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A Compendium of Property & Capital News
Aug 19
A Compendium of Property & Capital News

City Realty Files Letter of Intent for Allston Square Revitalization Project

March 05, 2018 - By The Real Reporter
Rendering 2 Harvard Ave, Allston MA

BOSTON—City Realty recently filed a letter of intent with the BPDA for Allston Square, its latest redevelopment project. Currently a vacant and underutilized stretch of industrial warehouses and parking lots, the project seeks to revitalize the space by converting it into a vibrant stretch of housing, retail, open space, and public art. City Realty sees the project as a major breakthrough for the under-utilized area. “This development will serve as a gateway to Allston/Brighton,” claims Steve Whalen, Managing Partner of City Realty, “We’re proud to help transform this mostly vacant corridor into an inviting and lively neighborhood.”

Six distinct buildings across 12 separate parcels along Cambridge Street, Harvard Avenue, Franklin Street, Braintree Street and Highgate Street will comprise the project. One building at 4 Braintree St, known as Allston Hall, will be restored to preserve its historic significance. It will undergo renovation to transform its warehouse setting to retail and residential apartments. The remaining sites will feature 5 new buildings along with a host of public improvements, including over 10,000 square feet of additional street-level open space, and outdoor communal gathering spaces.

The project seeks to create 339 new units of housing, including 231 condominium units and 108 rental apartments. The units will be a mixture of studios, one-bedrooms, two-bedrooms, three-bedrooms and several Live/Work units along the ground floor.

City Realty looks forward to the revitalization, as it sees potential in this vacant section of an already booming district. “Having grown up in Allston myself, I know how special this neighborhood is,” lauds Fred Starikov, Managing Partner of City Realty, “With Allston Square, we hope to create opportunities for a whole new generation to put down roots and become a part of the already thriving Allston community.”

Part of the project’s success stems from its wide range of transit options. It is a short walk to the Boston Landing Train Station and the MBTA Green Line, as well as being located along several major MBTA bus lines. In addition to public transit options, the project will feature a combined 254 parking spaces and storage for 300 bicycles. The property’s strategic location will make its housing and retail units all the more viable in this thriving Boston neighborhood.

Rendering 20 Braintree St, Allston MA