A luxury high-rise tower on 45 Stuart Street near North Station was approved yesterday. The developer, AvalonBay, will begin construction on the 404 unit apartment tower within a few weeks. In fact, they have already applied for a foundation permit, says Scott Dale, Senior Vice President of Development for AvalonBay in Arlington, VA.
The $425 million project will join AvalonBay’s impressive portfolio of real estate developments in the greater Boston area. The Nashua Street Tower, a 503-unit luxury apartment complex near the TD Garden, will break ground later this year while the Avalon Exeter project is already underway.
The Boston Herald reports that during Thursday’s Boston Redevelopment Authority board meeting Scott Dale emphasized that all the developments are, “been financed with internal capital resources from AvalonBay. None of them are contingent on outside financing sources.”
The Stuart Street project has received support from locals who believe it will improve the neighborhood.
Check back here for updates on the progress of the AvalonBay tower on Stuart Street.