The latest addition to Chelsea Commons was unveiled yesterday as Federal Realty Investment Trust (NYSE: FRT) held a ribbon cutting to signal the completion of Chelsea Place, a four story, 56-unit, market rate apartment complex.
The LEED Silver certified building, which will include solar panels on the roof among many green elements in the construction and operation of the building, is located behind Planet Fitness on what was a vacant parcel that had long been a source of complaints from abutting neighbors.
“We’ve taken another problem property and turned it into an asset for the community,” said City Manager Jay Ash, who has established a substantial track record of addressing problem properties in such a manner. “This newest development on our skyline adds additional life into and enhances the vitality of Chelsea Commons, which was a once dormant shopping center that is now earning a great reputation as a lifestyle center, complete with welcoming residences and great places to shop, eat and play.”
Ash’s reference to a “lifestyle center” is easily understood by looking at the positioning of Chelsea Place in the 20-acre Chelsea Commons. The residential complex boasts its own community room, fitness center and outdoor gathering area. Once one gets beyond the development boundaries, though, the available amenities demonstrate why Chelsea Place is likely to be an attractive place to live for young professionals, families and empty nesters. In addition to the Planet Fitness, three restaurants and a spectacular public park, complete with a year round skating rink, abut Chelsea Place. One thousand feet of creekside walkways lead pedestrians to inviting viewing areas of the Mill Creek and another set of restaurants and stores.
“As great as the new living space is, the area is every bit its equal,” boasted Ash.
Chelsea Place is a pet friendly residence, supported by 42 covered and 42 uncovered parking spaces. The complex includes one, two and two-plus bedroom units ranging from approximately 700 to 1,100 sq. ft. Each unit provides an open-concept kitchen with high-end stainless steel appliances, granite counter tops and custom cabinets, in-unit laundry, as well as walk-in closets in bedrooms. Federal Realty officials could not be more pleased with the development and the community.
“We want to thank the City of Chelsea for making the development as smooth as possible which allowed us to maintain our schedule,” said Brian Donley, Director of Development for Federal Realty.
The project used modular construction to compress the development timeline; just 14 months from concept to occupancy. The company reports the construction process also resulted in less waste, greater quality control, no exposure to the elements during most construction, and much better sound attenuation between the units than traditional stick-built residential construction.
“We are very excited to see this opportunity come to fruition so quickly while still creating such a high quality product,” said John Hendrickson, COO of Federal Realty’s Northeast portfolio. ”We were able to take an underutilized piece of our property and transform it in an innovative way that meets the needs of the community and creates significant value over the long term.”
FRT is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty’s portfolio (excluding joint venture properties) contains approximately 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California.
Federal Realty selected Cambridge-based Oaktree Development, Keiser Homes and Tocci Building Companies to construct this project. Oaktree’s patented modular system, GreenStaxx, provided pre-designed and pre-engineered multi-level ‘stacks’ of residential units which were then constructed by Keiser in Maine. These units were shipped and erected on site by Tocci to complete the building.
“The City has enjoyed a tremendous partnership with Federal Realty,” said Ash. “The opening of Chelsea Place is a great example of how a public-private partnership can work. Federal Realty’s investment in our community supports Chelsea’s continued revitalization. Chelsea Place adds another special aspect to Chelsea Commons, and it will strengthen an already strong housing market here in Chelsea.”
To learn more about the project and leasing opportunities, click on to www.LiveAtChelseaPlace.com or contact the building’s exclusive leasing and management agent, Destiny Real Estate Management at 617-576-3800.