Another day, another proposed Boston real estate project. This time it is Berkeley Investments Inc. with the intention to construct 171 apartments in Charlestown in close proximity to the Sullivan Square Orange Line T station. The plan is to utilize the existing building at 32 Cambridge St which consists of three stories of industrial space currently occupied by Graphic Arts Finishers Inc. who will be moving on. This piece will become 52 apartments and 2,500-square-feet of retail. Directly next door, Berkeley plans to knock down the single story building at 572 Rutherford Ave and replace it with a four-story, 119 unit building. The two buildings would be connected on the 3rd floors and they would share a courtyard and a dog run. And even with the convenient access to the T, they will also offer over 100 parking spaces, most of which will be underground.
In an interview with the Boston Business Journal, Erik Ekman, Vice President of Berkeley Investments, noted that monthly rents would come in under $2,000 for studios, $2,400 – $2,800 for 1-bedrooms, around $3,000 for 2-bedrooms and an average of nearly $3,400 for 3-bedrooms. The project isn’t expected to be completed until sometime in 2017 but these prices seem reasonable for the area currently. For example, 275 Medford Street is a five-story apartment building not nearly as convenient a location as Berkeley’s proposed project but they are currently offering studios for $1,800 and one-bedrooms for $2,200. Navy Yard 33 and Parris Landing have rents in a similar range as well. Depending on how the area continues to grow over the next couple years will determine how much the rents will change come 2017.