Roseland Announces Two Key Boston-Area Communities
- Nov 11, 2015
Boston—Mack-Cali Realty subsidiary Roseland announced they have begun construction on two luxury multifamily communities, The Chase II at Overlook Ridge and 145 Front @ City Square. Both of these developments will give residents easy access to many regional transit options and downtown areas and will also provide live-work-play environments, a growing trend for new communities.
The Chase II is located just five miles north of Boston in Malden, adjacent to the recently opened Chase I property and minutes away from Logan International Airport and Revere Beach. Each unit will feature stainless steel appliances, hardwood flooring and granite countertops. The community amenities will include a fitness center, yoga room, club room, media room and an outdoor swimming pool. The location will provide easy access to Route 1 and a complimentary shuttle service to nearby T stations.
145 Front @ City Square is the first of a two-phased residential development, which is a part of the revitalization of downtown Worcester. The 237-unit luxury community will include a parking garage and will be steps away from Worcester Common and the new transportation hub at Worcester’s Union Station.
The project is part of a 12-acre, master-planned community that will include a 150-key hotel, a recently completed 65,000-square-foot St. Vincent Hospital medical facility and a recently completed 214,000-square-foot office tower occupied by Unum Insurance. The master plan also incorporates additional office space, and street level retail to be developed by the seller, CitySquare II Development Corporation LLC, an affiliate of Hanover Insurance Group.
The area is also home to 12 colleges and universities with more than 35,000 students. Roseland is finalizing a $41.5 million construction loan facility to support the build-out of this project.
“These two properties are signature developments of Roseland and will reinforce our position as a premier developer, owner, and operator of multifamily residential units in the region,” said Marshall Tycher, president of Roseland. “These two communities are perfectly reflective of the priorities embedded in our strategic plan; we are creating best-in-class urban residences with every amenity and convenience residents desire.”
Roseland’s multifamily assets in the Overlook Ridge submarket comprise approximately 1,400 units, making the company one of the region’s largest owners. They are finalizing a $48 million construction loan facility, which is planned to close within the next several weeks.