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The term risk management has been associated with the construction industry for almost as long as bricks have been stacked to form a wall and cement has been used to hold them together. Put simply, risk – and the successful management of it – is essential for any project to get built, whether it is a simple TI fit-out or a massive multi-year monster of a job.

While the presence of risk is nothing new, how we manage it has changed dramatically. And these days, accounting for risk takes many forms and occurs earlier than ever before. But no matter how evolved a company’s risk strategy is, it ultimately comes down to the people and partners who implement it.

It’s no longer good enough to simply be a great builder. In today’s construction industry, the firms that account for risk early and often in every step of the process, from preconstruction to workforce management to sustainability, will time and again deliver projects that avoid the pitfalls of poor execution and overreliance on antiquated ways of project delivery.

Integrating Risk Mitigation at Every Level

First, it’s important to understand how risk management begins long before the first shovel hits the ground. Domestic trade policy has introduced a level of volatility in construction materials and labor pricing that makes it essential to plan for the ups and downs of working within a global economy. In addition, labor shortages, increasingly stringent environmental metrics, and more cautious underwriting demands that project teams account for all manners of risk concerns early in the construction process.

If you see a project go unfinished or worse, never start, consider that it’s not because there wasn’t sufficient demand or financing dried up. Perhaps it’s because the project team didn’t account for the concerns outlined above. Sadly, this still happens every day and is likely completely avoidable.

While many firms have integrated preconstruction services into their approach to building, mapping out plumbing and accounting for potential site concerns isn’t enough to avoid the issues described above. Pre-con is effectively the cost of entry these days, and firms that bring risk management to the next level will be the ones to secure repeat business from a growing list of customers. Robust pre-con services will certainly account for risks involved in the assembly of a building, but at Callahan, we’ve taken it to the next level. This includes:

1. Aligning scope, budget, and schedule before procurement begins;
2. Structuring contracts and insurance to protect all parties before a shovel hits the ground;
3. Utilization of a best-in-class prequalification program to verify trade partner capability, capacity and quality;
4. Pressure-testing assumptions around materials, labor, and logistics to ensure we have the best and most recent data;
5. Utilizing a merit-based approach to labor to provide our clients with the greatest selection of talent to choose from, and the freedom to align cost and schedule strategies; and
6. Integrating AI tools to assess the items above and provide an up-to-the-second reality check on the health of a project in its formative stages.

And as the builder behind the first commercial-use Passive House certification in the Northeast, we’ve been actively utilizing advanced materials and systems for years that help our clients future-proof themselves against evolving regulatory requirements – just one more way our approach to risk mitigation pays dividends for our project partners.

A Mindset that Every Employee Embraces

At Callahan, we’ve been fortunate to build a team that understands and implements this approach daily. One of the most prized proof points we have is our ratio of repeat customers – which, in and of itself, helps insulate all our clients, new and old, from unnecessary risk. By working with partners who maintain robust risk management protocols within their own organizations, we ensure our entire team has an extra buffer of stability in place. That doesn’t happen without deep pre-con and cost intelligence tools, in-house technical expertise, early trade partner alignment, and integrated risk management protocols. De-risking construction is not achieved through a policy, or a key hire (although, both of those are necessary): it is a mindset. It is a culture that understands why we do things differently, and it permeates every level of our organization.

New mixed-use project marks Cord Meyer’s expansion into Westchester County and the redevelopment of a highly visible White Plains property.

WHITE PLAINS, NY — June 30, 2026 — Cord Meyer Development (Forest Hills, NY) and Saber Real Estate North (Brewster and Briarcliff, NY) celebrated a major milestone on June 30 with a ceremonial groundbreaking for 70 Westchester Avenue, a mixed-use luxury residential development that will transform a prominent White Plains property into a vibrant residential destination.

Offering new housing and community amenities, the project will feature a 10-story residential building totaling approximately 331,691 square feet, including 203 apartment residences inclusive of affordable units, 9,600 square feet of ground-floor commercial space, and an integrated 266-space parking structure.

