{"id":1004050034,"date":"2012-10-12T11:44:03","date_gmt":"2012-10-12T19:44:03","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=74029"},"modified":"2020-04-02T06:11:23","modified_gmt":"2020-04-02T14:11:23","slug":"278-unit-multifamily-development-proposed-in-dorchester","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/278-unit-multifamily-development-proposed-in-dorchester\/","title":{"rendered":"278-Unit Multifamily Development Proposed in Dorchester"},"content":{"rendered":"<p style=\"text-align: justify;\">By Veronica Grecu, Associate Editor<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/10\/Residences-at-Morrissey-Boulevard-by-Synergy-Investments.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-74030\" title=\"Residences at Morrissey Boulevard - by Synergy Investments\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/10\/Residences-at-Morrissey-Boulevard-by-Synergy-Investments.jpg\" alt=\"\" width=\"300\" height=\"171\" \/><\/a>Synergy Investments, a Boston development company, has filed a letter of intent with the Boston Redevelopment Authority (BRA) and is seeking approval to create a residential community on a vacant parcel located at 25 Morrissey Boulevard in Dorchester.<\/p>\n<p style=\"text-align: justify;\">The 2.35-acre lot between JFK\/UMass MBTA station and the Shaw\u2019s Supermarket was purchased by the developer in 2007 for $30 million, along with the adjacent supermarket and the Greater Boston Media facility. As revealed by the <em>Dorchester Reporter<\/em>, the Residences at Morrissey Boulevard project represents Phase I of a more extensive revitalization plan that would span over the next 20 years along the Morrissey Boulevard under BRA\u2019s guidance.<\/p>\n<p style=\"text-align: justify;\">If approved by the City, construction at the site would begin in 2013 and the first residents could move in starting fall 2014. The $60 million complex will include two buildings\u2014five-and-a-half stories each\u2014totaling 278 rental apartments ranging from studios and lofts to three-bedrooms and priced from $1,200 to $1,800 per month in order to attract young professionals and families in this rather isolated area.<\/p>\n<p style=\"text-align: justify;\">According to the news source, this phase does not include retail spaces because the area has yet to prove that is has commercial potential. However, the developer stated that a new market and retail\/office facilities could be developed during Phase II of the project.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/10\/vacancy-rate-trends-boston.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-74032\" title=\"vacancy rate trends boston\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/10\/vacancy-rate-trends-boston.jpg\" alt=\"\" width=\"300\" height=\"224\" \/><\/a>With vacancy rate trends spiraling down in Boston, as pictured in this chart from <em>Marcus &amp; Millichap<\/em>, \u00a0Synergy Investment\u2019s new construction project will try to balance out the lack of housing inventory, at least in this area of Dorchester.<\/p>\n<p style=\"text-align: justify;\">For a more detailed report on Boston vacancy rates, please <a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-shortage-of-available-inventory-favoring-landlords-sending-vacancies-to-floor-in-boston\/1004060744.html\" target=\"_blank\" rel=\"nofollow\"><strong>click here<\/strong><\/a>.<\/p>\n<h6 style=\"text-align: justify;\"><em>Rendering of &#8220;Residences at Morrissey Boulevard&#8221; courtesy of Synergy Investments<\/em><\/h6>\n<h6 style=\"text-align: justify;\"><em>Chart credits to Marcus &amp; Millichap<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Synergy Investments, a Boston development company, has filed a letter of intent with the Boston Redevelopment Authority (BRA) and is seeking approval to create a residential community on a vacant parcel located at 25 Morrissey Boulevard in Dorchester.<\/p>\n","protected":false},"author":1269,"featured_media":1004506111,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21742],"tags":[],"class_list":["post-1004050034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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