BOSTON — New England Development, in partnership with Stop & Shop, Bozzuto and Southside Investment Partners, will soon break ground on Allston Yards, a 1.2 million-square-foot mixed-use project in the Allston neighborhood of Boston. The site currently houses an older but still-operating Stop & Shop store and parking lots, which will be redeveloped.
Built in multiple phases, Allston Yards will feature a 165-unit apartment building; a new Stop & Shop grocery store; 117,000 square feet of retail and restaurant space; 350,000 square feet of office and lab space; and a one-acre community green space.
Construction of Building A, which comprises the apartment building and grocery store, is scheduled to commence this month. Construction of the office and life sciences building is slated to begin in the third quarter of 2022.
Building A will contribute $1.2 million to the Allston-Brighton Homeowner Fund, a charity created in partnership with the Boston Home Center that aims to increase affordable homeownership opportunities in Allston-Brighton. JLL arranged financing for Building A through Bank of America and TD Bank.
The project will extend and expand upon the area’s street grid, providing new connections to the Boston Landing Massachusetts Bay Transportation Authority (MBTA) station and improving both pedestrian and bicycle connections. A timeline for completion was not provided.
Boston-based New England Development builds mixed-use projects across the country that combine retail, residential, office and hospitality space. Greenbelt, Md.-based developer and manager Bozzuto currently manages 85,000 apartment units and 3 million square feet of retail space nationwide. Baltimore-based Southside Investment Partners is a developer and owner of mixed-use properties throughout the Mid-Atlantic and New England regions.
Quincy, Mass.-based Stop & Shop operates more than 400 stores throughout Massachusetts, Connecticut, Rhode Island, New York and New Jersey. There are 132 Stop & Shop stores in Massachusetts alone.
— Kristin Hiller