Mayor Martin J. Walsh and Related Beal, a fully integrated real estate firm focused on development and investment opportunities in Boston and its surrounding areas, today unveiled The Beverly, Boston’s first 100% affordable and workforce housing development to be built in more than 25 years. The newly named 484,000-square-foot mixed-use building will offer 239 income-targeted apartments and the best of city living in the heart of Boston. The Beverly was formerly known by its location, Parcel 1B.
"Our partnership with Related Beal will give hundreds of families and individuals the opportunity to live downtown in affordable, transit-oriented housing," said Mayor Walsh. "I am proud of our work that will help this important project reach completion, and hope this model will be replicated in neighborhoods across the city. Since 2014, we have invested nearly $100 million in affordable housing and we will continue to work everyday to ensure that everyone who wants to live in Boston has the opportunity to."
“The Beverly offers the best of urban living for the individuals, couples and families who make this city great and who will write its next chapter,” said Kimberly Sherman Stamler, president of Related Beal. "We are thrilled to have partnered with Governor Baker, Mayor Walsh and the City of Boston to create beautifully designed, moderately priced apartments in the heart of downtown. We are excited to launch our community outreach program and we look forward to sharing the details about these centrally located and well-amenitized apartments with the public. I want to encourage all of those interested in living at The Beverly to visit our website and join the inquiry list."
Today’s announcement builds upon the City of Boston’s commitment to affordable and workforce housing in our communities. Designed by CBT Architects, the 14-story building will feature 239 graciously appointed apartments with breathtaking views of the surrounding cityscape and the waterfront. Residents will enjoy a 24-hour attended lobby, fitness center, two party rooms, a children’s playroom, dog spa, bike storage and on-site parking. Located across the street from North Station, The Beverly offers access to a multitude of public transportation options as well as some of the city’s best food, retail, fitness centers, entertainment venues and event centers. Designed to reach a LEED Silver designation, The Beverly will also offer street level retail amenities.
The Beverly’s residential units will be available to households with qualified incomes ranging from 30 percent of Area Median Income (AMI) up to 165 percent of AMI. In addition, 24 residences will be three-bedroom units—providing much-needed, affordable, family-sized housing to the downtown area. Related Beal will begin its community outreach program this spring to educate prospective residents on eligibility criteria, how to apply, the housing lottery and selection process. Lease applications will be available for a limited time starting in July. In order to be considered for occupancy when the building opens in early 2018, completed applications must be postmarked by September 6, 2017. Interested residents are encouraged to visit The Beverly’s official website www.thebeverlyboston.com to learn more and join the inquiry list to receive updates about the building.
About Related Beal:
Related Beal is a fully integrated real estate firm focused on development opportunities in Boston and its surrounding areas. Related Beal leverages a national real estate platform with expertise across all asset classes and storied local experience in residential, commercial, hospitality and life sciences 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, One Back Bay, the Quinzani Bakery site, Converse’s new world headquarters at Lovejoy Wharf and Congress Square. For more information on Related Beal, please visit www.relatedbeal.com.
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