BOSTON — New York-based Savills has arranged joint venture equity capitalization for the development of a new apartment project in downtown Boston. The Victor will be a 365,000-square-foot luxury tower containing 286 apartments atop 17,000 square feet of ground-floor retail space and 138 parking spaces. According to Savills, the project is the first major apartment development project to break ground in Boston since 2008.
The owner and developer for the project is a new joint venture between Simpson Housing and an affiliate of Chicago-based Heitman. They will be ground leasing the land for the project from the Massachusetts Department of Transportation. The Victor will be located directly above the Big Dig tunnel system. Simpson Housing will oversee the project's construction and will manage it upon completion.
The Victor will feature a fitness center with a sport court, a resident lounge, a business center, concierge service, a 10th floor roof deck and a roof garden. The project will be seeking LEED certification.
“This transaction demonstrates confidence in the strong fundamentals for the multifamily sector and the availability of capital for top=quality development projects led by premier sponsors,” says Jeffrey Baker, executive managing director of Savills.
Construction is expected to be complete by mid-year 2013.
— John Nelson and Coleman Wood