News
Back Bay Residential Rocks
July 26, 2012
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| Related Cos VP Kim Sherman-Stamler says that the firm has just started its third multifamily project in Back Bay. In June, NY-based Related entered a JV with The Congress Group to redevelop 100 Arlington St into 128 luxury rental apartments because the downtown residential neighborhood is seeing strong rent growth, low vacancies, and benefits from robust job growth in Mass, where unemployment hovers around 6%. Also, Mayor Menino has pushed to keep the city in the forefront of the technology economy, she says. |
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| Patrick Sweeney and Jennifer McCool are part of Kim’s team, which also directs sales of luxury condos at The Clarendon, a building a few blocks away that was developed in a JV with The Beal Co. Of the 103 units at the Robert A.M. Stern-designed building, where some sales have reached nearly $1,800/SF, only seven homes are left. That’s notable since the first sale was made during the shaky economy of December ’09. (It was hard to get people to buy toys at that point, let alone a whole condo.) One Back Bay, the rental portion of the building, is fully leased. Kim says that the building's appeal is based on its own attributes and a dearth of new luxury product in this neighborhood. |
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| Related chose 100 Arlington St—a 1926 building recently used as a charter school—because of existing relationships with principals at Congress Group, which had already permitted the project, Kim says. Also, a luxury offering in this location will have appeal beyond Back Bay and the adjacent Financial District, for people working in the Longwood Medical Area and the MGH cluster. Earlier this month, the developers started a new phase of interior demolition on the building, slated for occupancy next summer. Historic architecture fans, rest easy: Many original features will be kept and refurbished including the limestone façade, fireplaces, decorative molding, and brass trim. |
