Boston, MA – AvalonBay Communities, a NYSE-listed real estate investment trust (REIT) with multi-family apartment communities in high barrier-to-entry markets of the United States, recently hosted a ground breaking ceremony at Avalon Exeter located at 77 Exeter Street in Boston’s Back Bay. Avalon Exeter is the first freestanding apartment building residential to break ground in Boston since 2008.
The $100M Avalon Exeter will be AvalonBay’s first luxury apartment development in Boston and will mark the completion of the residential development of the Prudential Center. AvalonBay currently operates and manages the Prudential Center’s other three residential buildings: The Boylston, The Fairfield, and The Gloucester. Avalon Exeter will create 300 new construction jobs, 15 permanent jobs, $725,000 in new taxes for the City, and additional revenue to area businesses.
The 28-story sustainable development will have 187 residential units, consisting of studio, one, two, and three bedroom apartment homes. AvalonBay is introducing one of the most creative and aggressive affordable housing programs in the City of Boston – combining both on-site housing at Avalon Exeter and an expansion of affordable housing within The Boylston, The Fairfield, and The Gloucester all at the Prudential Center.
The Avalon Exeter community will boast an array of first-class amenities, including a fully equipped clubhouse, state of the art fitness center, and underground parking in the adjacent Prudential Center parking garage. Pedestrian benefits on Exeter Street will include the creation of a pedestrian connection from Exeter Street to the Prudential Center Plaza, new trees and lighting on Exeter Street, and the addition of 1,300 square feet of new street level retail space.
Michael Roberts, AvalonBay’s Vice President for Development, said, “David Manfredi of Elkus/Manfredi Architects, has designed a beautiful new building that will enhance and enliven the Back Bay.”
The construction of Avalon Exeter is expected to be completed in the Fall of 2013.
