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Financing is in place to move ahead with a residential tower in the heart of Boston’s Theater District.
Apollo Global Management is providing an $87.5M construction loan for New York-based Fortis Property Group to proceed with a 170-unit residential tower at 47-55 Lagrange St.
The nearly 170K SF project will have 22 units designated as affordable and 1,364 SF of ground-floor retail. The site is currently used as a parking lot, the Boston Business Journal reports.
The Stantec-designed project was first pitched in late 2016 and will include amenities like a residents’ kitchen, a screening room, a roof deck and a billiards room. Fortis is also moving ahead with plans to build a six-story residential addition to the Dock Square Garage next to Faneuil Hall.
The Theater District tower is expected to open in late 2021.
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