Second Garden-area rental project eyed
By Scott Van Voorhis | Thursday, November 29, 2007 |
http://www.bostonherald.com | Business & Markets
Photo by Simpson Housing LP
An 11-story apartment complex will take shape near the TD Banknorth Garden, the latest project in a growing residential enclave around the sports complex.
Colorado-based Simpson Housing has filed plans with City Hall to build a 283-unit apartment mid-rise on reclaimed Big Dig land near the Garden and North Station.
The project will also include enough retail space for a pair of restaurants on the ground floor, as well as a couple of small shops.
Simpson hopes to break ground next summer, after gaining approval for its plans from city and state officials, on what would be the first Boston project for the national apartment developer,
The rental market in Boston, especially on the high-end, is on the upswing, with jitters about the condo market stoking demand for apartments.
?It?s a prime location between the North End and the West End,? said Spencer Welton, a senior vice president of development at Simpson. ?It?s an area that is certainly up and coming.?
Simpson joins a growing number of residential developers now targeting streets and undeveloped lots around the Garden and North Station.
Next door to Simpson?s development site, another rental complex, the Avenir, is taking shape through a partnership between local builder Trinity Development and a national firm, Archstone.
The Strada condo midrise opened a few years ago, while Delaware North, owner of the Garden, has been planning a residential tower on a nearby lot for several years.
Rents at Simpson?s new complex, set to open in 2010, will start at $1,600 a month, topping out at $4,000 a month for apartments on the top floor. The units will average about 800 square feet of space.
?I think the neighborhood is just at the very cusp of starting to take shape,? Simpson?s Welton said.
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