“This groundbreaking at one of Westchester County’s most visible and accessible locations and entry to the City marks an exciting new chapter for Cord Meyer Development,” said Danielle Molaison, Vice President of Development at Cord Meyer Development. “While our roots are in Queens, our mission has always been to create exceptional housing options that enhance the communities they serve. We’re proud to bring that experience to White Plains and to begin construction on a project that we believe will make a lasting contribution to the city.”

Martin G. Berger, Co-Founder and Managing Member of Saber Real Estate North, said 70 Westchester Avenue reflects both the firm’s longstanding commitment to the City of White Plains  and the vision of the development team to continue to build a stronger City.

“This project encompasses years of planning, collaboration, and commitment,” said Berger. “White Plains is one of the region’s most desirable places to live and 70 Westchester Avenue has been carefully designed to meet the needs of current and future residents. We are proud to join Cord Meyer in bringing this exciting project to life and contributing to the city’s long-term growth and success.”

70 Westchester will combine thoughtfully designed residences with a variety of indoor and outdoor amenities, including co-working spaces, a swimming pool, rooftop gathering areas, fitness facilities, a dog-walking area and pet spa, and other features that support today’s evolving lifestyles. Strategically positioned along Westchester Avenue and directly across from The Westchester shopping center, the property is within walking distance of restaurants, retail destinations, parks, and neighborhood amenities while offering immediate access to Interstate 287, the region’s primary east-west transportation corridor.

The project also represents a significant environmental revitalization effort. The site, formerly occupied by the White Plains Chrysler Jeep Dodge Ram dealership, has been cleaned to residential standards with the help of New York State’s Brownfield Cleanup Program, which encourages the remediation and redevelopment of underutilized properties. Through the program, the development team is transforming a former automobile dealership site into a vibrant mixed-use community that will generate long-term economic and community benefits for White Plains.

Westchester Leaders Applaud the Vision

Local elected officials praised the project as an important investment in the future of Westchester County and White Plains.

Westchester County Executive Ken Jenkins said: “As Westchester County continues to grow, projects like 70 Westchester Avenue play an important role in shaping vibrant, connected communities. By expanding housing opportunities and supporting economic development, this investment further strengthens downtown White Plains and helps ensure our County remains a place where people choose to live, work, raise a family and invest in the future.”

“This project reflects the continued momentum we are seeing throughout White Plains,” said White Plains Mayor Justin Brasch. “70 Westchester Avenue will activate this important gateway into our city and also make important pedestrian safety improvements to the area. We are pleased to see construction take hold and look forward to welcoming this new development to White Plains.”

The project also received support from the Westchester County Industrial Development Agency (IDA), which approved economic development incentives to help advance the redevelopment of the former dealership property and support new housing and investment in White Plains.

Joan McDonald, Chairperson of the Westchester County Industrial Development Agency, said 70 Westchester Avenue reflects the type of project the agency seeks to encourage throughout the county.

“By redeveloping a long-underutilized site and creating new housing opportunities, 70 Westchester Avenue will deliver lasting benefits for White Plains and Westchester County,” said McDonald. “We are proud to have supported a project that will contribute to the community’s continued growth and vitality.”

For the 70 Westchester Avenue project, Cord Meyer Development and Saber Real Estate North assembled a distinguished team of design and construction professionals, including the project’s general contractor, Callahan Construction Managers. Callahan also serves as general contractor for the residences at the Bay Terrace Shopping Center, Cord Meyer’s new residential development in Bayside, Queens, and brings extensive experience in large-scale residential and mixed-use developments throughout the Northeast.

“70 Westchester is one of the latest projects overseen by Callahan’s growing White Plains office, as well as one of our most recent collaborations with Cord Meyer Development,” said David Morrow, Vice President of New York Operations, Callahan Construction. “We’re very pleased to be working with Cord Meyer and Saber Real Estate North and to be building other projects in the City of White Plains.”

