BOSTON—Related Beal, a fully integrated real estate firm focused on development and investment opportunities in Boston and its surrounding areas, plans to start construction later this year on a new 239-unit affordable and workforce residential development in downtown Boston.

The project, located in the Bulfinch Triangle neighborhood, is the largest affordable and workforce unit residential project constructed in downtown Boston in more than a quarter century. It is also the most significant development to date following issuance in 2014 of Boston Mayor Martin Walsh's housing plan entitled, Changing City: Boston 2030. In that scheme, the mayor calls for creation of 53,000 new residential units by 2030 – 44,000 of which should be specifically aimed at middle income residents.

The Bulfinch Triangle is a highly desirable area for rental and condominium development; Related Beal has reimagined this development site to bring affordable and workforce housing with best-in-class architecture, urban design and experienced management to downtown Boston. Designed by acclaimed CBT Architects, Related Beal's dynamic mixed-use development will include a 14-story residential building totaling approximately 484,000-SF, a 220-key hotel, street level retail and on-site parking. Work is expected to begin by December, with anticipated completion in 2017.