The development parcel is comprised of the block between Harrison Avenue and Albany Street, and by East Dedham Street and East Canton Street. The project will include two buildings ranging in height from 11 to 19 stories, and will include artist live/work space, and a gallery or restaurant use on the ground floor. Gause says the first phase would involve about 400 units and would feature studio and one-bedroom market rate apartments. The number of affordable units at the property will be determined based on discussions with the city, he adds. The project will also feature approximately 10,000 square feet of ground floor retail and underground parking in excess of 500 spaces that will replace an existing parking lot.

The existing building at 575 Albany St. will be rehabilitated and retained as part of the project.

"The Harrison Avenue corridor is emerging as one of the city's most sought after residential neighborhoods. We look forward to working with the neighbors to add more housing and street life to the area, as well as provide additional work space for local artists," Gause says.

The Leggat McCall executive says that the Boston multifamily market is strong and demand is outpacing supply for new product in Boston and the surrounding area.

David Antonelli, EVP and MEPT portfolio manager at Bentall Kennedy, agrees. "We continue to pursue investments in the Boston area, as we have a very positive view of market fundamentals that include a diverse workforce and strong economic growth," states Antonelli. "These fundamentals should help drive competitive risk-adjusted returns, while at the same time providing an economic boost to the Boston market that includes workforce housing, job creation and green building."

The joint venture hopes to secure all necessary approvals in 12 months and break ground on the first phase in early 2017.

Leggat McCall, a real estate owner and developer, as well as service provider to a corporate, educational, health-care, and other clients in the Boston to Washington, DC corridor, has acquired and developed more than 10 million square feet of properties with an aggregate value in excess of $3 billion.

Gause reveals that Leggat McCall is in contract to acquire the former Sullivan Courthouse in East Cambridge, MA and will plan to reposition the property into a roughly 500,000-square-foot office building. The firm is looking to finalize the $33-million purchase deal with the Commonwealth of Massachusetts within a year. The projected cost of the development project will likely be in excess of $200 million. The project has secured all necessary approvals but is the subject of litigation filed by neighboring property owners.