Developments take off beyond East Boston’s waterfront
Eastie’s waterfront has become a hotbed for upscale housing. Now other parts of the neighborhood are looking to get in on the action.
East Boston’s waterfront has become a hotbed for upscale new housing developments.
Now other parts of the neighborhood are looking to get in on the action as well.
A local developer is looking to build 44 residential units in Orient Heights next door to Suffolk Downs.
Named the Residences at 1181-1183 Bennington Street, the proposed, four-story residential building would take shape where a scrappy auto body shop and a modest multifamily now stand, according to a proposal filed with City Hall by Velkor Realty Trust.
In fact, the East Boston market has become such a draw now that Velkor is considering building condos at the site instead of rentals.
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East Boston through the years
While East Boston has seen a surge in new residential construction, rentals so far have been the typical play for new projects in the neighborhood, noted Richard Lynds, the attorney representing Velkor.
The development would also come with underground parking for 44 cars and space for 33 bicycles.
“East Boston has become the next frontier for development,’’ Lynds said.
For now, though, Velkor is focused on getting the needed permits from various city agencies so it can build the project, with hopes of breaking ground as early as next spring.
The developer has already modified the design of the project after extensive feedback from neighborhood residents and officials, with the height cut from five to four stories, a move that cut the number of units, with the façade redesigned to have a softer look, Lynds said.
If Velkor goes with condos, the units would likely sell in the $400 to $425 a square foot range, or just about $400,000 given sizes range from 900 to 1,200 square feet. If the developer builds apartments instead, the rents will likely be in the $2,100 to $2,200 range, Lynds noted.
As it stands now, the proposed new Orient Heights housing is slated to be all two-bedrooms, though some one and three bedrooms will likely be mixed in at some point, he said.
Seven of the units will be sold or rented out at below market rates, part of the city of Boston’s requirement that 15 percent of all new residential projects be affordable for low and moderate income buyers/renters.
Overall, housing is in high demand in East Boston, with buyers and renters increasingly looking for better deals after getting priced out of the North End, South Boston, and other neighborhoods.
And while the new development may not have waterfront views, it has hit the transit jackpot, placed just 150 yards from the Suffolk Downs Train Station and the Orient Heights Station, both on the Blue Line. A MBTA bus route also passes by the planned apartment complex.
“Housing in East Boston is at an all-time high for demand, resulting in limited inventory and higher rents and purchase costs,’’ Lynds, the project’s attorney, notes in a letter to city officials on the project.
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