300-Unit Apartment Complex Planned for East Boston
A major developer known for apartment construction is planning to build an apartment complex in the northern part of East Boston. The neighborhood is booming and is consistently a favorite of many developers for residential units. This time around, the apartment complex is said to add 300 units in the Eastie.
Gate Residential, the interested developer, has submitted a proposal to the Boston Planning and Development Agency regarding a future project that would involve a two-building apartment complex. It would roughly have 300 units, and the buildings would be located on a 3.25-acre land, which currently serves as a parking lot.
The developer is the same one that worked on the high profile developments for housing construction in Quincy Center. They have also worked in Revere and Chelsea. The planned apartment complex would settle along the McClellan Highway just adjacent to Orient Heights.
A Popular Residential Development Site
Many have noticed how East Boston is becoming a well-known spot for residential developments. This particular project with the apartment complex is the latest one in the works. It will be along the stretch of Revere and East Boston. The location is considered ideal because it offers good access to the Blue Line of MBTA. Additionally, the land costs in that area are relatively affordable, which is why several developers are targeting the site.
The developers are trying to attract young professionals and youthful tenants. Their goal is to provide housing for this group of people who may not be able to afford the rental properties in downtown Boston.
More Projects in East Boston
Just recently, HYM Investment Group has purchased the racetrack, Suffolk Downs. Their plans include building the area into a mixed-use development. Additionally, HYM is also planning to sell Wonderland. While there is no word yet on the buyer, there are talks that the chosen purchaser is a housing developer.
There are also other smaller projects consisting of apartments near and around East Boston. Part of the reason why the area is quite attractive to developers and residents is it provides easy access to the Blue Line. Transit is not a problem in the area whether the commuter is a student or a professional.
The area has become very busy recently aside from the apartment complex that would cover 2,000 square feet of additional space for onsite parking and commercial space. This particular complex will only be 15 minutes away from the Blue Line stop.
Many places, including Boston, are still waiting for Amazon’s decision. With the recent developments in the neighborhood, there could be a chance that the e-commerce firm would consider the neighborhood for its second headquarters.
Meanwhile, there are other works that have officially started, such as the Bulfinch Crossing in which HYM Development along with the National Real Estate Advisors began the first phase of the project in January. The finished building would also be used as a residential tower with 486 units.
Another project that is currently in development is the Boston Harbor Garage. It is one of the longest-running stories when it comes to real estate because of the ongoing battles with the condo complex as well as the New England Aquarium.
Converting the Rental Car Lot
Gate Residential believes that the available space in East Boston on the McClellan Highway is an excellent opportunity to transform the rental car expanse into another part of the residential neighborhood nearby. According to the principal developer, Damian Szary, the site is quite interesting for them. One reason why they chose the area is that it borders an old mill and there are lots of industries close to the site.
Additionally, it is adjacent to Orient Heights. If the project pushes through, it will become a part of the Orient Heights neighborhood.
For the past several months, Gate Residential has been working with nearby communities about the project. They intend to submit a plan for the project that comes with more details, which will be given to the development agency. According to the developer, they would like to finish construction by late 2018.