HBS Grads Develop Harvard Square Property

Just over ten years after graduating from Harvard College, Peter and Paul Palandjian--who are also both graduates of Harvard Business School--are completing their first construction development in the Square.

The project--a sprawling $22 million property called Winthrop Square--is expected to be finished next month. The block of five properties located between Mount Auburn Street and Winthrop Street is expected to be fully operational this fall.

Retail occupants will include the development's prior residents, Grendel's Den and Tweeter etc., as well as a new Peet's Coffee outlet. Each retail space will have its own entrance, with a consulting firm slated to occupy the third and fourth floor office space. The retail outlets will be open by December.

The 50,000 square foot, seven-story complex will also feature eight luxury condominiums, located on the fifth, sixth and seventh floors of the building.

Palandjian said the condominiums will offer "sweeping views of Cambridge and the Boston skyline."

The apartments, which will face a courtyard, will feature concierge service and an exclusive lobby for residential occupants. The apartments are currently available for purchase and will be open for occupancy by September.

The owners, Peter Palandjian '87 and Paul Palandjian '88--whose firm, Intercontinental Developers Incorporated, began construction on the property in 1997--said they were excited about doing a major project in Harvard Square.

"We wanted to do something for Harvard Square," said Paul Palandjian. "We've always been interested in the Harvard Square area."

"We are very committed to protecting the history of the Harvard Square area," Palandjian added.

Intercontinental purchased most of the property in 1993, and acquired the remainder of the property--which had been occupied by the Holy Cross Church--in 1995 in a deal with the Archdiocese of Boston.

As part of the deal, the developers agreed to donate money and help rebuild the church at a more convenient location.

In previous years, the site had also been home to the Pi Eta Speakers Club of Harvard College.

During the course of construction, developers rotated the blue wood structure which had housed Tweeter etc. so that its front now faces Winthrop Park.

The renovation also added an underground parking complex that connects to all of the buildings.

And Palandjian said he felt the alterations remain true to the spirit of the properties.

"We feel that it is consistent with the style and appeal of Harvard Square," he said. "By combining both new and old and connecting it in a way that represents many generations of architecture to deliver a highly advanced property in terms of technology and modern amenities."

The development will be issued its coveted certificate of occupancy in two weeks, which means that the new building will be officially ready for use.

"It has been a tremendous success for us, and especially gratifying," Polandjian said.