Samuels had been close to selling the development rights for this site to Virginia-based Avalon Bay Communities. He acquired the site three years ago from Harvard Pilgrim Health Care and had proposed building a hotel on the site at the time. Financing difficulties convinced him to switch to a residential project.
According to Meredith Baumann, spokesperson for the BRA, the project now consists of 580 residential units, 53,000-sf of retail space and 498 below grade parking spaces. The estimated cost of the project is $110 million. Baumann says that Samuels can receive approval for the project as early as the end of this month.
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