{"id":1004087417,"date":"2013-11-25T07:24:09","date_gmt":"2013-11-25T15:24:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004087417"},"modified":"2022-12-05T02:54:18","modified_gmt":"2022-12-05T10:54:18","slug":"aimco-breaks-ground-on-190m-m-f-project-in-boston","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/aimco-breaks-ground-on-190m-m-f-project-in-boston\/","title":{"rendered":"Aimco Breaks Ground on $190M M-F Project in Boston"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/One-Canal-Street-Boston.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004087419\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/aimco-breaks-ground-on-190m-m-f-project-in-boston\/one-canal-street-boston\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/One-Canal-Street-Boston.jpg\" data-orig-size=\"480,270\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1385047285&quot;,&quot;copyright&quot;:&quot;Copyright 2013    Allan E. Dines&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"One Canal Street, Boston\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/One-Canal-Street-Boston.jpg?w=480\" class=\"alignright size-medium wp-image-1004087419\" alt=\"One Canal Street, Boston\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/One-Canal-Street-Boston.jpg\" width=\"300\" height=\"168\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/One-Canal-Street-Boston.jpg 480w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/One-Canal-Street-Boston.jpg?resize=300,169 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Apartment giant Aimco \u00a0broke ground late last week on One Canal Street, a $190 million, 12-story apartment building in Boston\u2019s Bulfinch Triangle area.\u00a0When completed, the building will include 310 apartment homes and 21,000 square feet of ground-floor retail space, designed to accommodate a neighborhood supermarket.<\/p>\n<p>\u201cThe appeal for Aimco is we own about $800 million of real estate around the Boston market, which runs from Nashua, N.H., to Providence, R.I., and we are looking to take some of that money and invest into Boston proper,\u201d John Bezzant, Aimco\u2019s chief investment officer, told <i>Commercial Property Executive<\/i>. \u201cOne Canal is a step in that direction.\u201d<\/p>\n<p>Commenced in partnership with the state of Massachusetts and the city of Boston, the project includes\u00a0Aimco as owner and operator, and Trinity Financial as developer.\u00a0Aimco will invest $76 million in equity, raised through the sale of lower-rated properties in Massachusetts, Indiana, Colorado and Texas.<\/p>\n<p>One Canal Street will consist of one-, two- and three-bedroom apartment homes, offering granite kitchen countertops, stainless steel appliances and in-unit laundry. Building amenities include a state-of-the-art fitness center and clubroom, pet-friendly amenities such as an on-site dog wash, a rooftop swimming pool, a cooler for grocery deliveries and multiple outdoor spaces. There will also be a 147-space parking garage on the second and third floors.<\/p>\n<p>According to Bezzant, the site offered multiple physical attributes that appealed to Aimco: It sits at the north end of the Rose Kennedy Greenway, has great views, is across the street from a T stop and North Station, plus is near restaurants and major commercial buildings.<\/p>\n<p>\u201cWe believe it will be a jewel in the crown of the city of Boston\u2019s revitalization of the Bulfinch Triangle and the northern anchor of the transformative Rose Kennedy Greenway project,\u201d Bezzant said. \u201cFor us, this is a capital recycling activity: going out of weaker, lower-rated markets and reinvesting the capital in a higher-growth, higher-rent, better long-term location.\u201d<\/p>\n<p>Aimco currently owns 11 properties with more than 4,000 apartments in the Boston area.\u00a0Through its subsidiaries and affiliates, the firm is one of the largest owners and operators of apartment communities in the United States, with 252 properties located in 23 states, the District of Columbia and Puerto Rico.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Apartment giant Aimco  broke ground late last week on One Canal Street, a $190 million, 12-story apartment building in Boston\u2019s Bulfinch Triangle area. <\/p>\n","protected":false},"author":451,"featured_media":1004087419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21742,10],"tags":[39390],"class_list":["post-1004087417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-latest","category-northeast","tag-boston"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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