No rendering or Planning Board application yet, but some interesting details coming out. Panepinto and Related laying out an aggressive timeline…from submitting a Planning application to breaking ground in about a year.
Now saying 750 units instead of 800 units previously reported. Condo included, which is a rarity. Giving a height of “up to 60 stories” at one point, and “over 60 stories” at another point in the article.
Warning that article has some inaccuracies (e.g., saying the site is 1,338 acres when it’s 1.38 acres, referring to zoning “amendments” instead of the zoning ordinance (no amendments required), talking about what the Planning Board and Council have done for the project (it hasn’t even been submitted to the Planning Board yet, and the Council has no role in this process))
Pre-development costs are expected to reach $80 million, with the total cost expected to reach about $600 million, according to Related.
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800,000 square feet of space in the new development.
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Related President Bruce Beal said that his firm plans to build a mixed-use residential tower up to 60 stories, as city zoning allows for that height as of right, and that the final unit count would be roughly 750 apartments, with rentals at the lower floors and for-sale units likely at the top. A retail component with a combination of restaurants, food and beverage, parking and retail is also planned for the base of the building, he said.
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Beal expects the developers to seek a $350 million to $400 million construction loan to get to work on the project, expected to start next fall or before the end of 2024.
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“We’ll go to our stable of construction lenders,” he said. “We’ll capitalize with one of our joint-venture equity partners and with Related’s equity and Panepinto.”
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“It will probably be over 60 stories, and I think this will be very successful.”
