After receiving a $6-million construction loan last month, Primary Development has begun construction on their third condo project in Mission Hill.
JLL Capital MarketsDirectors Martha Nay and Michael Johnson worked on behalf of the developer, Primary Development, to secure the floating-rate construction loan through Centreville Bank to begin building the nine-unit, boutique, condo building at 80 Terrace St.
According to Primary Development Partner Steven Meyer the project should be completed in early 2021 and will feature 21,000 gross square feet, including nine two-bedroom/two-bathroom for-sale condo units, one commercial unit and nine parking spaces. The commercial component can be divided into six office studios connected to a common kitchenette area.
“As Mission Hill continues to become a community that draws focus to the arts in Boston, this is a great opportunity for Primary to develop unique design-driving buildings in this growing neighborhood,” said Johnson. “Terrace Street has a rich industrial history and we have incorporated this into the architecture of the three buildings that we are currently developing.”
Johnson added that the 80 Terrace St. project will be part of the developer’s on-going efforts to provide a diverse and carefully designed array of buildings along Terrace Street.
According to Primary Development’s filing with the city the company describes Terrace Street as, “steeped in rich industrial history, and is set to experience abundant growth and transformation, becoming an exciting artistic and residential corridor not only for Mission Hill, but also the City of Boston as a whole.”
Johnson said Terrace Street will see an exciting transformation over the next few years, with the addition of residential rental and homeownership units, new retail, artists’ studio spaces, and community gardens.
The five-story building will feature a distinctive pleated facade as a nod to the industrial heritage of the neighborhood with the classic Boston residential bay window.
Each unit features generous ceilings throughout, Thermador and Bosch Appliances, Caesarstone countertops, Marazzi tile, wide-plank oak flooring, in-unit washer/dryer and oversized casement windows. The building also includes an enclosed parking garage, as well as a shared roof deck with views of downtown Boston.
Additionally, up to 3,200 square feet of commercial space will be available for lease. With oversized windows and 12’ ceilings, this space will be ideal for small offices, studios or fitness tenants that will further enhance the street life in the corridor.
In addition to 80 Terrace Street, Primary Development is currently building the Terrace Street Artist Condominiums. Located at 40 and 132 Terrace Street, the project will provide 14 new units of 100 percent affordable artist live-work home-ownership as part of Mayor Martin Walsh’s Housing a Changing City: Boston 2030 initiative. Containing a mix of one- and two-bedroom units, Terrace Street Artist Condominiums is set to be completed in early 2021, and will be available to artists who make at least fifty percent of their income from working in the arts.