The big-time development of the vacant lot across from TD Garden known as Parcel 1B has taken a big-time step forward. Related Beal, the same folks who brought you the spot-less Lovejoy Wharf, just announced they have enough financing to start construction this month on the apartment portion of the project. The firm has also inked a 99-year lease for the site with Parcel 1B's owner, the Commonwealth of Massachusetts (a.k.a. you!)
The apartment portion of the Parcel 1B development is due to include 239 units aimed at those not in the market for a $3,000 studio. Indeed, Related Beal calls their effort "the largest new construction of affordable and workforce housing in downtown Boston in more than a quarter-century." What's that mean? It means that the units will be reserved for tenants making from 30 percent to 165 percent of the area's median income. That, and 10 percent of the 239 units are due to be 3-BRs targeted presumably to families and larger households. A 220-key hotel and retail are also part of Related Beal's Bulfinch Triangle plans. Stick around.
· Four Developments Rocking Boston's World Right Now [Curbed Boston]
· Our Construction Watch archive [Curbed Boston]