to nation’s first organized police department.
Gutted Renovation
The Norwood Hampton Inn was developed through the gut (total) renovation of a functionally obsolete hotel facility. Located on the well known “Auto Mile” in Norwood, Massachusetts the property is centrally located to service a trade area that encompasses the Route 128 / Route 1 corridor. While a technically difficult renovation program, this state of the art 139 room hotel was created through a fast track 10 month design build construction program. In addition to the complete demolition of all interior space, a new exterior wall, pushing out the structure by two feet, was placed on one-half of the building.
Development of the Norwood Hampton Inn benefited from the close collaboration with the hotel’s management team. The goal was to create a product that would quickly garner market acceptance upon its reopening, leading to the construction of features such as an interior two story atrium lobby. The hotel received Hilton Hotels Conversion of the Year Award.
Ground Up Construction
The Comfort Inn & Suites Boston / Logan Airport was a ground up new build development designed to enter the Logan Airport hospitality market with a sophisticated product but at a value price point. The 208 room hotel is strategically located just outside Logan Airport at the intersection of Route 1 and Route 60. The development was complicated by the need for both extensive land use approvals (including a rezoning) and the need for a land reclamation program. Built on a former urban landfill, the structure utilized a complicated foundation pile and structural slab system to support the block and plank concrete building.
While branded as a limited service product, the facility has the amenities of a full-service hotel including a restaurant, pool, health club and two story atrium lobby. The combination of value branding coupled with a full service amenity offering, allows the hotel to achieve extraordinary occupancy levels. The Comfort Inn & Suites received Choice Hotels’ New Development of the Year Award.
Product Repositioning
Shaw’s Plaza, a 129,000 sq ft retail strip shopping center in North Reading, MA had a long history of strong occupancy but the asset had environmental issues, both technical and practical, which clouded value. In addition to environmental matters, the unsettled status of one of the center’s anchor tenants created value uncertainty. Within 18 months of acquiring the property, the environmental matters were remedied and a new lease agreement was executed with the anchor tenant. With the asset repositioned, the value increase allowed for a successful exit.
