Davis Companies Look to Capture Niche Just Below Luxury

A rendering of the Telford 180 condominium development in the Allston-Brighton neighborhood of Boston.

BOSTON, MA—The Davis Companies latest residential venture in Greater Boston is looking to attract those Millennials and empty nesters that are priced out of the luxury rental housing market, but are still looking for top quality living space. The Boston -based real estate development and investment firm broke ground recently on its Telford 180 condominium project in the Allston-Brighton neighborhood of Boston. The 85-unit, six-story condominium project is being marketed to prospective buyers that are a rung below the upper crust. Construction on the development is expected to be completed by the early fall of 2017. “The Allston Brighton neighborhood continues to attract a diverse set of new businesses, residences and transit options which will benefit the homeowners at Telford 180,” says Stephen Davis, vice president at TDC Development Group, LLC, the Davis Companies’ development arm. “We are excited about this opportunity to create much-needed home ownership opportunities—modern, new construction with generous amenities and a prime location in one of Boston’s most vibrant neighborhoods —at a reasonable price point compared to similar offerings elsewhere in the city.” Davis stresses to Globest.com that the Telford 180 development at 180 Telford St. is not an affordable housing project, but rather is affordable to young professionals and downsizing empty nesters priced out of Boston’s luxury market. The blended average price for the units will be approximately $550,000. “These are not $1-million priced condos,” Davis says. “They are one-price tier down… This is market-rate that appeals to a different segment of the market. These are people that want to buy in a market right now that has very limited options for anything not in the upper tier luxury space.” Work began on the project that was formerly the site of three vacant buildings earlier this year and Davis Cos. held a ceremonial groundbreaking on the venture on July 18. The firm did not divulge the projected development cost for the project, however the Boston Redevelopment Authority when it approved the Telford 180 project in September 2015 put the project cost estimate at $35 million. Davis did tell Globest.com that the firm was working on closing on its construction financing for the project with two regional banks in a few weeks. The company plans to provide the equity capital for the project. Each residence at Telford 180 includes large windows and high ceilings, a washer and dryer, and a kitchen with an open, modern layout. The building includes 84 interior garage parking spaces. The first floor offers a contemporarily designed lobby, rowing room, and bike storage area with a lounge and dog wash. The building’s second floor clubhouse opens to an outdoor courtyard complete with grills, a fire pit and green space.  The clubhouse also features a lounge, a fireplace, café and shuffleboard table. Additional amenities at Telford 180 include private conference rooms and a fitness center with an outdoor wellness retreat area. The area’s existing green space and streetscape improvements will be augmented by a new publicly accessible 6,000-square-foot pocket park developed by Davis Cos., located at the intersection of Western Ave. and Telford St. Davis notes that the company is also in the permitting process on 35 Cambridge Park Drive in Cambridge. The project will involve the renovation of an existing building and additional construction to create a 220,000-square-foot laboratory building that is located adjacent to the MBTA’s Alewife Redline station and bus terminal. According to the company’s website, the new building would also include some retail space. He says that the company hopes to secure all necessary permits in the fall of this year and begin construction shortly thereafter.