City Realty Group has filed applications for Project Eligibility Letters from the Massachusetts Housing Finance Agency for its property at 1280-1330 Boylston St. in Brookline, MA. The 5.34-acre site is currently home to the Chestnut Hill Office Park, comprising four mostly vacant buildings dating from the mid-1960s. The developer seeks to rezone it for residential via the state’s Chapter 40B statute.
“It’s clear to anyone driving by that a suburban office park is not the best use for a location of this caliber,” said Fred Starikov, managing partner at City Realty. “This site represents a once-in-a-lifetime opportunity to bring new life to a deteriorating stretch of such an important area.”
The proposal for the site calls for developing two separate residential developments on an east and west portion of the site, totaling 783 multifamily units across four buildings, 25% of which would be affordable as required under 40B. The project on the Western Parcel will contain two seven-story buildings totaling 243 units. The Eastern Parcel will contain two 12-story buildings with 540 units.
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
Learn more
Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
Learn more
Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
Learn moreRe/Max Real Estate Professionals
Central CA Commercial | California
Recckio Real Estate & Development
Northgate Real Estate Group
California
California