Celebrating the success of a major public-private partnership that tackles one of the region’s most pressing economic issues, Massachusetts Governor Charlie Baker and Boston Mayor Martin J. Walsh today joined Related Beal President Kimberly Sherman Stamler to officially open The Beverly, a 100 percent income restricted rental building. A collaborative effort between Related Beal, multiple city and state agencies and private partners, the Beverly offers an unprecedented opportunity for residents at a variety of income levels to experience the convenience of transit-oriented, downtown living at below market rents. With 239 units, the building offers a mix of studio, one-bedroom, two-bedroom and much needed family-sized three-bedroom units, and has attracted young families, small business owners, nurses, postal carriers, Boston public school teachers and construction workers—a major step towards Mayor Walsh’s Boston 2030 goal of helping the city retain a strong middle class and strengthen neighborhoods.
“Our administration is pleased to celebrate the results of innovative public-private partnerships and the significant role they play in our efforts to develop and create affordable housing opportunities across the Commonwealth,” said Governor Charlie Baker. “We are thrilled to see the work that has been done to transform an underutilized parcel into a neighborhood and we look forward to continue working with our partners at the City of Boston and in the private sector to catalyze new housing and support community development.”
“The opening of The Beverly marks the successful creation of new affordable housing opportunities for individuals and families in downtown Boston,” said Mayor Walsh. “It continues to be my priority to expand access to affordable housing in the city and I am excited to welcome the hundreds of residents who will be fully moved into their new homes this summer.” The Beverly’s pet-friendly residences include a 24-hour attended lobby, a fitness center, entertainment room, children’s room, outdoor terrace, bike storage, onsite parking and spectacular views of the city skyline, Boston Harbor and the Rose Kennedy Greenway. Of its 239 units, 48 are reserved for residents earning between 30 and 50 percent of area median income (AMI), while the other 191 units are reserved for those earning between 110 and 165 percent of AMI.
Units at various AMIs are dispersed throughout the building, fostering a strong community of neighbors from different income levels. “Cities benefit from diversity in housing to attract and keep the families, talent and companies that make our city great,” said Sherman Stamler. “We are proud of our affordable housing roots and thrilled to build on that legacy with these new workforce and affordable homes in downtown Boston. This project is a testament to what can be accomplished when you work with strong partners, and we are grateful to the Commonwealth, the City and every agency and partner who helped transform The Beverly from concept to reality.”
Related Beal received nearly 6,000 applications for The Beverly housing lottery that was held in the fall of 2017, while the building was still under construction. After the building was completed in early 2018, Related Beal hosted tours and open houses that allowed prospective residents to see their future home for the first time and experience all it had to offer. As a result, The Beverly is expected to complete all move-ins and reach full occupancy this summer. Related Beal is also adding to the neighborhood’s thriving commercial and retail atmosphere.
The developer partnered with Turnberry Associates to open the Courtyard by Marriott Boston Downtown/North Station and will soon welcome the first Boston location of local favorite A&B Burgers, while additional exciting retail announcements will follow later this summer. Across the street, Related Beal’s Lovejoy Wharf is home to the world headquarters of Converse and 157 luxury waterfront condominiums. Lovejoy will soon add waterfront dining and cocktails at Alcove, the first offering from breakout restaurateur Tom Schlesinger-Guidelli, as well as a new craft brewery, taproom and kitchen from Night Shift Brewing. For more information on how to apply for any remaining units or future opportunities, visit The Beverly’s official website at www.thebeverlyboston.com.
About Related Beal:
Related Beal is a fully integrated real estate firm focused on development opportunities in Boston and its surrounding areas. Related Beal leverages a national real estate platform with expertise across all asset classes and storied local experience in residential, commercial, hospitality and life sciences development, property management and investment. Related Beal has developed, and is undertaking the development of, some of the most recognized buildings in the area including The Clarendon, One Back Bay, the Quinzani Bakery site, Converse’s new world headquarters at Lovejoy Wharf and Congress Square. For more information on Related Beal, please visit www.relatedbeal.com.
Solomon McCown & Company:
Solomon McCown & Company: