By Veronica Grecu, Associate Editor<\/p>\n
The open-air parking lot located at 45 Stuart St. near the Chinatown and Theater District neighborhoods could be replaced by a residential complex. Last week, AvalonBay Communities Inc. submitted a large-scale development plan to the Boston Redevelopment Authority,\u00a0the Boston Globe <\/em>reported. The 404-unit apartment tower, which would also include a five-story parking garage large enough to accommodate 200 vehicles, is the third project the BRA has received for this site; the other two proposals called for a hotel and an office building, but they were never put into practice because of the economic downturn.<\/p>\n The property, purchased by AvalonBay a few months back, may be converted into a 29-story glass-and-metal tower designed to look like several buildings compressed into one structure. If BRA approves the project, the building will reportedly include luxury studios with rents starting at $1,800, one-bedrooms at around $2,000 and two-bedroom units starting at $3,000 per month. As per city regulations, at least 15 percent of the units would be designated affordable.<\/p>\n Another residential development is expected to break ground next spring on Boston\u2019s Waterfront. Pier 4\u2019s developer, New England Development, has teamed up with Houston-based Hanover Co. for a 21-story apartment building with 357 residential units, retail spaces and an underground parking garage adjacent to the city\u2019s Institute of Contemporary Art. According to the Boston Globe,<\/em> the project was approved in 2005 but the construction was delayed because of the recession.<\/p>\n","protected":false},"excerpt":{"rendered":" By Veronica Grecu, Associate Editor
\nThe open-air parking lot located at 45 Stuart St. near the Chinatown and Theater District neighborhoods could be replaced by a residential complex. Last week, AvalonBay Communities Inc. submitted a large-scale development plan to the Boston […]<\/p>\n","protected":false},"author":258,"featured_media":0,"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-1004053532","post","type-post","status-publish","format-standard","hentry","category-boston","category-latest"],"acf":[],"yoast_head":"\n