Top 10 Boston Completions of 2017
Developers focused on upscale properties, but also considered local regulations and incentives regarding the need for affordable units. Yardi Matrix rounded up the 10 largest deliveries in 2017’s Boston.
By Timea Papp
Strong economic and demographic expansion is fueling Boston’s development boom, and construction activity hasn’t shown signs of slowing down in 2017. As developers primarily focus on high-end properties, companies strive to include affordable units into their projects due to local regulations and incentives. Yardi Matrix has compiled a list of the top 10 residential developments delivered in 2017—eight of which are partially affordable—pointing toward a successful implementation of the above-mentioned direction.
10. Paddock Estates at Boxborough
The 244-unit luxury community broke ground in 2016, with developer JPI Construction delivering the property in December 2017. Located at 1 Paddock Lane in Boxborough, Mass., the property features 61 affordable units and a mix of on-site amenities including a clubhouse, fitness center, resort-style pool with cabana, basketball court and playground. Owner TDI Real Estate financed the development with a $44.4 million construction loan originated by KeyBank in December 2015.
9. The Merc at Moody & Main
Named after the historic mercantile property that stood on the same corner in Waltham, Mass., The Merc encompasses three five-story buildings and a total of 269 apartments. The team of Northland Investment Corp., Erland Construction and Stantec completed the community in April 2017, with a focus on similar masonry details and large windows featured in the original structure’s facade. Situated at 45 Moody St., The Merc includes 27 affordable units, a two-story parking garage, a wellness/fitness center and a sky deck.
8. Modera Hopkinton
The 280-unit partially affordable community broke ground in 2015 and came online in September 2017. Located at 5 Constitution Court in Hopkinton, Mass., the property consists of 13 buildings spreading across 35.5 acres. The pet-friendly community provides controlled-access garage parking and features amenities including a 24-hour fitness studio, clubhouse and business center. Modera Hopkinton is Mill Creek Residential Trust’s fourth development in the Boston area.
Callahan Construction Managers completed the 282-unit luxury community in July 2017. Criterion Development’s RE150 features two five-story buildings with a total of 1,042 parking spaces and is the second residential complex at the 30-acre Rivers Edge Development in Medford, Mass. Located at 150 Rivers Edge Drive, the community overlooks the Mystic River and features amenities such as a swimming pool, clubhouse, fitness center and two private courtyards.
As the first green building on our list, MetroMark is LEED Gold certified and comprises 283 units. Designed by Utile, John M. Corcoran Co. and The Brennan Group’s mixed-use development came online in April 2017 and encompasses two buildings completed in phases. MetroMark sits at 3611 Washington St. in Jamaica Plain, Mass., on a site formerly used as a petroleum distribution facility for Hughes Oil Co. The development team spent years cleaning up the property and treating groundwater contamination. As of January 2018, the community is 95.1 percent occupied.
5. Gables Arsenal Street
Located just west of Arsenal Yards at 204 Arsenal St. in Watertown, Mass., the luxury community boasts 297 units. Gables Residential delivered the property in June 2017, completing the first phase of the development in late 2016. The pet-friendly complex features a business center, swimming pool, theatre and conference room, cycle studio and a 24-hour fitness facility. As part of the project, WS Development can potentially deliver roughly 35,000 square feet of retail space that might eventually accommodate an 80-seat restaurant and a 33,000-square-foot market.
Samuel & Associates’ 325-unit community is the second LEED Gold-certified property on our list. Completed in August 2017, Continuum sits at 219 Western Ave. in Allston, Mass., adjacent to Harvard University’s 300-acre Allston Campus. The luxury units are available to lease as an off-campus housing option for Harvard students, as the university owns the land under the development originally dubbed Barry’s Corner Residential and Retail Commons. It is the first private development undertaken on Harvard University land in Boston and is subject to a long-term ground lease expiring in 2113.
3. The Benjamin Seaport Residences
Delivered in July 2017, the 22-story high-rise sits within Boston’s One Seaport Square, a 1.5 million-square-foot mixed-use development in the city’s Seaport district. A partnership between Berkshire Group, Boston Global Investors and WS Development began construction on the luxury property in 2014. Located at 25 Northern Ave., the building encompasses 354 apartments and qualifies for LEED Silver certification. According to Yardi Matrix, The Benjamin’s sister-property known as VIA delivered in January 2018.
2. Avalon Quincy
AvalonBay Communities broke ground on the 395-unit Avalon Quincy in 2015 and wrapped up construction on the project in July 2017. Located at 229 Quarry St. in Quincy, Mass., the five-building community features a rooftop deck with panoramic views of Quincy Bay and Boston Harbor. Amenities at the smoke-free complex include an outdoor heated swimming pool, sundeck and on-site parking.
1. Avalon North Station
The largest community on our list—the 503-unit Avalon North Station—came online in July 2017 and is Boston’s first residential high-rise with destination-controlled elevators, according to developer AvalonBay Communities. The 38-story tower rises at 1 Nashua St. and qualifies as one of the city’s tallest apartment buildings. Located in Boston’s Bulfinch Triangle neighborhood, the property comes with a public arcade providing access to North Station and its Green and Orange lines.
Images via Google Street View and courtesy of Yardi Matrix