For more than 120 years, Cord Meyer Development has pursued projects that strengthen communities and create lasting value. 70 Westchester Avenue continues that tradition, combining new housing, environmental remediation, and strategic investment at one of Westchester County’s most prominent locations.

Construction is underway at 70 Westchester Avenue, with completion anticipated early 2028.

Callahan and Architect Maugel Destefano deliver the finished project a full month ahead of schedule

BRIDGEWATER, MA — June 29, 2026 — Callahan Construction Managers (Callahan), a full-service construction management company headquartered in Bridgewater, Mass. with offices in White Plains, NY, announced today it has completed construction of the new Poet Hill Place in Worcester, Mass., a 210-unit, market-rate housing development for project owner SMC Management Corp. (SMC) in the Poet Hill neighborhood.

Located on a 5-acre site on Hemans Street, the project features five stories of residential living over a double-podium parking garage. The location of the project site presented challenges from the start of construction, including a dramatic slope that required Callahan’s team to oversee major sheeting and shoring operations featuring an almost 40-foot foundation wall. Design partner Maugel DeStefano Architects utilized the slope component to create a residential courtyard on top of the parking deck that is level with Hemans Street, showcasing the creativity necessary to make the natural features of the land work to the team’s advantage.

The C-shaped building features studio, 1-, and 2-bedroom apartment designs, and an amenity-rich environment reflecting the new standards in market-rate communities. A fully landscaped courtyard, grill stations, fire pit, bocce ball court, and rooftop deck are some of Poet Hill’s notable outdoor features. Inside, a cyber cafe, exercise/yoga spaces, and community room help foster a highly social atmosphere for residents. Callahan’s team worked tirelessly to meet occupancy goals despite challenges brought by winter conditions, including multiple days lost due to weather-related impacts. The team still completed the project a full month ahead of original estimates, ensuring SMC could begin attracting tenants as quickly as possible.

“The Poet Hill Residences transformed an underutilized site into a residential space that will help attract new residents to Worcester and provide a high-end experience to everyone who lives there,” said Bob Simonds, Director – Capital Projects, SMC Management Corp. “The success of this project weighed heavily on meeting critical opening dates to begin welcoming tenants, and the Callahan team went above and beyond to ensure we met these goals. We’re grateful for their partnership.”

“As architects, we approached the site’s significant grade change as a defining opportunity rather than a constraint,” said Mike Kunz, Principal, Maugel DeStefano Architects. “By placing the building atop the structured parking, we were able to create a residential courtyard at the podium level that connects directly to Hemans Street and activates the heart of the community. The resulting C-shaped configuration frames this shared outdoor space while supporting efficient residential layouts and a strong connection between building, landscape, and neighborhood context. Working closely with the Callahan and SMC teams, we were able to align design intent with construction execution and deliver a significant new residential community for the City of Worcester and its residents.”

Callahan’s team also drove a collaborative relationship with Worcester city officials to ensure that key zoning and safety requirements were met. Regular communication with these stakeholders ensured that the Poet Hill Residences could meet its aggressive occupancy goals, along with addressing concerns and feedback from nearby neighborhood residents.

For more information on Callahan’s market rate construction experience, click here. 

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Largest residential development in organization history is the first project completed under Cambridge’s Affordable Housing Overlay 

Cambridge, MA – June 8, 2026 – Just A Start, alongside elected officials, project partners, residents, and community members, celebrated the completion of 52 New Street with a ribbon-cutting ceremony marking a major milestone in Cambridge’s efforts to expand affordable housing opportunities. 

The six-story development brings 106 permanently affordable rental homes to North Cambridge and represents the largest residential development in Just A Start’s history. Located adjacent to Danehy Park and within walking distance of the Alewife MBTA station, the development transforms a formerly vacant building and parking lot into a vibrant, sustainable community designed to support residents of varying incomes. 

“With move-ins already underway, families are beginning a new chapter in homes that provide stability, opportunity, and connection to the Cambridge community,” said Carl Nagy-Koechlin, Executive Director of Just A Start. “52 New Street represents what is possible when communities invest boldly in affordable housing. We are deeply grateful for the years of partnership, collaboration, and support from the public and private partners who helped bring this vision to life and ensure residents can continue to live and thrive in Cambridge. 

