Related Beal, a fully integrated real estate firm focused on development opportunities in Boston and its surrounding areas, today topped off at Parcel 1B, marking the completion of steel for the last floor of the mixed-use, 100 percent affordable and workforce housing development with a 220-room Courtyard® Marriott hotel. This significant milestone brings downtown Boston one step closer to welcoming its first dedicated affordable building in more than 25 years.
“Related Beal’s vision to provide needed affordable and workforce housing in a mixed-use setting, and to add to the fabric of the North Station area at Parcel 1B, is becoming reality,” said Kimberly Sherman Stamler, president of Related Beal. “Our company’s heritage in affordable housing influences the work that we do and this milestone is a major stride to increase housing opportunities downtown.”
Ideally located in downtown Boston’s Bulfinch Triangle, Parcel 1B’s residents will live at the nexus of The Greenway, Beacon Hill and the North End. The development is steps from the TD Garden and North Station’s Amtrak® and MBTA subway lines, as well as proximate to an abundance of stores, restaurants, bars and cafes. Designed by CBT Architects, the 484,000-square-foot, transit-oriented development is 14 stories with 239 affordable and workforce units, 10,000 square feet of street-level retail, 220 parking spaces and a Courtyard® Marriott hotel with 2,500 square feet of meeting space that will be operated by Turnberry Associates. The development’s 239 units will be restricted to and available for individuals, couples and families with qualified incomes ranging from 30 percent Area Median Income (AMI) to up to 165 percent AMI. Additionally, 10 percent of the residences will be three-bedroom units providing much needed family housing in downtown Boston.
Related Beal Construction and Consigli Construction Co. are managing the development’s construction, which is scheduled for completion in 2018 and targeting LEED® Silver certification. Parcel 1B creates approximately 500 construction jobs and about 105 to 120 permanent jobs. Related Beal partnered with various agencies including the City of Boston, the Boston Planning & Development Authority, the Boston Department of Neighborhood Development, MassDevelopment, the Massachusetts Department of Housing and Community Development, the Massachusetts Department of Transportation and the Federal Highway Administration, among others, to make Parcel 1B a reality. Governor Baker, Mayor Walsh and Undersecretary Kornegay joined Related Beal at the development’s groundbreaking in February 2016 noting its monumental value to Boston, its workforce and its residents.
Parcel 1B is located across the street from Lovejoy Wharf where Related Beal reimagined 160 North Washington Street for Converse’s new headquarters and the 131 Beverly Street residences, both with waterfront retail. After years of being closed, the North End Harborwalk under the Charlestown Bridge has reopened with a new pathway at Lovejoy Wharf to the North Station area and Charles River Dam.
Related Beal is a division of Related Companies, one of the largest owners of affordable housing in the country that has developed or acquired over 55,000 affordable and workforce units.
About Related Beal:
Related Beal is a fully integrated real estate firm focused on development opportunities in Boston and the surrounding region. Related Beal leverages a national real estate platform with expertise across all assets classes and storied local experience in life sciences, commercial and residential development, property management and real estate investments. Related Beal has developed, and is undertaking the development of, some of the most recognized buildings in the area including The Clarendon and One Back Bay, Congress Square and the Quinzani Bakery site in the South End. For more information on Related Beal, please visit www.relatedbeal.com.