New developments and luxury high-rises are popping up around Boston with no end in sight, but amongst these million dollar developments is a project getting people excited for a whole different reason.
Parcel 1B is a 239-unit rental building coming to Boston near North Station and it will be completely affordable for working families.
The average rent for a two-bedroom apartment in Greater Boston has increased by 42% since 2009, according to the Greater Boston Housing Report Card 2015.
The Parcel 1B project will cost $230 million to construct and is the most significant addition of affordable housing in downtown Boston for years.
The groundbreaking took place in February and marks a very necessary new development in the area.
Expected to be finished in 2018, the units will be given out by a lottery. Related Beal developers are behind the project and have a long-term commitment to workforce housing- neither subsidized public housing or luxury rentals.
Despite the affordable price tag, the construction of the building has spared no expense when it comes to materials or amenities. Many of the units are directed at families, offering three bedroom units which are not commonplace in new constructions.
Building affordable housing in the current market is not easy and the process behind Parcel 1B proves that, but it is important for a large part of the city's population.
To read more about the full details and funding for the project visit the Boston Globe.
Looking for your new home? Contact us today for more info leasing@advisorsliving.com!
.PNG)
