Boston-based real estate developer Cabot, Cabot and Forbes (CC&F) and its capital partner, Boston Andes Capital, recently paid $10.3 million for a 2.3-acre development site in South Quincy. The transaction was coordinated by Chris Sower, Jason Weissman, Andrew Herald and Jennifer Price of BRA’s Capital Markets Team.
Located across from the Quincy Adams MBTA Station on Penn Street, the site was previously owned by Sobin Park LLC and Jenelle Realty LLC, which acquired the vacant lot back in 2009 for $2 million, the Boston Business Journal reports. Last year the city council permitted the site for a six-story rental apartment community. And although CC&F is still in the process of accepting bids from contractors and hasn’t decided on a construction date, the project is expected to welcome its first residents by spring 2016.
The 253,000-square-foot residential project is tentatively called Zero Penn Street and will cost around $36 million to build. When completed, it will include 19 studio units, 111 one-bedroom units and 50 two-bedroom units.
The complex will also feature a parking garage with 180 spaces, a pool and a landscaped courtyard. Michael Boujoulian, senior vice president of CC&F, told The Patriot Ledger that rents at Zero Penn Street will start at $1,600 per month for a studio apartment.
CC&F agreed to invest $100,000 to help revitalize the intersection of Burgin Parkway and Centre Street in order to close the gap between the residential area and the MBTA station and make the area more pedestrian friendly.
Project rendering via CC&F