It's one of the tallest new residential developments in all of Boston and a prime example of a major trend driving the city's real estate right now. Nashua Street Residences, the gargantuan (for Boston, at least) 415-foot tower behind TD Garden, broke ground earlier this month after years of on-again, off-again planning. It begins life as apartments: To be precise, the Nashua Street Residences at 121 Nashua Street is slated to include 38 floors of 503 studio, 1-BR, 2-BR and 3-BR apartments as well as amenities (including bicycle storage—for wait for it—503 bikes). Tucked into its descriptive documents with the city, however, is one telling caveat.
Developer AvalonBay, the force behind such recent Boston additions as the Avalon Exeter and the AVA Theater District, put this in its prospectus (per the Boston Redevelopment Authority): "The Proponent anticipates that the residential units will initially be operated as residential apartments but may be converted into condominiums in the future depending on market conditions." That's right: the Nashua Street Residences could become the latest apartment development in Boston to pivot to condos amid a looming luxury-rental glut. Stay tuned.
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· Mapping Boston's Tallest New Residential Developments [Curbed Boston]
· Harbor Towers: 600 Feet High, Are You Crazy? This Is Boston! [Curbed Boston]
· 38-Story Plan Latest Twist in West End Garden Party [Curbed Boston]
· The Market Loves Avalon Exeter and Its $10K Apartments [Curbed Boston]
· 45 Stuart Street, a.k.a. AVA Theater District, Coming Along [Curbed Boston]
· Big-Time Boston Landlord 'Banking On' Luxury Apartment Glut [Curbed Boston]
· Remember: the Charlestown Project Began Life as Apartments [Curbed Boston]