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465-Unit Waterfront Project Breaks Ground

BOSTON-Construction begins on the Boston Harbor Residences, a $130-million 465-unit project, being developed by the Fallon Co. on South Boston's waterfront. It is the city's largest rental residential development built in over three decades.

By Naomi Grossman | Updated on April 22, 2004

BOSTON-Construction has begun on the Boston Harbor Residences, the city’s largest rental residential development built in over three decades. The $130-million project, being developed by the Fallon Co., involves 465 units in two buildings.The project also represents the first residential project to be built on Massport land on the South Boston waterfront and is line with the city’s “smart growth” policies. “This project begins a whole new chapter for the South Boston Waterfront,” says city Mayor Thomas M. Menino. “It is the first residential project to be built in what is becoming a new, vibrant waterfront neighborhood. Day by day and block by block, this whole area is changing.” The project will be located at One and Two Park Lane, at the corner of Congress Street and Park Lane. The first tower will include 150 units and is slated for completion in the summer of 2005; the second tower will consist of 315 units and is planned for completion in the summer of 2006. The first floor of the residential complex will have restaurant and retail space.Key Bank is financing the project–the bank’s largest multifamily project of 2003 and the largest deal in Boston in four years–while Cornerstone Real Estate Advisers is providing permanent financing. The property will be managed and leased by Lincoln Properties. The apartments will vary in size from 500-sf studios to 1300-sf, three-bedroom units. The new Central Artery allows residents direct access to Route 93, the Massachusetts Turnpike and Route 1. As part of the project, the Fallon Co. has said it will provide the city with $1.8 million for housing creation in South Boston as well as funds to repair the Fish Pier and to upgrade the Water Taxi Dock. The project is estimated to bring in over $1.3 million in real estate taxes annually.

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