Sterling Bay has joined Boston real estate investment and development company Core Investments in its On the Dot development project.
Approved by the Boston Planning & Development Agency last October, the 3.8-million-square-foot 475-511 Dorchester Ave. project is located just outside Andrew Square and will bring more than 1,400 residential units to Dorchester, including income-restricted and senior-living residences, including five residential buildings, ground floor retail and restaurants and extensive green space.
“We could not be more enthusiastic about joining with an experienced group of professionals like Sterling Bay, with its track record of success in creating welcoming and popular new spaces and experiences for people across the country,” said Dave Pogorelc, Core Investments founder and chief executive officer.
“As we pivot from approvals to seeing our plans materialize, Sterling Bay is just the right partner for our team.”
As part of the partnership, Sterling Bay will join Core Investments in the investment, direction and development of the project.
The On the Dot development will be designed in phases and when complete will include 11 new buildings designed for a range of uses including office, life science, residential, retail, restaurant, commercial and community uses. Twenty percent of the ground floor retail and commercial space will be deemed affordable for local, diverse and independent small businesses, according to the filing.
“We have a passion for integrating sustainability into mixed-use developments and look forward to working with Core Investments,” said Andy Gloor, chief executive officer of Sterling Bay. “More than just office and residential buildings, On the Dot’s retail, restaurant and green spaces along with the life sciences cluster make it a forward-thinking development that is going to further transform this hot South Boston neighborhood.”
The development is set to bring several community benefits with it, including supporting affordable housing with a $30.7 million contribution as well as jobs training with a $5.6 million payment and $18.9 million in transportation mitigation. The project will also contribute $1.2 million to the city’s bikeshare program.
It will also create an extensive street system to accommodate the increase in pedestrians, bicycles and car traffic the development will bring.
The On the Dot development project also supports the city’s sustainability goals. Designed to minimize fossil fuel use, the project is all electric. Additionally, to protect against future flooding, the first-floor elevations of each building will be set at or above the required seal level rise design flood elevation. Grades will also be elevated.
The project is expected to take 10 to 15 years to complete with the residential apartments to be built first.