The project also represents a significant milestone for the City of Cambridge as the first development approved under the City’s Affordable Housing Overlay, a zoning initiative intended to accelerate the creation of affordable housing throughout Cambridge. 

“We are so proud to see 52 New Street reach this incredible milestone. This property is especially important to us, as the first project permitted under the Affordable Housing Overlay,” said Cambridge City Manager, Yi-An Huang. “We are grateful to Just A Start for believing in our citywide vision for equitable access to housing in Cambridge, and we are pleased to gather today to celebrate 106 new affordable homes for Cambridge families.” 

“Housing affordability is a top priority for the City of Cambridge and for our residents. For so many families, it is the foundation that makes stability and opportunity possible,” said Sumbul Siddiqui, Mayor of Cambridge. “The Affordable Housing Overlay was a major milestone, designed to make it possible to build more permanently affordable homes, faster. It is incredible to see one of the many fruits of that labor in just under three years. Through the collective investment of the City, the Cambridge Affordable Housing Trust, the state, private partners, and the hard work of Just A Start and their construction and architectural partners, 106 permanently affordable homes are now a reality in North Cambridge. And 52 New Street is only the first.” 

Construction on the development began in December 2023. The completed project includes 22 one-bedroom apartments, 62 two-bedroom apartments, and 22 three-bedroom apartments, along with 3,875 square feet of ground floor commercial space. Residents will also benefit from a variety of community amenities, including roof and patio decks, a fitness room, community room, and play area. Built to Passive House energy efficiency standards, the development emphasizes long term sustainability and environmental responsibility. 

Of the 106 apartments, 17 are reserved for households earning up to 30% of Area Median Income (AMI), 79 are reserved for households earning up to 60% of AMI, 10 are designated as middle income units for households earning up to 80% of AMI. 

“This project will provide much-needed affordable housing for families in Cambridge,” said Representative Steven Owens. “I’m so glad to see this project come to fruition and am grateful for all those who made it possible.” 

Beyond creating affordable housing, 52 New Street is designed to connect residents to opportunity. Thanks to Comcast’s generous donation of 106 laptops, every household moving into the development will have access to a vital tool for education, workforce participation, and everyday connectivity. 

The development was made possible through public and private financing partners committed to expanding affordable housing opportunities in one of the state’s most competitive housing markets. Allocations of state and federal Low Income Housing Tax Credits from the Massachusetts Executive Office of Housing and Livable Communities (EOHLC) generated approximately $43 million in Federal and State Low Income Housing Tax Credit equity for the development, as well as $5.3 million in direct support from EOHLC. This includes $1 million in American Rescue Plan Act funding through the Affordable Housing Trust Fund administered by MassHousing, and $1.5 million in Transit Oriented Development funding administered by Massachusetts Housing Partnership. 

“As we work to bring down housing costs and build new homes for the next generation, projects like 52 New Street are essential,” said Juana Matias, Secretary of Housing and Livable Communities. “The 106 new homes at 52 New Street will help more families put down roots in Cambridge while expanding the community’s supply of affordable housing. The Healey-Driscoll Administration was proud to partner in making this project possible.” 

MassHousing provided additional $41.6 million in financing to support the project, including permanent financing, tax credit equity bridge financing, middle income housing financing, and Capital Magnet Fund financing. 

“MassHousing is excited to be a partner in this effort by Just A Start that replaced a vacant building and a parking lot with 106 brand new apartment homes that will provide residents with mixed incomes the ability to live affordably in Cambridge,” said MassHousing CEO Chrystal Kornegay. “This new community is going to provide the households at 52 New Street with rental stability and economic opportunities in the city and beyond.” 

The project also received acquisition financing and $8.7 million in permanent financing through the Cambridge Affordable Housing Trust and Community Development Block Grant funding, along with $47.5 million in construction financing from Santander Bank with participation from Eastern Bank. RBC Community Investments partnered as the Low-Income Housing Tax Credit Syndicator. Additional support includes MassDevelopment Brownfields Fund Grant, sponsor loan and solar tax credit financing. 

