Management Company Breaks New Ground in Boston with Echelon Seaport
Coming from afar, Los Angeles-based developer Cottonwood Management Group lent a hand to a massive residential development project in Boston. The project consists of a three-story high residential tower that cost the developer $900 million. The complex sits between Seaport Boulevard and B Street in Boston's Seaport District. Called the "Echelon Seaport," this mega project covers 3.5 acres. The project was intended to alleviate Boston's growing housing shortage, and also to retain the historic character of the Back Bay neighborhood, which is one of the most historic suburbs in Boston.
While many developers look to the future when they undertake new construction projects, this development project looked to the past. The developer drew inspiration for the housing complex based on the historic brownstone and Victorian homes that visually defined Back Bay. Homes in this neighborhood date back to the 1800s, and residents have expressed concern that the demand for new housing in the area may undermine the neighborhood's most iconic structures.
That is not the case for Echelon Seaport, however, as the project's planners carefully crafted a design that retained the neighborhood's historic architecture on the outside but had a modernized interior. The complex covers one million square feet, and it consists of three separate residential towers. Outside each tower will be an outdoor piazza with crafted landscaping, artwork, and a bridge. Amenities in the towers include two heated outdoor pools, one indoor poos, sun decks, and private terraces for residents who choose the luxury units. The complex will also have a large courtyard. The developer's goal in this project is to create a livable, lively area inside and outside. Their hope is that the vibrant exterior will enhance the neighborhood's aesthetics. With space open to the public, they envision the project being a local hangout spot.
Once finished, Cottonwood will hand off management and sales to other companies. Sales for the residential living spaces will be led by The Collaborative Cos. The Regent Hotel Group will manage condominium unit transactions. WS Development, which has already undertaken a major redevelopment and revitalization project in another part of Seaport Square, will team up with Cottonwood to plan and implement retail space for the complex.
Groundbreaking for the project's construction officially got underway in 2017. The project's expected completion date is sometime in 2020. When finished, the facility will include about 733 residential units. Of those units, 448 will be luxury condominiums available for sale. There will also be a minimum of 285 apartments for rent. The complex will have 125,000 SF reserved for restaurant space and a plaza that covers 19,000 SF. In addition to modern amenities and housing opportunities, the development project features a prime location and proximity to transportation. The complex is located in the Seaport District of Boston, and it's just a short distance from some of the area's main attractions, including the Harbor Walk, the ICA, and restaurants.
As with other large-scale development and redevelopment projects throughout Boston, the Master Plan for this project is quite ambitious. When finished, it will be the largest private residential project in the Boston Seaport area since the 1960s. The big picture goal for this construction is to retain the historical charm and architectural diversity of the neighborhood while fostering economic growth. It will further the city's plan for an "innovation district" that lets new businesses flourish while promoting community engagement. When all is said and done, 40 percent of Echelon Seaport will stay open to the public. Surrounding the project will be about six million square feet of open space in consideration of Boston's historic desire to protect and preserve its open green spaces. Developers of Echelon Seaport are planning to have the complex overlook an interior piazza with a series of pedestrian and vehicular streets. No plans have been set in stone yet, but the master plan calls for a chunk of the open space to be used year-round for community-friendly activities like farmers' markets, sports, and ice skating. Roof gardens and playgrounds are envisioned within the project, and plans are in place for creating parks.
It remains to be seen how expensive the cost of living in Echelon Seaport will be, but if it follows recent trends, residents can expect to pay quite competitive prices.