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CAMBRIDGE, MA-Kendall Square will soon have another luxury apartment and condominium community amid its biotech core. Joint partners Extell Development Co. of New York and Chicago-based Equity Residential have broken ground on a 531-unit, $225 million complex at 303 Third St. The apartment building will be located across the street from biotech giant Genzyme Corp.’s headquarters.

Plans call for the construction of two buildings, with 292 apartments in one and 239 condominiums in the other. Each building will have ground level retail separated by a one-acre courtyard.

The project, which is not yet named, is set to be completed in 2008, says Chris Reilly, area vice president for Equity Residential. The complex is the third in the Boston area under development by Equity. In June, the company broke ground on a a five-building, $160-million, 310-unit property near the banks of the Charles River called the Equity Residential Development at Emerson Place. That development is the first along the Charles River in 25 years, Reilly says. Equity also is building 120 units of senior housing in Westwood.

Extell, the developer of the Intercontinental Boston, could not be reached for comment.

Equity and Extell’s latest Cambridge venture, designed by New York architect Centra/Ruddy, is just the latest in a string of residential buildings popping up around Kendall Square. The area has been long-known as a high tech epicenter because of its proximity to the Massachusetts Institute of Technology and Harvard Square. The location of those schools along with hundreds of nearby offices, a rapid transit stop and a city master plan that calls for the creation of a theater complex in the area, makese Kendall Square one of the hottest development sites in Cambridge.

Watermark residences, a 24-story, 321-unit luxury tower located across the street from the Equity and Extell venture, was completed earlier this year by Twining Properties, of New York, at a cost of about $100 million. Twining also is planning a 20-story tower with 123 residences costing $70 million as part of Watermark’s second phase.

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