The project team included Callahan Construction Managers as general contractor, RODE Architects, Wingate Management as management agent, New Seasons Development as project consultants, Tierney Development Services, and Klein Hornig LLP. 

“Just A Start’s mission impacts thousands of Cambridge residents on a daily basis, and 52 New Street will further expand their abilities to provide stable housing and meaningful career training,” said Patrick Callahan, President, Callahan, Inc. “In addition, this project showcases how affordable communities can be built in accordance with cutting-edge environmental standards and integrate meaningful amenities for residents. We are honored to have played a role in its creation.” 

“We are so proud of this building and thrilled to see the early seeds of a community take root here,” said Ben Wan, Principal at RODE Architects. “From the courtyards and roof decks, to the amenity spaces and apartments—all with beautiful views of the city and park—52 New Street fulfills the team’s belief that every person is entitled to healthy, enriching, resilient housing.”

145-unit transit-friendly development proceeding under the MBTA Communities Act

BRIDGEWATER, MA — June 16, 2026 — Callahan Construction Managers (Callahan), a full-service construction management company headquartered in Bridgewater, Mass. with offices in White Plains, NY, announced today that it has broken ground at 259 Lenox Street in Norwood along with its project partners SV+Partners and Tremont Asset Management. The contemporary residential development will transform a former industrial site into a vibrant, transit-oriented community.

Today’s ceremony marks the start of what will become a five-story, 145-unit community permitted under the MBTA Communities Act, which encourages the development of new housing in areas served by public transit. The site is located directly adjacent to the MBTA Norwood Central Commuter Rail Station and is close to numerous neighboring amenities, including Norwood Plaza and the Norwood Town Square. The site’s location offers direct access to Boston’s South Station, Foxborough, and other regional destinations via Commuter Rail.

The development will feature a double-height great room, expansive amenity spaces including a golf simulator, dedicated co-working spaces, and gaming areas, as well as a south-facing courtyard with a pool. The project is being built to PHIUS Passive House standards with modern building systems, efficient structural design, and high-quality exterior materials suited for durability and long-term performance.

“For nearly a century, our family has invested in projects built to last and grow responsibly,” said Sam Slater, Managing Partner, Tremont Asset Management. “259 Lenox reflects that philosophy – a transit-oriented, Passive House community that adds needed housing supply while creating lasting value for Norwood and for our partners.”

The fundamentals behind the project are compelling: an underserved market, a transit-rich location, and an experienced development and construction team to bring the project to fruition. The region’s housing shortage gets solved one well-located project at a time, and by building 145 homes directly adjacent to commuter rail, 259 Lenox adds meaningful supply where it has the most impact – close to transit, jobs, and the heart of Norwood.

“259 Lenox Street represents a culmination of years of effort between private and public sector partners, community advocates, and statewide leadership,” said Jacob Vance, Co-Founder and Principal, SV+Partners. “Transforming a vacant parcel next to public transit into a new residential community is exactly the kind of site we seek to unlock – this project will have a meaningful impact on the community and create a desirable place for our future residents to call home. We’re grateful to Norwood’s leadership, our committed partners at Tremont and Callahan, and the EMBARC design team for achieving this milestone.”

For more information on Callahan’s market rate construction experience, click here. For more information on SV+Partners project portfolio, click here. To learn more about properties developed by Tremont Asset Management, click here.

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Amenity-rich property will bring more than 250 rental units to market

PORTLAND, ME – March 12, 2026 –  Callahan Construction Managers (Callahan), a full-service construction management company headquartered in Bridgewater, Mass. with offices in White Plains, NY, announced today that it has been selected to manage construction of the new Thompson’s Point apartment community in Portland, Maine, in partnership with the project’s developer, Cathartes. The six-story, 457,600 square foot building will add 257 residential rental units to the Libbytown neighborhood near the Fore River.

