Brooklyn-based Fortis Property Group has received $87.5 million in construction financing through private equity giant Apollo Global Management to construct a luxury apartment building on what’s currently a surface parking lot at 47-55 Lagrange Street in Boston’s Theater District.
With the financing in hand, Fortis says it expects to break ground as soon as possible and wrap construction in late 2021. It’s but the latest Boston project that will either fill in a parking lot or remake a parking garage.
The tower is expected to run to 21 floors and to contain 148 market-rate apartments and 22 affordable ones. The 169,574-square-foot building’s studios, one-bedrooms, and two-bedrooms will range in size from 450 square feet to 1,200 square feet, the developer said.
Fortis is also promising a lot of amenities, including a roof deck and a top-floor fitness center with views of Boston Common and Boston Harbor.
“We are excited to advance this project,” Fortis CEO Jonathan Landau said in a statement. “This building will be extraordinary and highly amenitized.” Landau also touted 47-55 Lagrange’s proximity to Back Bay, South Station, and downtown Boston.
Stantec is the architect on the project, and Linda Zarifi is the interior designer.
The Lagrange building is the second high-profile Fortis project in Boston to advance recently. The company received the Boston Zoning Commission’s approval in July to build a six-story addition atop the Dock Square Garage next to Faneuil Hall. That addition is due to include 210 condos.