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BRA Selects Developer For Northampton Street Site

The Boston Redevelopment Authority Board today selected New Boston Ventures LLC and PEG Properties as the redeveloper of 263 – 265 Northampton Street in the South End. The developer's proposal consists of a new 45, 739 square foot six-story building that will include 37 residential condominiums of which 7 will be designed as affordable artist live/work units. The mix of units will be designed as lofts, one-bedroom units, and artist duplexes. The project will also include an artist's gallery on the second floor.

The development team includes New Boston & PEG as the redeveloper; Domenech, Hicks & Krockmalnic, Inc. as the Architect; McDermott, Quilty & Miller as Legal representation; CBA Landscape Architects as the Landscaped Architects; United South End Settlements as the Affordable Marketing Agent; and Coldwell Banker as the Marketing Agent; Sullivan Code Group as the Code Consultant; Duffy Design Group as the Interior Design; Crowley Engineering as the LEED Consultant; and Bilt-Rite Construction as the General Contractor. The principals of New Boston are David L. Goldman and Dennis R. Kanin. The principal of PEG Properties is Peter Georgantas.

Both New Boston and PEG are South End-based residential developers with extensive experience in developing residential projects in the neighborhood. Additionally, New Boston has joined with PEG Properties to construct “the modern” building (formerly ‘SoCo Lofts’) at 255 Northampton Street for a total of 25 residential units of which three will be affordable. That project is currently under construction and will be combined with this new project. Read more at cityofboston.gov
 

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Contact a Residential Real Estate Attorney for the following Massachusetts cities:

  • Amherst
  • Attleboro
  • Beverly
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  • Everett
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  • New Bedford
  • Peabody
  • Pittsfield
  • Plymouth
  • Quincy
  • Revere
  • Salem
  • Taunton
  • Westfield
  • Woburn

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  Did You Know?
 

The garage is not considered in the square footage of a home.
A garage that is attached to the home is not considered part of the home's square footage.  Only livable space is considered in the square footage calculation.

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RESPA protects certain types of transactions.

Federally related mortgage loan transactions, such as loans secured by a lien on residential property. This includes: refinances, home purchase loans, lender approved assumptions, equity lines of credit, property improvement loans, and reverse mortgages.

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According to real estate case law, second mortgage tax deduction on undeveloped land is not allowed.

Real estate case law states that you must have begun construction of a building on the land that and occupied within 24 months to submit a tax deduction. Otherwise, the land is an investment and the interest paid on the second mortgage does not qualify.

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