A new 220-unit apartment complex known as Hanover at the Pinehills has delivered.
Houston-based Hanover Co broke ground on the 384k SF community at 30 Pinehills Dr in Plymouth in 2014. The community features both one- and two-bedroom units, and offers access to a pool, private movie theater and fitness center among its amenities.
Construction
Construction is underway on a new 264-unit multifamily building at 20 Cooper St in Waltham. Lincoln Property Co acquired the three-acre site back in January. Daiwa House Industry Co is in charge of development for the project known as Cooper Street, which is scheduled to deliver in 2017.
Leases
Gulf Oil has signed on for 36k SF of office with John Hancock Real Estate at 80 William St in Wellesley. The company plans to relocate its HQ from Framingham this March. Tom Kent and Brendan Cohn of JLL repped Gulf Oil.
Sales
Heartwood Realty has acquired a 24-unit multifamily property at 12 Pratt St in Mansfield from Feck Properties for $3.2M. Marci Alvarado and Jake Parsons of SVN Parsons Commercial Group Boston repped both parties.
A pair of four-story buildings at 46 Irving St in Framingham that houses low-income seniors and people with disabilities has received a $3.6M affordable housing grant for building improvements.
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This and That
Mayor Martin Walsh is set to unveil four new pilot programs aimed at helping to reach his stated goal of adding 20,000 new middle-income housing units by 2030. The programs will be launched by the Mayor’s Housing Innovation Lab and are as follows:
A new density bonus policy that would allow developers to exceed current height restrictions in certain areas, provided the developers agree to include more affordable housing in their projects.
Compact-living apartments will be the focus of an innovation competition, with an eye towards inspiring architects and developers to construct more efficient and affordable housing.
The Greater Boston Community Land Trust Network will collaborate with the city on a new technical assistance program designed to assist neighborhood groups and nonprofits in setting up community land trusts to sustain affordable housing.
A new homebuying website will be developed by the lab to provide first-time homebuyers with financial information and other resources.
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JLL’s recently released Investment Intensity Index gave high marks to the City of Boston’s commercial real estate market. The survey takes a look at global investment activity for the top markets around the globe. Boston checked in at No. 4 in the US, trailing only Honolulu, Silicon Valley and New York City, and at No. 14 in the world.
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