Construction of a 475-unit apartment tower could kick off the $2.2 billion One Congress development this winter, jumpstarting one of the Boston’s long-delayed transformative projects.
Final designs by Boston-based CBT Architects for the 42-story tower will be submitted to the Boston Civic Design Commission in early November, said Thomas O’Brien, managing director of Boston-based HYM Investment Group. The commission is the final layer of permitting before groundbreaking.
“We should be in the ground in a matter of months,” O’Brien told Banker & Tradesman.
Interior work already has begun including relocation of ramps inside the 2,310-space Government Center garage, which will be partially demolished to make way for a six-building complex, including two high-rises.
The Boston Redevelopment Authority (BRA) approved the garage redevelopment in December 2013. The project totals 2.3 million square feet of development, including 1.2 million square feet of office space, 196 hotel rooms, 82,500 square feet of retail and 1,159 parking spaces.
The 480-foot-tall residential tower is one of three buildings planned for the site’s west parcel, which is bounded by Congress, New Chardon, Bowker and New Sudbury streets. The buildings would be built over and around the portion of the 11-story garage that will be retained.
O’Brien’s HYM took over the project in 2010 from a previous developer, Ted Raymond, who initially proposed it in 2007.
Financial backing for the project has been provided by National Real Estate Advisors, which manages the National Electrical Benefit Fund’s assets, and U.K.-based Lewis Trust Group.
The project is one of at least five major developments likely to reshape the neighborhood in coming years.
Framing is nearly completed on the city’s tallest apartment building, the 42-story AvalonBay North Station, which will open in late 2016. Average rents for the 503-unit tower are projected at $3,575.
Boston Properties is awaiting final design approval for a 377,000-square-foot office building in the first phase of its 1.9-million-square-foot North Station mixed-use redevelopment. Site work is under way in front of the TD Garden.
Equity Residential this month submitted revised plans to the BRA for a luxury apartment tower at 35 Lomasney Way. The tower would be reduced from 46 to 44 stories and from 486 to 470 units. Its footprint would shrink by 1,000 square feet to reduce its proximity to the Amy Lowell Apartments on Martha Road. The project has attracted neighborhood opposition and was already redesigned once, with plans for two high-rises replaced with the single-tower concept.
Boston-based Related Beal is building a 104-unit luxury condominium complex on Lovejoy Wharf and received BRA approval in August for a 14-story apartment building with 239 workforce housing units on Beverly Street.
The market for luxury apartments in Boston and Cambridge shows little sign of weakening. AvalonBay’s 398-unit AVA Theater District tower, which opened in April, is 55 percent leased with average rents of $3,845, according to an SEC filing Monday.