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This Week in Boston Real Estate: Co-living developments, rezoning lawsuits and more

by Pamela Peterson

Harbor Tower trustees sued the Chiofaro Company and state officials in an effort to stop the redevelopment of the Boston Harbor Garage, according to Curbed. Chiofaro, who owned garage for eleven years, planned on seeking city approval for the tower this summer. Curbed reported that legal challenges currently block efforts to rezone areas of the Boston waterfront. As of now, the Harbor Towers lawsuit is trying to block the rezoning.

In other real estate news:

  • The Boston Planning and Development Agency approved two projects that are expected to bring 786 units to the South End neighborhood all together, according to the Boston Business Journal. Of the two plans, the Shawmut/Washington Street development will provide the area with a 139 unit condominium tower, a 313 unit residential building and an expansion of the Boston Chinese Evangelical Church with 84 housing units. The other development approved by the BPDA was a 250 unit tower on Albany Street.
  • The city’s first co-living development is coming to South End. The National Development submitted a proposal to the Boston Planning and Development Agency for the new building. According to WCVB, the co-living building would be known as 7INK by Ollie and feature 250 units with 327 individually leased bedrooms. Each unit would come furnished with cable and WiFi. While no price has been discussed, similar sized rooms in New York City co-living spaces go for $2,850 a month.
  • The Wilder Companies and Jonathan Bush arranged a combined loan of $324 million for the Arsenal Yards project in Watertown. Construction Dive reported that between $102 million from JP Morgan Asset Management and $222 million from Wells Fargo, the Arsenal Yards project will feature dining and retail space, office space, residential units and a hotel. In total, the project will take up one million square feet. With construction already in progress, the first part of Arsenal Yards is predicted to open in 2019.

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