The city of Boston has had its eye on revitalizing the 14.2-acre site at the 112 Border Street area for some time now. After dealing with setbacks caused by the Great Recession and bureaucratic paperwork, it looks like the city may finally be able to move forwards with its plans to revitalize this Boston East site. The planned project will bring new residential opportunities to the city with apartments offering magnificent views of the water.
Bringing More Residential Opportunities to Boston
As part of the new revitalization project, a 200-unit apartment complex boasting six “live-work-sell” units for artists is planned for development. Spearheaded by Trinity Financial, the development will also feature a 400-foot harborwalk complete with a kayak launch, a community gallery and even an acre of land maintained as open space.
Overcoming Hurdles to Create More Developed Space in Boston
As the last undeveloped neighborhood in the city, East Boston has a lot of potential for development. Unfortunately, the process to get this development underway has not been a very easy one. One of the first hurdles that stood in the way of these new project was amending the state’s Municipal Harbor Plan. This plan sets form specific guidelines regarding development of areas throughout the city’s waterfront. These guidelines require completing what is known as the Chapter 91 process. With a portion of the site being divided by designated port-area land, the Boston East site needed to be reconfigured in order to allow for the new development.
While the amendment to the plan was finally approved in March 2009, the Great Recession put a damper on plans to move forward. As a result, the original plan had to be scrapped as the weakened economy worked toward recovery. Rising construction costs further held back plans to move forward with the multifamily development, making those who were behind the plan fearful that it would never be possible to bring the plan to life.
An Improving Economy Brings New Life to the Boston East Project
As the housing market has slowly recovered, plans for the Boston East project have resurfaced. While the original plan called for 200 condominiums, the revised plan changed the project to 200 apartments. The addition of the “live-work-sell” units was included in response to feedback from the local artistic community. Nonetheless, it wasn’t until 2013 that the project had received the proper permits, zoning and approval from the Boston Redevelopment Authority.
Even after obtaining the necessary permits, it took another two years for the project to make its way through the Chapter 91 licensing requirements. Following months of negotiations and community meetings, Trinity Financial finally received the Chapter 91 designation it needed. As a result, the $67.5 million project can finally move forward. With construction beginning by the end of the year, Crenshaw Construction expects the units to be available next spring. The average rental cost is expected to be $2,700 per month, with many offering impressive waterfront views.