BLDUP Newsletter

327-329 Shawmut Avenue Update 08/01/16

South End developer acquires 4-unit Union Park building for $4.3 million, condominium conversion underway


Recently, on July 15th, 2016, developer Renaissance Real Estate Investments acquired the existing 5,352 square foot mixed-use building at 327-329 Shawmut Avenue in the South End's Union Park neighborhood containing 3 residential units and 1 commercial unit for $4.3 million as recorded in the Suffolk County Registry of Deeds. The sale equates to $803 per square foot and $1.075 million per unit. 327-329 Shawmut Avenue was last altered in 1975 and last sold in March 1977 for $68,300. Renaissance Real Estate Investments also secured a $5.38 million mortgage for 327-329 Shawmut Avenue on July 15th, 2016 through Salem Five Cents Savings Bank.


On July 19th, 2016, four days after acquiring 327-329 Shawmut Avenue, Renaissance Real Estate Investments was issued a building permit by the City of Boston to commence interior demolition of all finishes. Per the Renaissance Real Estate Investments website, 327-329 Shawmut Avenue will be converted into three luxury duplex condominium units with high-end amenities. The project's general contractor is Kennedy Design Build, a residential general contracting company that has completed a number of projects in Boston's South End. On Sunday, July 31st, 2016, interior demolition at 327-329 Shawmut Avenue was underway:


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View along Shawmut Avenue towards Upton Street


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View along Shawmut Avenue towards Union Park


Founded in 2001 by Lewis Legon, Renaissance Real Estate Investments' area of focus is Boston's South End. The firm has completed several projects ranging from 2 to 8 units. The following is the deed for the sale of 327-329 Shawmut Avenue to Renaissance Real Estate Investments:


   

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