By Veronica Grecu, Associate Editor
Though experts say that Boston is still trapped in a sluggish economy, the multi-famlly market offers a more upbeat perspective. Most recently, New York City-based developer Millennium Partners broke ground on Hayward Place, a 15-story condominium tower near Downtown Crossing. Designed by Handel Architects, the $220 million project is scheduled for a late 2013 opening, the Boston Herald reported.
The project will rise on the site of a parking lot facing the Paramount Theater and the Ritz-Carlton Hotel and Towers, which were also developed by Millennium Partners. When complete, the tower will have 256 condos, 9,700 square feet of ground level retail space and 125 underground parking spaces.
A report in the Boston Globe confirms the positive momentum in the Boston multi-family sector. At least five development projects representing more than 1,400 units are awaiting city approval:
- a 318-unit condominium tower at Copley Place in the Back Bay
- a 404-unit apartment tower on Stuart Street
- a 240-unit complex along the Rose Fitzgerald Kennedy Greenway in Chinatown
- a 236-unit tower in the Seaport District
- a 210-unit building on Boylston Street in the Fenway
In addition to the new residential units, these properties will also include community spaces, stores and restaurants.
Photo Courtesy of the Boston Redevelopment Authority