To help the project go forward, Andy Burnham's JPI Apartment Development firm is being offered a 49-year lease on city-owned land that will make up some of the construction site.

The city also will be contributing $2.5 million toward the $6.5 million construction of the parking facility at 1938 Hudson St. A portion of its spaces will be reserved for apartment tenants, with the balance open to the public.

The apartments, housed in seven-story and five-story buildings, have a development cost of $17.5 million, or an average $75,431 per unit.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.