The property includes a two story, 67,500-sf building that has retail and office space and two parking lot parcels separated by a MBTA station. In addition to renovating the existing building, the company has proposed building an eight-story, 111-unit luxury apartment building with retail shops on the first floor.
This would be located on a 27,000-sf parcel right near one of the parking lots. A two or three-story garage would also be erected on the third parcel. The project is estimated to cost $20 million.
"There is a big demand for rentals in this area," Dana Wolfe, team leader in acquisition at the Grossman Cos., tells GlobeSt.com. "This is a great alternative to downtown Boston."
Wolfe says that rents will be around $1400 to $2200 a month for a two-bedroom, two-bath apartment, well below rental rates for the city. "There are a lot of campus-type settings for apartment buildings here, but this will be more of an urban high-rise right near the T," she points out.
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