The building structure will utilize a steel-framed podium on the first floor supporting five stories of wood-frame construction extending from the second-floor slab through the roof. Building features include a fitness center, yoga room, café, game lounge, swimming pool, and outdoor spaces with views of the Fore River and Portland Jetport. A 460-spot parking garage will also be built for both residents and visitors to Thompson’s Point alike and will act as a buffer from the nearby rail system.

“We’re pleased to partner with Callahan to bring this thoughtfully designed community to life and contribute to the continued evolution of Thompson’s Point while helping meet Portland’s growing demand for housing,” said Rob Simmons, Director of Development, Cathartes.

This project is Callahan’s first in the Portland, ME market, marking its latest geographic expansion into northern New England. The company continues to secure new work in both New Hampshire and the Tri-State area, along with ongoing project activity throughout Massachusetts. Recognizing the importance of local history and respecting Maine’s abundant natural resources, Callahan looks forward to creating a space for residents and newcomers alike to call home.

“Thompson’s Point will introduce much-needed housing to Portland’s vibrant downtown community, offering the best of both worlds: proximity to entertainment and cultural attractions with easy access to outdoor recreation,” said Steven Callahan Jr., Vice President – Business Development for Callahan Construction. “Our company is excited to support Maine’s economy and work with our partner Cathartes on this feature-laden development that will complement the surrounding environment.”

Boston, MA-based Embarc will provide design services. For more information on Callahan’s market rate community expertise, click here.

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Proximity to Patriot Place will support wide array of exciting sports and entertainment events

BRIDGEWATER, MA – March 9, 2026 –  Callahan Construction Managers (Callahan), a full-service construction management company headquartered in Bridgewater, Mass. with offices in White Plains, NY, announced today that it has been selected to manage construction of the new Avid Hotel property in Walpole, MA located at 2295 Providence Highway near Patriot Place.

Developed by Brockton-based Jiten Hotel Management, the 50,431 square foot hotel will join a growing ecosystem of leisure, travel, and retail properties built around the Patriot Place stadium and entertainment complex. With major sporting events like the upcoming World Cup, New England Patriots football, and a steady cadence of concerts and other events, the Route 1 corridor has been transformed since the construction of the Patriots’ home stadium.

The 4-story wood-frame, slab-on-grade project is currently scheduled to be completed in Spring 2027. With 119 rooms, a highly amenitized lobby, and ample natural daylighting, this addition to the region’s hospitality offerings will provide a fresh approach to hotel design, with architectural services provided by DJSA Architects.

Over the past twenty years, Jiten Hotel Management has climbed the ranks to become one of the top hotel management companies in New England. JHM has received numerous awards from Marriott International, InterContinental Hotels as well as Choice Hotels International. The Walpole property is its first with the Avid brand of hotels, which is owned by IHG Hotels & Resorts.

“The Avid Hotel will be a welcome addition to one of the most popular destinations in Massachusetts, and we’re excited to partner with Jiten Hotel Management on its creation,” said Steven Callahan Jr., Vice President – Business Development for Callahan Construction. “The Route 1 corridor has grown rapidly since the opening of Patriot Place, and with a steady drumbeat of world-class events regularly coming to Foxboro, we are certain visitors and residents alike will find Avid a comfortable and relaxing home away from home.”

In choosing Callahan to oversee the project, Jiten has a partner with extensive hospitality industry experience. Callahan has managed construction on local hotel properties ranging from the White Elephant Hotel on Nantucket to the Sheraton Needham Hotel.

For more information on Callahan’s hospitality expertise, click here.

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Callahan Construction has long considered the tri-state region as being a hotbed of opportunity for smart growth and development. While part of this is driven by a growing need for housing, it also reflects local leaders’ ability to identify underutilized parcels that can trigger additional economic development while creating much-needed housing stock.

