278-Unit Multifamily Development Proposed in Dorchester
- Oct 12, 2012
Synergy Investments, a Boston development company, has filed a letter of intent with the Boston Redevelopment Authority (BRA) and is seeking approval to create a residential community on a vacant parcel located at 25 Morrissey Boulevard in Dorchester.
The 2.35-acre lot between JFK/UMass MBTA station and the Shaw’s Supermarket was purchased by the developer in 2007 for $30 million, along with the adjacent supermarket and the Greater Boston Media facility. As revealed by the Dorchester Reporter, the Residences at Morrissey Boulevard project represents Phase I of a more extensive revitalization plan that would span over the next 20 years along the Morrissey Boulevard under BRA’s guidance.
If approved by the City, construction at the site would begin in 2013 and the first residents could move in starting fall 2014. The $60 million complex will include two buildings—five-and-a-half stories each—totaling 278 rental apartments ranging from studios and lofts to three-bedrooms and priced from $1,200 to $1,800 per month in order to attract young professionals and families in this rather isolated area.
According to the news source, this phase does not include retail spaces because the area has yet to prove that is has commercial potential. However, the developer stated that a new market and retail/office facilities could be developed during Phase II of the project.
With vacancy rate trends spiraling down in Boston, as pictured in this chart from Marcus & Millichap, Synergy Investment’s new construction project will try to balance out the lack of housing inventory, at least in this area of Dorchester.
For a more detailed report on Boston vacancy rates, please click here.