Roseland Property Company, a subsidiary of Edison, NJ-based real estate investment trust Mack-Cali Realty Corporation, broke ground on a five-story apartment project that is part of Portside at Pier One, a planned mixed-use community located at Marginal and Lewis Streets on the East Boston waterfront. Developed in a joint venture with The Prudential Insurance Company and Cranshaw Construction as main contractor, and financed by a construction loan from Citizens Bank with participation by Salem Five Bank, Phase I of the project will cost around $67 million and will include 150 market rate and 26 affordable housing units.
As reported by the Boston Herald, Portside at Pier One is one of the four East Boston waterfront projects that are in various stages of construction. The other three are:
• Clippership Wharf – under construction by Winn Development
• Hodge Boiler Works – developed by Philip DeNormandie
• A New Street industrial redevelopment
Designed by a team of architects at Fort Point Associates, Inc., the Portside at Pier One master-plan will redevelop three parcels totaling 26 acres (Pier 1, Pier 5 and the East Boston Shipyard) that are owned by the Massachusetts Port Authority (“Massport”). According to a press release from Mack-Cali Realty Corporation, the master project is a 10-year Roseland-led effort which was approved by Massport in December 2012. It includes nearly 600 luxury apartments and approximately 70,000 square feet of ground floor retail and public space, activation of the water’s edge, a 7,500-square-foot recreational Marina, a fitness center, business center, theater room and controlled access garage parking.
The developer has not indicated an estimated completion date for Phase I of the project, but Roseland will oversee the leasing and management of the property.
“We are delighted to see this much anticipated project get underway. The extraordinary public and residential aspects of this community, including an expanded marina and shipyard, world class waterfront park, and magnificent views of the downtown Boston skyline, will all combine to energize the East Boston Waterfront,” Mack-Cali CEO Mitchell Hersh said in a press statement.