Construction Wrapping Up at Gables Seaport: Units Now Leasing
With pre-leasing now underway, construction is wrapping up at Gables Seaport. The 307 unit luxury building offers units ranging in size from 467 square foot studios through 1291 square foot 2 bed/2baths. Amenities will include a 10,000+ square foot 3rd-floor outdoor amenity deck, pool, expansive lounge with co-working areas, and fully-equipped fitness center. First units are expected to open this spring.
Gables Residential On Track to Deliver Superior Residential Experience in Spring 2020
Gables Residential, a leader in multifamily development and management, announced today that the highly anticipated apartment community, Gables Seaport, located on 501 Congress Street, will open in Spring 2020. In conjunction with Drew Company, Gables Residential is bringing a 23-story, 307 apartment home building in South Boston’s Seaport District, an area that has been transformed over the last few years into a bustling waterfront destination with new dining, shopping, and cultural amenities.
Apart from the highly desirable location, the building will be distinguished by exquisite amenities and meticulously designed spaces. Residents will indulge in some of the most exquisite features in the area including a terrace designed to be an oasis in the city, complete with swimming pool and an outdoor lounge. Views will be enjoyed by many, and when residents need to travel, they can conveniently do so as the MBTA’s Silver Line is mere steps away.
“Seaport offers many of the qualities we seek in a development opportunity, including an irreplaceable site close to transit, employers, retail and entertainment”, said Joe Shea, Director of Development for Gables Residential. “Drew Company’s history in Seaport has been a great resource, and we look forward to future ventures with them.” Gables Seaport marks the first partnership between Gables and Drew Company in Boston.
“Our focus is on developing communities that offer a variety of amenities and to enhance our residents’ quality of life. In Boston, that lifestyle embraces a vibrant walkable neighborhood with the appeal of a lively urban atmosphere, with access to public transportation. Designed with ‘best in class’ finishes, the studio, one, and two-bedroom units are ideal for someone looking to take full advantage of the Seaport lifestyle,” said Jorgen Punda, Regional Vice President Investments at Gables Residential.
Gables Residential emphasizes sustainability in all of its projects and Gables Seaport is no exception. The building has a number of sustainable elements designed for efficiency including a green roof system that will guide rainfall toward plantings and soil, greatly reducing runoff. The building will be certified, LEED Silver.
Gables is working with CBT Architects on the building design, and Halvorson Design on the roof deck and amenity spaces.
Interior finish work is ongoing for the 307 luxury apartments at Gables Seaport along Congress Street directly next to the Silver Line MBTA Station. Gables Seaport will feature a mix of studios through 3 bedrooms and offer residents 24-hour concierge service, a clubroom and outdoor lounge, fitness center, and resort-inspired pool. As the building sits so close to the silver line, only 84 parking spaces are included on-site.
Fire Alarm Permit Issued for Waterside Place Phase 1B
A fire alarm permit has been issued Waterside Place Phase 1B in the Seaport. The 23--story tower will feature 307 apartments along with 3,500 square feet of ground-floor retail space. Construction is expected to be complete this coming winter.
Window and Facade Install Nearly Complete for Waterside Place Phase 1B
Just last month the project topped off and now window install has already reached the top floors for Waterside Place Phase 1B. The new luxury apartment tower will feature 307 apartments and 3,500 square feet of ground-floor retail. Located directly next to the MBTA Silver Line the transit-oriented development does include parking for just 84 cars. The building expects to welcome first residents in winter 2020.
The 23-story tower at 501 Congress Street next to the MBTA Silver Line station has topped off. Waterside Place Phase 1B will include 307 apartments along with 3,500 square feet of retail space. Resident amenities will include a resort style pool, fitness center, pet spa, and an outdoor lounge. Construction is set to be complete in 2020.
Window Install Has Started for Waterside Place Phase 1B
With framing for the 23-story tower rising window install has started on the lower floors of Waterside Place Phase 1B. The new Seaport apartment tower will feature 307 units, ranging in size from studios through three-bedrooms. The tower also includes 3,500 square feet of ground-floor retail and a second-floor parking garage with approximately 84 spaces. Waterside Place Phase 1B is be located next to the Silver Line MBTA station, allowing for easy access to downtown.
This NPC is requesting a change of use for the remaining portion of the ground floor commercial space allocated to an innovation center in Phase IA of Waterside Place. There were approximately 6,555 square feet allocated to such innovation use. Despite diligent efforts that commenced prior to building completion and which still continue, Drew Company, Inc. has not been successful in obtaining a tenant that qualifies as an “innovation” user. Due to a lack of success in attracting any entity that would qualify as an Innovation User, on January 14, 2016, the Agency by Board vote authorized the Developer to lease a portion of this space to the South Boston Community Health Center to provide a much-needed neighborhood service.
Prior to that approval and since the Developer used best efforts to find a suitable Innovation tenant for the remaining 3,593 square feet. These efforts have included discussions with approximately twenty-five prospective innovation users. These efforts have not resulted in a single lease for the space. As a result, on March 16, 2017, the Agency by Board vote authorized the Developer to temporarily lease the remaining 3,593 square feet to the general contractor for the Waterside Place Phase 1B project. Unfortunately, due to the high cost of the buildout and time required to complete the buildout, the general contractor made alternative arrangements for the field office for Waterside Place Phase 1B.
