The second grand opening of a luxury apartment tower in Bostonâ€™s Seaport District in as many weeks is set for Thursday at Waterside Place.
MayorÂ Martin J. WalshÂ will join officials from theÂ Massachusetts Port AuthorityÂ and developerÂ John DrewÂ to launch the 20-story apartment building that has been completed at 505 Congress St. The 350,000-square-foot mixed-use property is located on a three-acre parcel at the intersection of Summer, D and Congress streets, near the MBTAâ€™s Silver Line Station and the Boston Convention and Exhibition Center. Walsh is expected to deliver remarks at 11:40 a.m. followed by a ribbon-cutting and refreshments.
Waterside Place features 236 one-, two-, and three-bedroom units, 140 parking spaces, a 7,000- square-foot Innovation Center and 10,000 square feet of retail. It was unclear at press time whether any apartments had been leased, or if any retail tenants have been signed.
Rents for a 486-square-foot one bedroom start at $2,775, a two-bedroom with 1,058 square feet of space start at $4,082, and a 1,329-square-foot three-bedroom cost $5.690, according to ForRent.com.
MassPort is leasing the land to the Drew Cos. for about $300,000 annually. Financing for $122 million project is provided byÂ RBS Citizens, Eastern Bank and Blue Hills Bank.
Drewâ€™s project is the latest to open in the Seaport District. A few blocks away,Â Gerding Edlen, a Portland, Ore.-based developer, recently opened â€œ315 on A,â€ a 202-unit apartment building on A Street. In addition, Drew faces competition from the 27-story Kensington at the edge of Chinatown and Downtown Crossing and Simpson Property Co.â€™s The Victor, which is leasing 286 units near the northern edge of the Rose Fitzgerald Kennedy Greenway at North Station.
Source: Boston Business Journal