A parking lot in South Boston is about to undergo a major transformation. In October, the Boston Planning and Development Agency issued an approval for a proposal by Conroy Development to transform South Boston's Parcel K into a brand-new residential and commercial development. Upon completion, the land on which the 2.4-acre parking currently exists will be the site of a residential and commercial mixed-use building as well as a boutique hotel. Boston City Properties is tracking this story, and we'll keep you in the loop about the latest developments.
Located on the South Boston waterfront, Parcel K is one of several parcels that make up the 30-acre Massachusetts Port Authority, or Massport, Commonwealth Flats Development Area, or CFDA. The site is situated at the corner of Northern Avenue and Congress Street, and the developers believe that the prime location will make it a major success in no time. There is little doubt that it will completely change the face of this section of Southie.
The proposed development would be an ideal fit for the area, which has emerged as an Innovation District over the last several years. Numerous tech companies and startups have set up shop in the area, but many others have struggled to find suitable space. It is hoped that the new development, which will include office space of some kind, will help to meet ever-increasing demand. Since the development will also include residential units and retail space, it is most likely to be very attractive to young professionals who are employed at tech companies in the neighborhood.
The developer, Conroy Development, will invest approximately $230 million to complete the ambitious project. The company has released fairly specific plans about many aspects of the project. Here's what we know. First, the buildings are being designed by Arrowstreet Architecture. They will include an 11-story residential/commercial building that will serve as the focal point of the development. This building will be located near the end of the lot close to Congress Street. At the other end, there will be a 10-story boutique hotel that is expected to have 257 rooms. So far, no word has been given about who the operator of the hotel will be.
The hotel is a wise addition since the area has becoming something of a booming Innovation District of late. The location is convenient to many important business locations in the neighborhood, including the Boston Convention and Exhibition Center, the World Trade Center and the Boston Marine Industrial Park. It is expected that many workers from the area will rent apartments in the development. Those who come into the city to do business with nearby companies can stay at the boutique hotel. In this way, the new Southie development will accommodate the ongoing growth and expansion of the neighborhood.
When it is all complete, this development will encompass more than 480,000 square feet of space. The residential portion will make up the bulk of it, as it will make up about 300,000 square feet of the development. The developers have stated that the residential building, which will be 11 stories tall, will include 304 apartments. They will be made up of studios and one- and two-bedroom apartment homes. 40 of these units are going to be affordable units, so they will be offered at below market rate for qualified renters.
The development will also include around 25,000 square feet of retail space, which will most likely be snagged by various retail stores, restaurants, cafes and the like. Thus far, no word has been given about any commercial tenants expressing interest in the location, but it is very early yet. The development will also include about 16,500 square feet of what is being billed as "innovation flex space," so it is clearly being marketed to tech companies and startups. By making the space as flexible and versatile as possible, the developers will increase the odds of attracting plenty of cutting-edge companies.
Naturally, this new development will bring more traffic to the area, which means that there will be increased demand for convenient parking. Luckily, this development is expected to include an underground parking garage that will include 640 parking spaces. We have not heard whether or not the lot will include any electric charging stations for electric and hybrid cars, but odds are that there will be at least a few. Like many other residential developments in the city, the garage here may also provide access to Zipcars and other transportation options. We won't be surprised if it includes bike storage and bike repair station as well.
The surrounding area will benefit from the new commercial/residential development in a variety of ways. In addition to attracting more businesses and young professionals to the neighborhood, the project will bring extra funding to the community for improvement. Indeed, Conroy Development has committed to investing $200,000 for community-oriented purposes. We have not been told what exactly these community-oriented purposes will entail, but they will more than likely include things like streetscape improvements and other renovations around the immediate area. It will be interesting to see how this generous investment will be put to use to improve Southie.
Not surprisingly, the developers are already planning to seek Silver LEED certification. This means that they intend to build the development using sustainable, energy-efficient practices. The development will have to be highly sustainable in order to qualify for this coveted designation. The developer has also stated that the project will create 700 new construction and permanent jobs, which is a major perk. The job market in Boston has been strong for some time, but it never hurts to bring even more jobs to the city--especially when so much construction is happening and when a glut of new housing is expected to hit the market.
According to the developer, construction of this development is expected to begin in the fall of 2017. They believe that it can be completed within two years, but we will have to wait and see how everything unfolds. If you are interested in eventually renting an apartment at the new development at Parcel K, it is never too early to start planning. Keep an eye on the latest updates by checking in with Boston City Properties regularly. When the time comes, we'll give you free access to our database of searchable Boston real estate listings, so you can easily check current availability. We also have experienced real estate experts in Southie who can take you to check out units here once they are available. For more information, call Boston City Properties.
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