CHELSEA, MA - Federal Realty Investment Trust announces completion of Chelsea Place, a four story, 56 unit apartment complex on less than an acre of formerly underutilized land at the Trust's 221,000 sf Chelsea Commons Shopping Center located just minutes from downtown Boston. The residential development moved from concept to occupancy in only 14 months. The use of modular construction compressed the timeline and 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 residential construction. The building is LEED Silver certified and will include solar panels on the roof to power a portion of the building's common areas.
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 then shipped and erected on site by Tocci to complete the building.
Chelsea Place, located at 1016 Revere Beach Parkway, is pet-friendly and includes a community room, fitness center and outdoor gathering area, as well as 42 covered and 42 uncovered parking spaces. The complex includes one, two and two-plus bedroom units ranging from approximately 700 to 1,100 sf. 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.
"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."
"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. A ribbon cutting ceremony will take place on Wednesday, July 10th at 11am, followed by a tour of the building with Mr. Donley.
"The City has enjoyed a tremendous partnership with Federal Realty," said City Manager Jay 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 will bring additional vitality to Chelsea Commons and strengthen an already strong housing market here in Chelsea."
Source: Federal Realty Investment Trust / #Apartments #Multifamily