New Apartments Outside Downtown Can Have That Competitive Edge
The BRA recently green-lighted The Icon, a 132-unit apartment development in Brighton. Mount Vernon Co chairman Bruce Percelay, who's developing the property, tells us the market for housing in Boston goes well beyond Downtown luxury high-rises.
Bruce says developers who can produce apartments the middle market can afford, while providing the look and feel of luxury units, will be at a distinct advantage in today's environment. With studios starting around $2k, one-bedrooms at $2,600, and two-bedrooms in the low $3k range, the building is designed to provide luxury at a price point far below Downtown.
A non-Downtown location doesn't mean the property is isolated either, Bruce adds. "We particularly like the Western Avenue corridor because of its proximity to major employers, including New Balance, WGBH, Athena Health Care and Harvard. A significant portion of our target audience will be able to walk to work, or at the very least walk to the new Boston Landing commuter rail station a quarter mile away."
The Icon will feature a digital screen in the lobby to display local transit options and schedules, and it will be extremely bike-friendly, Bruce adds, including at least one bicycle storage unit per apartment as well as a bike repair room. "As an added incentive, our first 30 renters will receive a free bicycle, which we feel suggests the type of renter who will be drawn to The Icon.”