Boston’s New Residential Developments Beat Recession
- Aug 21, 2011
The open-air parking lot located at 45 Stuart St. near the Chinatown and Theater District neighborhoods could be replaced by a residential complex. Last week, AvalonBay Communities Inc. submitted a large-scale development plan to the Boston Redevelopment Authority, the Boston Globe reported. The 404-unit apartment tower, which would also include a five-story parking garage large enough to accommodate 200 vehicles, is the third project the BRA has received for this site; the other two proposals called for a hotel and an office building, but they were never put into practice because of the economic downturn.
The property, purchased by AvalonBay a few months back, may be converted into a 29-story glass-and-metal tower designed to look like several buildings compressed into one structure. If BRA approves the project, the building will reportedly include luxury studios with rents starting at $1,800, one-bedrooms at around $2,000 and two-bedroom units starting at $3,000 per month. As per city regulations, at least 15 percent of the units would be designated affordable.
Another residential development is expected to break ground next spring on Boston’s Waterfront. Pier 4’s developer, New England Development, has teamed up with Houston-based Hanover Co. for a 21-story apartment building with 357 residential units, retail spaces and an underground parking garage adjacent to the city’s Institute of Contemporary Art. According to the Boston Globe, the project was approved in 2005 but the construction was delayed because of the recession.