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Jun. 9, 2013

Hines Breaks Ground on Luxury Apartment Community near Boston

By Veronica Grecu, Associate Editor

Hines’ newest luxury multifamily project in the Boston area kicked off this week at 36 River Street in Waltham, MA. Located just 10 miles west of downtown Boston, 36 River will create new high-quality housing opportunities for the city while supporting area businesses and community development along the Charles River.

Three months ago the Boston Herald reported that the already permitted residential complex—which was then called Acadia on the Charles Apartments—was sold by real estate firm Saracen Properties to Texas-based Hines for $13.5 million.

Developed by general contractor Callahan, Inc., and designed by CUBE3 Studio of Lawrence, MA, 36 River will replace a former parking lot near the Watertown line, overlooking the Charles River. The M-shaped building will have 200 rental luxury apartments and a package of high-end amenities such as a resort-style swimming pool, a state-of-the-art fitness center and sports lounge, and an internet café. Each unit will be equipped with stone countertops, stainless steel appliances, high-quality cabinets and lighting and an open kitchen/living design with all-wood floors. Many units will have private balconies or patios overlooking the river. The four-story residential building clad in brick along the urban street sides will also include an underground parking garage on two levels that will offer up to 400 parking spaces.

According to a press statement, 36 River is Hines’ first rental residential project in the Boston area. The complex will reach final completion in April 2015, but the developer estimates that the first apartment units will be ready for occupancy as early as November 2014. The 36 River multifamily asset in Waltham will be followed by a second similar project in Cambridge, MA.

Rendering of 36 River courtesy of Hines