Five-Story Condo Planned to Replace Three Commercial Buildings in South Boston
South Boston is a neighborhood in Boston that exudes a classic appeal. However, little by little, it is being rejuvenated over the years, and the newest one is a proposal from a developer for a five-story condominium. The proposed building is planned to stand at 463 West Broadway in South Boston, which will replace three commercial structures that currently exist there.
A letter of intent was submitted by the developer, 463 Broadway, LLC headed by Michael Moore. According to the proposal of the Milton-based developer, the condominium will take the place of three buildings on the site where East Broadway and West Broadway meet in South Boston. The project will comprise of 44 condo units and 48 parking spaces underground.
The Project Proposal
The proposed structure is a mixed-use building with about 68,434 square feet of space. In the proposal, it includes 13,690 square feet that will be dedicated to commercial retail space. The project, if approved, would take place at 457 to 469 West Broadway Street.
According to West Broadway, LLC, they are a Massachusetts company with the intent of developing real property at 457 to 469A West Broadway in South Boston, which will be the official site of the project. They have already sent a letter to the Boston Planning and Development Agency (BPDA) to notify the agency of their intention to apply for an Expanded Project Notification Form. It is Large Project Review, which will involve the construction of the following spaces:
- Mixed use building measuring approximately 68,434 square feet of the total floor area
- 44 units which will be used as residential spaces
- 13,690 square feet which will be used as ground floor commercial space
- 48 basement-level parking spaces
- 5,707 square feet which will be used for other amenities
The project’s scope and scale are expected to help advance the goals of the 2030 Housing Plan of the Mayor of Boston City.
According to the proposal, 457 to 469A West Broadway comprise a total of 15,612 square feet. The north side of the project will be by the West Broadway and to the south is the Silver Street. By the east, there is a mixed-use building, which is situated at 471 West Broadway. By the west of the construction, there is a local bank branch by 451 to 455 West Broadway.
The project recognizes that there are still three commercial buildings at the proposed site with one to three stories. They have different commercial uses and come with vehicular access. These structures would be demolished to complete the project.
If the proposal is approved, it would be considered the biggest one in the area after a long wait since most of the residential developments in the recent years were to the west of 463 Broadway. Aside from this project, the same developer is actually part of the team that is working on the Gulf station replacement at 87 to 93 West Broadway. This particular project will involve 65 apartments and a total of 88 parking spaces.
How Much Will Renting Cost?
While there is no word yet whether or not the proposal has a chance of getting approved, there are already plans for the residents of the potential structure. The developer has announced that they have plans for the 44 condo units with 38 of them offered at market rate. The remaining six would be the affordable units.
Currently, South Boston has some condo properties for sale. The average listing price for this period is $1,066,532 for condominiums in the entire South Boston neighborhood. However, the highest list price is still at $7,500,000. As for single-family units in this area, the average listing price is $979,418 while the highest list price is $2,250,000. For multi-family units, the average listing price is $1,475,650, and the highest list price is $3,500,000.
The rents in this part of Boston currently starts at $2,900 and can go all the way up to $3,400, particularly around the months of March and April when the number of rental properties usually decline.