Related Beal, a fully integrated real estate firm focused on development and investment opportunities in Boston and its surrounding areas, has announced its plans to commence 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 City of Boston Mayor Martin Walsh's housing plan entitled, "Changing City: Boston 2030," in which the Mayor calls for the 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. Construction is expected to commence by December 2015 with anticipated completion in 2017.
Located at the corner of Causeway Street and Beverly Street, next to one of Boston's largest transportation hubs, the development offers immediate access to the North Station Commuter Rail, the MBTA Green and Orange lines, significant bus lines and planned scheduled and non-scheduled water transportation from Lovejoy Wharf. The project site is comprised of Parcel 1B, which is one of the development sites in the Bulfinch Triangle neighborhood created by the construction of the Central Artery/Tunnel (CA/T) and changes to the MBTA Green Line.
Related Beal was designated the developer of Parcel 1B by the Massachusetts Department of Transportation at the end of 2014. The project site also includes Parcel 1C, which Related Beal acquired from an affiliate of Boston Development Group at the end of 2014. Parcel 1C is currently used as a surface parking lot. Kimberly Sherman Stamler, Chief Operating Officer of Related Beal said,
"Affordable housing has been our company's foundation for over 40-years and this development exemplifies our long-term commitment to diverse housing opportunities for all. This development is a historic expansion of affordable housing and an important step forward in creating a more affordable Boston for all to live, work and enjoy. We are proud to share Mayor Walsh's vision for Boston and to create a dynamic new community in downtown that can serve as a model for future developments to come."
Peter Spellios, an Executive Vice President at Related Beal said, "This bold, groundbreaking development proves that by thinking creatively, we can build more affordable housing options in downtown Boston to support our talented workforce. There is no question that this is the right thing to do and the right place to do it. Projects like this are integral to attracting and retaining bright minds in the City of Boston and represent a long-term investment in our city's future and economy. We applaud Mayor Walsh's vision and for making this a top priority for his administration."
The project's 239 residential units will be restricted to and available for individuals, couples and families with qualified incomes ranging from 30 percent Area Median Income (AMI) up to 165 percent AMI. Additionally, ten percent of the residential units will be three-bedroom units providing much needed affordable family units in downtown Boston.
Ted Lubitz, a Vice President at Related Beal, who oversees Related Beal's affordable projects in Boston and the surrounding area said, "This project represents the single largest effort to answer the Mayor's call to provide much needed housing for downtown Boston's rapidly evolving and growing working population. This project will have immense local impact and tap our local, national and extensive history in affordable housing. We look forward to continuing to work with Mayor Walsh and his team to realize his vision for Boston and create and preserve more affordable housing."
The development is located across the street from Lovejoy Wharf, which Related Beal is currently transforming into a dynamic office, residential and retail development that includes the new global headquarters for Converse, Inc. and a new three-fourths of an acre public wharf connecting the harborwalk and providing direct access from the North Washington Street bridge and Beverly Street. Related Beal's development is consistent with the project proposed by Related Beal's predecessor, an affiliate of Boston Development Group, which was originally approved by the Boston Redevelopment Authority in 2008. That plan previously proposed a large mixed use hotel and market rate residential project on the site, but never commenced construction. Related Beal is a division of Related Companies, one of the largest owners of affordable housing in the country and has developed or acquired over 45,000 affordable and workforce units.
ABOUT RELATED BEAL: Related Beal is a fully-integrated real estate firm focused on development and investment opportunities in Boston and the surrounding region. Related Beal leverages a national real estate platform with expertise across all assets classes and storied local experience in life sciences, commercial and residential development, property management and investment. Related Beal has developed, and is undertaking the development, of some of the most recognized buildings in the area including The Clarendon and One Back Bay, Lovejoy Wharf and Converse's U.S. headquarters. For more information on Related Beal, please visit www.relatedbeal.com
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