A developer has acquired almost six acres of waterfront property at Marina Bay in Quincy and plans to build 352 luxury apartments there, replacing a popular nightclub with homes that have sweeping views of the Boston skyline.
The development will include a pool and fitness area, spacious common areas, ground floor retail space, and other amenities, said George Lancaster, a spokesman for Hines, the Houston real estate developer. Located two miles from the North Quincy T station, the Marina Bay apartments—ranging from studios to three-bedroom units—will average about 900 square feet.
Lancaster declined to say how much they will rent for. “They’re luxury units and they’re market rate,” he said. “The city view, yet being removed from the city proper, is a good combo,”
Construction is scheduled to begin next spring and continue for about 18 months.
The development is a joint venture of Hines and New York-based insurer MetLife Inc., which will finance 90 percent of the development.
“Developing multi-family housing in core urban areas is a key part of our real estate investment strategy,” Robert Merck, global head of real estate for MetLife, said in a statement.
The property at 333 Victory Road was sold to Hines on June 4 for $20.6 million. For decades, the site has housed a nightclub, most recently the Ocean Club at Marina Bay. The open-air waterside club will be demolished to make room for the new residences.
Most business owners and residents at Marina Bay want to see the club close, the Globe reported in April.
The Marina Bay development comes as construction of high-end apartments in neighboring Boston is booming, elevating concerns that middle-income families are being priced out of Boston and its closest suburbs.Priyanka Dayal McCluskey can be reached at firstname.lastname@example.org. Follow her on Twitter @priyanka_dayal.