BOSTON-In the shadow of the historic battleship Old Ironsides, work crews have begun constructing a $120-million waterfront project that will put 224 condominium units on one of the last remaining open parcels in the Charlestown Navy Yard. The project, known as Harborview, will bring a mix of one-, two- and three-bedroom residential units along with first floor retail space to the former Navy Yard site.
"It's a great piece of property," Andrew Weiss, with Meridian Capital Group's Maryland office, tells GlobeSt.com. "It has fantastic views and it's a great location near Downtown." He negotiated a three-year construction loan. Built by an entity affiliated with Trammel Crow Residential, it is expected to be completed by the summer of 2007.
The pricing for the units has not yet been set. Plans call for an E-shaped building ranging from five to 11 stories with two levels of underground parking and rooftop gardens that will be built along a walking path adjacent to a marina.
The Charlestown Navy Yard has undergone revitalization in recent years, moving from its blue collar roots to a trendy neighborhood. In addition to Harborview, plans for the site also call for the construction of a 150-room, $100-million hospital that will be home to Spaulding Rehabilitation Hospital once construction is completed in 2009 or 2010. Both are part of a Boston Redevelopment Authority initiative to convert the Navy Yard, which was decommissioned in 1974, into a mixed-use site that will encompass residential, institutional, retail and public recreational uses.
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