at One Canal Street
The word of new projects soon to rise above Boston
have not stopped as further faith in the future of Boston is
clearly evident among developers. The latest breakthrough comes
along the Rose Fitzgerald Kennedy Greenway in Boston where
developers Trinity Financial and Aimco have pushed forward with
their plans for a $190 Million apartment tower.
To be known as One Canal Street, this proposal calls
for 435,000 square feet rising up twelve storys. Near Bostons TD
Garden, home of both the Celtics and Bruins, this initiative will
add 310 apartments to the area and bring an additional and very
much needed 147 parking spaces. Retail portions will call the
ground floor of One Canal Street home with the possibility of a
supermarket moving in.
Trinity Financial and Aimco, a firm based in Denver,
just signed a 99 year lease for the 1.5 acre lot with the
Massachusetts Department of Transportation. The business will make
a single, upfront of $13 Million, and will be the ones tasked with
building the tower, while Aimco will own and operate the building
after its expected grand opening in 2016.
A $114 Million construction loan will help fund the project.
Recently, the project has been on hold due to MassDOT and Mayor
Thomas M. Menino requiring that a supermarket be included in the
development. This issue has reached a resolution with a the firm
now only able to market the 20,000 square feet of retail space
exclusively for supermarket use to join One Canal Street at its
ground floor. However, if another supermarket opens in the next
eighteen months in the area, One Canal Street will be able to allow
any type of retail firm to occupy the space. Regardless, the notion
that a supermarket will undoubtedly open in this portion of Boston
is a welcomed sign for residents as the recent loss of the nearby
Stop & Shop will no longer be as much of a lifestyle tragedy.
Construction on this stunning complex is anticipated to commence in
the coming months.
More Information: Boston Business
Journal