By Veronica Grecu, Associate Editor
Over six months after receiving the green light from city officials, construction on a new residential building finally began last week at the corner of Washington and LaGrange streets, reports the The Boston Herald. The $172 million project is developed by Kensington Investment Company Inc. on a long vacant lot formerly occupied by the Gaiety Theater. The Kensington, as it has already been dubbed, will offer 381 luxury rental units and two or three retail shops. Other amenities include generous recreational rooms, a rooftop pool, a landscaped terrace and a fitness center.
According to the Boston Business Journal, in September 2010 Kensington Investment submitted a 29-story, 391-units development proposal to the Boston Redevelopment Authority but city planning officials decided to rescale the project by lowering its height and number of apartment units. The work on The Kensington is scheduled to complete by the summer of 2013.
In more general real estate news, a report recently revealed by Multiple Listing Service, Property Information Network (MLS PIN) shows that the volume of high-end home sales in Massachusetts increased by 13 percent in the third quarter of 2011. In an interview for The Boston Herald, Paul Reinsmith of the Boston Bank and Trust said that the influx of foreign buyers investing in homes with values of over $1 million and the drop in residential inventory have had their impact on the ascending trend. Another major influence is the aging of (prospective) buyers, said Bob Kenlin of Robert Paul Properties, Inc. He explained that most of the current high-end home buyers are now in a different stage in their lives: they achieved enough financial resources, market data and professional experience so can afford to aim at the luxury end of the market.
Photo Credits: Kensington Investment Company, Inc.