New Mixed-Use Residential Building Proposed for South Boston Neighborhood

shutterstock_53809408According to documents filed with the Boston Redevelopment Authority last month, the South Boston area may soon see a new mixed-use residential building. If approved, the proposed 11-story building will be located at 14 West Broadway and will offer 120,164 square feet of space.

Proposed by an affiliate of City Point Capital, which is based in South Boston, the new structure will offer 47 residential units as well as a gym, a media room and a swimming pool. It will also offer 6,315 square feet of restaurant space on the ground floor as well as 4,836 square feet of commercial space on the second floor. 70 garage parking spaces will also be available.

Documents for the proposed building were submitted by Ryan Sillery, who is the owner and managing director of City Point Capital LP. City Point Capital LP which is a private equity real estate fund. CPC Cornerstone Development LLC, which is the company overseeing the development of the project, is an arm of City Point Capital LP. According to the proposal, the new building will utilize existing infrastructure while also taking advantage of the nearby public transportation opportunities. As such, the proposal aims to help reduce the use of single-occupant vehicular traffic.

The 14 West Broadway location has previously been home to Cornerstone Pub & Restaurant, which has been at the location for more than 30 years. Situated between West Broadway and Athens Street, the lot is directly across from the MBTA’s Broadway Red Line station. It is also located directly next to the 22.26 West Broadway mixed-use development, which is currently under development.

Construction of the project, which has received initial financing approval from Mansfield Bank, is expected to take 18 to 24 months. RCA LLC, which is based in Dorcester, will serve as the architect for the project, while Stoneham-based William Fleming Associates Inc. will be the landscape architect. Construction management will be provided by West Side Real Estate Services, which is another company controlled by Sillery.

Once predominantly an Irish-Catholic community, the densely-populated South Boston is one of the oldest and most historic neighborhoods in the country. Located south and east of Fort Point Channel and abutting Dorchester Bay, South Boston has become increasingly popular among young professionals and families. As such, real estate prices have risen significantly in the area in recent years.

Known for its strong sense of community as well as its easy access to public transportation, South Boston provides plenty of opportunities for entertainment. Not only is the downtown area easily accessible from the South Boston region, but the neighborhood also offers many attractions of its own. One of the region’s most popular attractions is Castle Island, which is a 22-acre park featuring a Revolutionary War-era fort. The area is also home to the Boston Convention and Exhibition Center and the Institute for Contemporary Art. An annual St. Patrick’s Day Parade is also held in South Boston, while the South Boston Waterfront offers scenic beauty and additional opportunities for recreation and culture.

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