As we close on 2025, it’s gratifying to reflect on how Callahan has played a role in bringing some of these developments to life. Some of our newest projects include an exciting mixed-use property in metro New York; a new high-rise in Westchester County; and other residential and commercial developments in the pipeline.  In addition, we are well underway on the construction of Willow at the Ridgeway, a much-needed affordable senior housing development that will replace an outdated low-income community that had exceeded its useful life.

Across all of these projects, a unifying theme stands out: local leaders’ ability to utilize smart growth strategies like form-based code and targeted incentives to attract outside development. Instead of simply building to build, city leaders from Yonkers to West Hartford are analyzing how to best address community needs while respecting the fabric of those cities and towns – and Callahan is excited to partner with both public and private organizations to transform blighted areas into desirable places to live and work.

Smart Policy Attracts National Developers

In addition to local leaders putting the proper fundamentals together to get projects out of the ground, we’re also encouraged by efforts at the federal level to spark development. Bringing interest rates down has certainly helped inject some much-needed confidence into the local real estate market, and we continue to see a steady pipeline of projects coming to fruition. Further, we’re encouraged by developments taking shape in project-ready areas like the Yonkers waterfront, downtown Stamford, CT, and Port Chester and New Rochelle.

It’s also important to consider where developers are coming from to pursue work in the tri-state region. Callahan is currently working with Anthony Properties of Dallas, TX on the Spark on Cedar development in Newington, CT, a market-rate residential community. Anthony has expanded eastwards in recent years, and the city of Newington presented an attractive opportunity to redevelop an underutilized site in an area ripe for rebirth. As a construction manager that is deeply ingrained in the communities we serve, we look forward to more opportunities to work with our partners at the city and state level across the tri-state area to help bring impactful projects to fruition. From making healthy, affordable housing accessible to all to propelling revenue-generating projects forward that create jobs and ongoing economic development opportunities, Callahan is proud to be the construction partner on these and other smart-growth developments.

26-acre site will create over 300 apartment units across 17 buildings on former retail site

PORTSMOUTH, NH – December 4, 2025 –  Callahan Construction Managers (Callahan), a full-service construction management company headquartered in Bridgewater, Mass. with offices in White Plains, NY, announced today that it has broken ground on Prescott Post, a significant residential development located in Portsmouth and featuring 17 standalone 3-story walk-up and 4-story elevator buildings. The project’s developers are Eastern Real Estate and The Kane Company, which have collectively overseen the development and management of millions of square feet of properties across the U.S. and within New England.

The 360-unit market rate project will span a 26-acre site on what was formerly the home of a long-vacant Christmas Tree Shops and Bed, Bath, and Beyond retail stores. Featuring a mix of studios, one-bedrooms, two-bedroom and three-bedroom units, the community will boost Portsmouth’s housing stock while also preserving open space and introducing amenities that reflect the hybrid and flex-work lifestyles many young professionals have adopted.

Prescott Post will include over 2.7 acres of green space, which will be used to provide residents with access to a public dog park, multiple recreation areas with grills and picnic tables, community walking paths, and greenways. A shared indoor residential amenity suite will be centrally located within the site on levels 1 and 2 of one of the community’s 4-story buildings, and social gathering spaces abound. A clubroom, resident game lounge, private work pods, and outdoor lounge spaces are among the numerous proposed amenities. In addition, an indoor/outdoor fitness facility will offer recreational activities for all skill levels and abilities.

“Portsmouth is one of New England’s most exciting cities, and Prescott Post will create opportunities for current and future residents to experience all that it has to offer,” said Steve Callahan, Jr., Vice President – Business Development for Callahan Construction. “We are particularly excited to be part of the team responsible for bringing it to life, and to work closely with city leadership and residents to build a project all can be proud of.”

Callahan recently completed the 75 Canal residential development in Manchester, which was recognized with a Build New Hampshire award from the AGC of NH. For more information on Callahan’s residential market expertise, click here.

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Waverly Expands Portfolio With a Mixed-use Project Delivering Much Needed New, Local Housing and Retail

Framingham, MA – November 19, 2025 – Waverly Development, a full-service commercial real estate company focused on institutional-quality multifamily, mixed-use, and industrial properties, today announced the groundbreaking of a new, transit-oriented apartment community at 358 Waverly Street in downtown Framingham, approximately 500 feet from the Framingham Commuter Rail station.

