The 48,602-square-foot development in the South Side boasts parking and a small retail component, which has been leased for medical use. The project was originally designed as condominiums for sale, as early as 2005, but was decided after the downturn to change direction and sought approval for apartments instead, which delayed the construction process, which began 14 months ago.
"We are delivering the first ever rental community to Albany Street, at a convenient location nearby a biomedical research and business office park in Bostn's South End," says Hamilton Co. chairman and CEO Harold Brown, in a release.
The total cost of construction reached $15 million with $10.5 million in hard cost and a $4.5 million in land and soft cost. Financing for the project was $10.5 million from Cathay Bank. Monthly rental rates will range from $1,750 to $2,400 per month for 40 one- and two-bedroom units.
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