Commercial Real Estate News
Development Group Plans 175-Unit, $40M Condo Project
Beverly Ford
GlobeSt.com
November 3rd, 2005
BOSTON-A Westwood, MA development group plans to break ground next year on 175 units designed to lure artists to Mission Hill neighborhood. David DePree, a principal with Briggs Capital Real Estate, tells GlobeSt.com that the firm plans a $40-million, 190,000-sf project on Terrace Street. It will feature loft-style condos and first floor gallery and work space aimed at attracting artists to the area.
"The idea is to attract people to the space so the area becomes a place of future commercial development," says DePree. The company's Terrace Street lofts, to be built around two renovated 19th century former factory buildings at 154-168 Terrace St, will also include a new, eight-story building along with underground parking and a roof garden. Construction on the project is expected to begin late next year with completion slated for 2007. The condo units will be marketed in the $250,000 to $450,000 price range.
The project, which is still pending approvals from the Boston Redevelopment Authority, is one of several new condominiums developments planned for the area. John McGrail, head of the Mayo Group, has received approval to convert a former brewery on Heath Street into 83 artist’s lofts and townhouses that will be known as the Brewery Lofts. Another condo project about a block away, is also planned to bring about 90 condominiums to the neighborhood.
"The idea is to attract people to the space so the area becomes a place of future commercial development," says DePree. The company's Terrace Street lofts, to be built around two renovated 19th century former factory buildings at 154-168 Terrace St, will also include a new, eight-story building along with underground parking and a roof garden. Construction on the project is expected to begin late next year with completion slated for 2007. The condo units will be marketed in the $250,000 to $450,000 price range.
The project, which is still pending approvals from the Boston Redevelopment Authority, is one of several new condominiums developments planned for the area. John McGrail, head of the Mayo Group, has received approval to convert a former brewery on Heath Street into 83 artist’s lofts and townhouses that will be known as the Brewery Lofts. Another condo project about a block away, is also planned to bring about 90 condominiums to the neighborhood.