The developers of Parcel 39a at 45 First Avenue in Charlestown have filed a request with the city to change their project from apartments to condos. Seems fitting, eh? Recall that our David Bates wrote last week that just such a thing would be happening more and more in Boston as the luxury apartment market faces the real prospect of a supply glut and demand for condos remains at a freakish high.
The four-story building at Parcel 39a is slated—and is still slated, mind you, until any condo plan is approved—to be 54 studio and one-bedroom apartments asking $1,800 to $3,000 a month. Interestingly enough, developer Kavanagh Advisory Group had to get approval from the National Park Service as well as the city as any development has to gel with the Civil War-era Navy Yard structures around it (the developer, by the way, has dubbed the project Starboard Place—get it?). Stay tuned for any design changes should the parcel, indeed, go condo. And stay tuned, we have a feeling, for more apartment projects going that way, too.
· Glut, Glut! '14 a Tipping Point for Boston Apt. Development? [Curbed Boston]
· Greater Boston's Condo Desert Experiencing a Drought [Curbed Boston]
· 77 and Counting: Mapping the Hub's Rental Development [Curbed Boston]
· Charlestown Navy Yard's New Civil War-Friendly Apt. Building [Curbed Boston]