21-story One Greenway Breaks Ground in Chinatown Revitalization
Boston ─ May 12, 2014 ─ National Real Estate Advisors announced today it has made a $10.7 million preferred equity investment in One Greenway, a major high-rise residential project in Boston’s Chinatown. National’s investment is targeted at One Greenway’s 217 apartments in a 21-story tower, a three-level below-grade parking garage with 135 spaces, and 3,500 square feet of ground-floor retail. Developed by the New Boston Fund, Inc., One Greenway will revitalize a whole city block on Hudson Street and reconnect Chinatown to adjoining downtown neighborhoods on its eastern edge. The project separately includes affordable housing rental units and condominiums as well as a community center.
Jeffrey Kanne, National’s CEO, said: “We focus on investing in modern, state-of-the-art development projects in major urban areas, which can strengthen communities with an ultimate goal of providing our institutional investors with solid returns from stabilized core assets. One Greenway is an outstanding project, which will continue the redevelopment at the perimeter of downtown and benefit from recent infrastructure improvements from the Central Artery project,” he said.
Located just four blocks from South Station at the corner of Hudson and Kneeland Streets, the development will act as the southern gateway to the Rose Kennedy Greenway, Boston’s 15-acre linear urban park that stretches more than one mile and features landscaped gardens, promenades, art, fountains and specialty lighting systems.
State and city officials have praised One Greenway as a great example of private companies collaborating to invest in the downtown. This is a result of the significant public investment in the Greenway and the I-90/I-93 Central Artery project.