Market-Rate Housing Hoping to Retain Working Families

New Boston market-rate and affordable housing hopes to keep working families in the urban core.

asBoston—Market-rate housing is hitting the City of Boston.

New Boston Fund Inc., a private equity real estate investment, development and management firm, and Bozzuto Management Company, began preleasing the first phase of 217 market-rate apartments at One Greenway.

The Tower at One Greenway is conveniently located close to downtown Boston with easy access to public transit, Route 93, The Mass Pike and numerous food and entertainment spots.

“The Tower at One Greenway offers residents luxurious living in a vibrant confluence of three great neighborhoods,” said Jim Kelleher, chief investment officer at New Boston Fund. “This wonderful location makes the apartments extremely desirable to a variety of people thanks to the many diverse features and easy access to transit options. The opening of our preleasing center will offer future residents a preview of what that lifestyle looks like.”

The apartments showcase high-quality finishes, such as chef-style kitchens with granite countertops and full ceramic backsplashes, hardwood-style plank flooring throughout shared spaces, fully carpeted bedrooms and closets, coffered ceilings, porcelain tiled bathrooms with integral vanity tops and linen closets, built-in work desks, moveable kitchen islands, spacious walk-through closets, keyless entry and outdoor balconies in select units.

sdThe Tower at One Greenway offers community amenities, including a conference room, coffee bar, covered bicycle storage, electric car charging stations, underground controlled access parking, a yoga studio, fully equipped fitness center with widespread views, a landscaped urban park (The Green) and Suite 1100, an 11th floor lounge furnished with an open kitchen, comfortable seating and a rooftop terrace with impeccable views of the city. The lounge can be reserved for private events.

“We are all set up in our temporary office and have had an amazing response from renters so far,” said Aaron Cramer, property manager at The Tower at One Greenway. “The thought put into the apartment layouts and amenity spaces is apparent and there is really something for everyone. I am very excited for our first move-ins this summer and proud to be a part of this project.”

The property is part of the One Greenway development and the adjacent 66 Hudson building, which includes 95 affordable rentals, and the South Building, which will hold 51 affordable homeownership units. These units, which will be constructed in late 2015, will be distributed through a lottery.

fdThe 363 units of One Greenway border Chinatown and the Rose Kennedy Greenway. In total, the One Greenway project will present 146 affordable housing units to downtown Boston. The addition is in hopes of retaining working families in the urban core.

The property is expected to come online this summer. Potential residents can visit the preleasing center at 75 Kneeland Street where they can learn about the community lifestyle through an interactive experience featuring kitchen mockups and graphic walls with the Boston skyline and unit interiors.

Significant public support was received for the affordable housing from the Massachusetts Department of Transportation (MassDOT), the Department of Housing and Community Development (DHCD), Department of Neighborhood Development (DND), numerous other city and state agencies, and the surrounding community. Private investors and lenders include National Real Estate Advisors, PNC Bank, People’s United Bank, Property and Casualty Initiative, Boston Private Bank and RBC Capital Markets.