Penniman on the Park
Update
08/28/16
New developer building 36 Allston condominiums approved in 2011
Penniman on the Park, a 36-unit Allston condominium building approved in 2011, is moving forward with a new development team comprised of Jumbo Capital Management of Quincy and investor Brad Spencer. The new development team secured a $12 million mortgage for 20 Penniman Road on August 19th, 2016 through East Boston Savings Bank; the project cost was pegged at $7.2 million upon approval in 2011. A building permit valued at $8.604 million was issued by the City of Boston on August 22nd, 2016 to general contractor Groom Construction to construct the 42,190 square foot Penniman on the Park.
The new development team also entered a lease on August 19th, 2016 for 14 parking spaces in an adjacent parking lot that will take effect upon the City of Boston's issuance of a Certificate of Occupancy for Penniman on the Park. An easement was also granted to the team by the owners of the adjacent lot; Penniman on the Park's underground parking garage will be accessed through the easement. At this time, a deed has not been recorded transferring ownership of Penniman on the Park to the new development team; this page will be updated with additional information as it becomes available.
In an interview with Banker and Tradesman, Spencer claims that the nearby Boston Landing development and associated MBTA commuter rail station due to open next year were key factors in the new development team's decision to invest in the Allston neighborhood. “The new commuter rail station is definitely the main impetus for us to pursue something there," said Spencer. "We see that area looking totally different in three to five years than it does today." A 93,000 square foot mixed-use building containing 80 rental residential apartments, a 562 square foot ground-floor retail space and a 1,715 square foot startup incubator space is currently under construction across from the Penniman on the Park project site at 61-83 Braintree Street.
Spencer also explained that the approved Penniman on the Park project will be revised to include all-steel construction as well as higher quality finishes than originally planned. Condominiums will be approximately 1,000 square feet in size with starting prices of approximately $650,000. Construction of Penniman on the Park will last approximately 14 months.
