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Chelsea hot now?

Posted by Scott Van Voorhis January 9, 2014 07:34 AM

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What will likely be the most expensive apartment building Chelsea has ever seen will open this April.

The developers of One North of Boston (nice try, but yes, it's in Chelsea, not Boston) are touting amenities and finishes like you would get in a fancy new downtown Boston rental tower but at half the cost.

The $45 million apartment development touts stainless steel appliances, hardwood floors, quartz countertops, an outdoor pool and firepit, hip fitness facility - all the typical jazz and then come.

"I would compare it to any new Class A product coming up in Boston," Damian Szary, a principal of the joint-venture between Gate Residential and Trandel Corp., told me when I caught up with  him yesterday.

Chelsea has worked long and hard to shake off its old rep as as a corrupt and decaying post-industrial backwater, with the city's collapse into bankruptcy back in 1991 triggering state intervention and marking the start of a long and impressive comeback.

Still, is there a market in Chelsea for $1,850 a month two-bedrooms and $2,450 a month three bedrooms, let alone studios renting for just under $1,400?

Gate Residential, builders of the successful Maxwell Green apartments in Somerville, obviously thinks so.

And they will soon get some hard data from the market as well, launching the pre-leasing of One North's 230 units on Monday, with an onsite model unit for prospective tenants to look at. Plans for a second phase, featuring another 232 units, are already in the works.

The pitch is to young professionals and empty nesters, leaning heavily on Chelsea's proximity to Boston, with downtown just a few minutes away by car or train and a commuter rail stop just down the street.

There's a big play for pet owners as well, with onsite doggy daycare and a photo of a suave looking twenty-something guy on the website posing with his perfect looking beagle.

Ready to rent in Chelsea?

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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