BOSTON, Nov. 21, 2013 /PRNewswire/ -- In partnership with the State of Massachusetts, and the City of Boston, Apartment Investment and Management Company ("Aimco") (AIV) today broke ground on a $190 million, 12-story building that will bring 310 apartment homes and 21,000 square feet of ground floor retail space, designed to accommodate a neighborhood supermarket, to the Bulfinch Triangle. Aimco is the owner and operator for the project, which will be constructed by the experienced development team at Trinity Financial. Aimco will invest $76 million of equity in the project, raised through the sale of lower-rated properties in Massachusetts, Indiana, Colorado, and Texas. Prudential Mortgage Capital has provided a 10-year, $114 million loan to Aimco to help finance the development. The site has been leased to Aimco pursuant to a 99-year ground lease from the Massachusetts Department of Transportation.
"We know that transportation investment benefits our economy and helps create opportunity," said Richard A. Davey, MassDOT Secretary and CEO. "Part of that investment is working with the community and developers to partner on projects like One Canal that will provide new housing and job opportunities for the residents of this region. We look forward to the opening of this exciting development."
"Thanks to investments like the One Canal project, Bulfinch Triangle has grown into a truly vibrant neighborhood," Mayor Thomas M. Menino said. "Signs of the transformation are clearly visible as new residents, businesses, and employees are already moving in."
"We are excited by the opportunity to invest in the City of Boston and to be part of the renewal of this great neighborhood, and thank our many public and private partners for their commitment to this project," said John Bezzant, Aimco Chief Investment Officer. "One Canal, with its proximity to health care, government, and financial district employment centers, adjoining mass transit options at North Station, and the walkable dining and recreation opportunities of the North End and TD Garden, will be a terrific addition to Boston's residential scene. It will take its place as a jewel in the crown of the City of Boston's revitalization of the Bulfinch Triangle and the northern anchor of the transformative Rose Kennedy Greenway project."
One Canal Street will offer a combination of one-, two-, and three-bedroom apartment homes with modern finishes such as granite kitchen countertops, stainless steel appliances and in-unit laundry. The apartment community will include a state-of-the-art fitness center and clubroom, pet friendly amenities, a rooftop swimming pool, and multiple outdoor spaces. There will be a 147-space parking garage on the second and third floors, and the ground-level retail space is designed to accommodate a neighborhood supermarket.
Aimco is a real estate investment trust headquartered in Denver, Colorado that owns and operates a geographically diversified portfolio of apartment communities. Aimco owns eleven properties with more than 4,000 apartments in the Boston area. Aimco, through its subsidiaries and affiliates, is one of the largest owners and operators of apartment communities in the United States, with 252 properties located in 23 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500.
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