The 181 home, urban infill project will transform a long-underutilized site into a vibrant residential community featuring nearly 3,000 square feet of retail, 21 affordable apartments, and 230 garage parking spaces. The development advances the City’s goals for smart growth, transit access, and downtown activation by delivering much-needed housing during a challenging market environment.

“At Waverly, we like to think of development as a team sport,” said Raymond Boghos, Principal, Waverly Development. “From day one, we’ve partnered closely with the City of Framingham, our neighbors, and our design and construction teams to deliver a thoughtful, responsive project that creates value for all stakeholders. This groundbreaking represents the start of a new chapter for downtown Framingham that offers more housing choices, easier access to transit, and inviting spaces that help people connect.”

The community will also feature a comprehensive amenity package consistent with a luxury apartment building, including a clubroom, fitness center with yoga studio, work from home offices, swimming pool, landscaped courtyard with fire pits and grilling stations, turf field for yard games, dog run, package and bike storage, private storage, EV charging, and more, designed to support modern lifestyles and foster community.

“The need for more smart, sensible, transit-oriented development is significant in Massachusetts, which is why the start of construction of the 358 Waverly Street project is so important for the Metrowest region,” said Patrick Callahan, President, Callahan Construction. “Waverly Development has shown that they understand the need to create multi-functional spaces that put underutilized properties to good use, and we are proud to be their construction partner on this community that will inject new life into downtown Framingham.”

Experienced Leadership at the Helm

Waverly was founded by their two principals: Julia Wynyard and Raymond Boghos. Wynyard has overseen the development of more than 3,250 apartment homes and $1.75 billion in multifamily, retail,

and commercial projects. Known for her focus on placemaking and community-building through design, Wynyard previously held senior roles at Samuels & Associates and AvalonBay Communities.

Her partner, Raymond Boghos, has spearheaded development and entitlement efforts for more than 2,000 apartments and 300,000 square feet of industrial assets, representing over $1 billion in investment. Boghos started his real estate career developing condos in South Boston while he was still in college. Today, he continues to bring that entrepreneurial spirit to Waverly, while also drawing from his experience as a developer with AvalonBay Communities, where he managed the full development lifecycle of multifamily projects across Massachusetts.

Together, Wynyard and Boghos bring more than 25 years of combined experience and a proven track record of creating institutional-quality housing and mixed-use communities. Their expertise in permitting, design, construction, and financing drives Waverly’s ability to move complex projects forward even in today’s challenging development environment.

Advancing the Future of Downtown Framingham

This project reflects three important themes in today’s real estate market: housing production at a time when getting projects financed and built is especially difficult; transformation of a key downtown site to create housing, retail, and new public-facing edges; and a commitment to transit-oriented, urban infill development that supports sustainable mobility and walkable, mixed-use neighborhoods.

“This groundbreaking represents a major step forward for the redevelopment of downtown Framingham and for housing in our city,” said Sarkis Sarkisian, Director of Planning & Community Development, City of Framingham. “The zoning that Town Meeting adopted in 2015, now aligned with the state’s MBTA Communities requirements, was designed to support exactly this kind of transit-oriented, mixed-use development. By bringing 181 new units, 11 percent of which are affordable and ground-floor retail to a long underutilized site near the Commuter Rail, Waverly Development is helping us meet a critical housing need while advancing our shared vision for a more connected, vibrant, and livable downtown for the people of Framingham.”

About Waverly Development

Waverly Development is a full-service, commercial real estate company focused on the development of institutional-quality multifamily, mixed-use, and industrial properties across Massachusetts. Founded in 2022 by Raymond Boghos and Julia Wynyard, Waverly’s principals bring more than 25 years of combined experience spanning $2B+ in investment and 4,000+ apartment homes. Current and recent work includes multifamily and mixed-use projects across urban and suburban submarkets in Greater Boston.