Drew Company, Inc. has since continued to engage in discussions with potential tenants and brokers in an effort to identify a tenant for the innovation space, from co-working groups to technology-based start-ups to financial firms focused on incubating entrepreneurial enterprises and have engaged Boston Urban Partners to assist with this effort. Unfortunately, it appears that most prospective tenants are either unable to secure financing for their business concepts or had other business reasons affecting their interest in the space. The 3,593 square feet of space continues to sit vacant nearly 5 years after the completion of the project.
Recently, the Boston Veterinary Clinic (“Boston Vet”), approached Drew Company, Inc. expressing an interest in leasing the remaining 3,593 square feet of the innovation space to open a second veterinary clinic location in Boston. While the use does not technically qualify as “innovation”, it does provide a much-needed neighborhood service to area residents and workers. Currently serving the South End community, Boston Vet’s expansion to South Boston would be a welcome amenity to the Seaport District, which is woefully lacking in community services for its residents and workers, especially given the high percentage of area residents that have pets with no close proximity to veterinary services.
Based on the lack of success in locating a prospective tenant that qualifies as an “innovation” user and the continued need for neighborhood services, the proponent respectfully requests that the Authority approve the change of use request for approximately 3,593 square feet in Waterside Place Phase IA as described in this NPC.
With the core climbing, framing has now started for Waterside Place's second phase along Congress Street in the Seaport. The upcoming 23-story tower will feature 307 apartments along with 3.500 square feet of ground floor retail and parking for 84 cars. Minimal parking is needed as this transit-oriented project sits directly next to the World Trade Center Silverline MBTA stop.
Work Begins on Interior Core for Waterside Place Phase 1B
The interior core for the upcoming phase 1B of Waterside Place on Congress Street is beginning to rise. The 23-story tower is set to feature 307 apartments along with 3,500 square feet of ground-floor retail. 62 of the residences on the project will be "innovation units".
The first tower of Waterside Place, located next door, was completed in February 2014 and features 236 units.
Foundation construction begins at Waterside Place Phase 1B apartments in Seaport District
Construction of the foundation of the 23-story Waterside Place Phase 1B apartment tower in the Seaport District has begun, following the project’s securing of construction financing last month. The construction team is now beginning to drive structural piles into the project site, and in the coming months, concrete will be poured to build the foundation. The $157 million Waterside Place Phase 1B will feature 307 apartment residences and 3,500 square feet of ground-floor retail, and will be located steps from Boston Harbor and Downtown Boston. The following is a photograph of Waterside Place Phase 1B:
Waterside Place Phase 1B apartments in Seaport District secure construction financing and long-term ground lease
The next phase of the Seaport District’s Waterside Place development, which will feature 307 apartment residences and 3,500 square feet of ground-floor retail, is expected to break ground imminently following developer Gables Residential’s securing of construction financing and a long-term ground lease for the Massport owned project site. Wells Fargo Bank has provided the proponent with a $102 million construction loan, allowing construction of the $157 million project to proceed. Construction fencing has been erected around the site, located at 501 Congress Street, and initial site preparation work has begun. The 23-story Waterside Place Phase 1B tower will contain studio, one-, two- and three-bedroom residences, including 62 innovation units.
Waterside Place Phase 1B approaches Spring 2017 construction start
The Drew Company intends to commence construction of the $157 million, 23-story Waterside Place Phase 1B tower in the Seaport District in Spring 2017. The proponent has filed a Notice of Project Change (NPC) for the Waterside Place project with the Boston Planning & Development Agency to temporarily fit out and allocate 3,593 square feet of unfinished innovation space in the adjacent Waterside Place Phase 1A tower as construction office space for the Phase 1B project team. The Phase 1A innovation space would be marketed as such following completion of Phase 1B.
Waterside Place Phase 1B in Seaport District approved for construction
The Boston Redevelopment Authority approved Waterside Place Phase 1B, the next phase of the Waterside Place development project, for construction at last Thursday’s board meeting. Developed by The Drew Company, the $157 million Waterside Place Phase 1B will be a 23-story mixed-use tower featuring 307 new residential rental apartments, including 62 innovation units, and 3,500 square feet of retail. Construction of the tower could start in the first quarter of 2017.
Since the project’s Notice of Project Change (NPC) filing in March, Waterside Place Phase 1B’s residential units have decreased by five, while retail space has increased by 1,500 square feet. "Innovation units" have nearly doubled to 62 from 34 originally proposed. Affordable units have decreased to 15 from 22. The approved tower is 23 stories tall as proposed in March. More information about Waterside Place Phase 1B is posted below.
Residential unit layouts in the proposed tower would range from studios to three-bedrooms; 34 units would be "innovation units." 22 of the residential units would be designated affordable and would be rented to households earning less than or equal to 70% of Area Median Income (AMI). 84 parking spaces would be built on the tower's second level.
The proposed tower has changed slightly since a Letter of Intent (LOI) to file the NPC was filed in December 2015. The tower proposed in the LOI would have been 21 stories tall and would have contained 278 residential units. Both a 2,000 square foot ground-floor retail space and the 84-car garage are still proposed. The "innovation units" are a new feature.
The development team hopes to start construction on the Waterside Place Phase 1B project in the fourth quarter of 2016. A new rendering of the proposed project is posted above; additional project information, including more graphics, is posted below. The following is a link to the new Notice of Project Change (NPC).
Letter of Intent filed for Waterside Place Phase 1B
A Letter of Intent to File a Notice of Project Change was submitted to the Boston Redevelopment Authority for Waterside Place Phase 1B. The developers intend to submit a full Notice of Project Change with additional project details in mid-December 2015. The following is a link to the Letter of Intent.
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