Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-Archstone-Smith is ready to break ground on the 420-unit, 28-story building it is developing at 660 Washington St. in the city’s downtown area.

In its recent filing with the SEC, the Denver-based company says it expects to start construction in late 2003 and a local representative of one of the company’s subsidiaries, Charles E. Smith Residential, tells GlobeSt.com that the groundbreaking will happen next month. The project, tentatively titled Park Essex, involves tearing down an old hotel and café that are currently vacant. Archstone estimates that the development–the largest rental housing project in downtown Boston in nearly 20 years–will cost approximately $152 million.

In the filing, R. Scot Seller, chairman and CEO of the company says that the project “is expected to create substantial incremental value for our shareholders.”

But the project also stirred up a lot of controversy in the Chinatown neighborhood where it is located. When it was first proposed as an office project, residents objected, insisting that the area needed more residential units. After the project shifted gears local activist groups opposed its height, density and lack of affordable housing component. In the final agreement, 66 of the units in the project will be earmarked for affordable housing and the developer will provide $650,000 to develop 25 to 30 units of single-room occupancy units in the Chinatown community. It is not yet clear what site will be used to develop this housing.

Archstone currently owns or has an ownership position in 252 apartment communities, representing 88,624 apartment units, including units under construction. Approximately 88% of the company’s portfolio is now concentrated in its eight core markets including the greater Washington, DC metropolitan area, Southern California, the San Francisco Bay area, Boston and Southeast Florida.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.