Hines, Calare Propose 316-Unit Allston Multifamily Project
Another sizable project has been added to the development pipeline in Allston.
A joint venture of Hines and Calare Properties filed a letter of intent Wednesday with the Boston Planning & Development Agency for a 310K SF multifamily development.
The site sits on two parcels that comprise 96K SF and 2.2 acres, according to the LOI. The property at 22 Pratt St. is a one-story industrial building with a surface parking lot occupied by Superior Automotive Warehouse. The second property is a two-unit residential building at 24 Pratt St.
The partnership, actings as the entity HUSP 22 Pratt JV, bought 22 Pratt St. for $14M and 24 Pratt St. for $1M in August, according to public deed records.
Hines declined to comment on the proposal.
The joint venture plans to demolish the two buildings to make way for a multifamily building that will include 316 units varying from studio to three-bedroom apartments. The developers didn't specify the percentage of affordable housing that will be built but said that they anticipate submitting a Project Notification Form within the next two months.
Hines and Calare intend to "transform an underutilized site into much needed transit-oriented housing," as the property sits less than a mile from the Boston Landing commuter rail station and Harvard Avenue and Packard's Corner MBTA Green Line stops, according to the filing.
The site is bound by smaller residential properties and the rail lines used by the MBTA, as well as Partners Properties LLC's Allston Green project, a 259K SF, three-building development at 20 Linden St.
Allston-Brighton has seen interest from other major developers in the market. IQHQ Inc. filed a life sciences proposal for a 150K SF building at 103 North Beacon St. on Tuesday, the Boston Business Journal reported. The California-based developer is building another 350K SF lab down the street at 155 North Beacon St., just south of NB Development Group’s 15-acre Boston Landing project.
Hines and Calare’s site is a mile away from other major development areas like Western Avenue, which the BPDA adopted a new rezoning study for in October that encourages more density and mixed-use development near the neighborhood's transit systems.
