Boston – Construction has commenced at Allston Yards, a mixed-use development located in the Allston neighborhood of Boston. Allston Yards is a project of Stop & Shop with New England Development as master developer, in partnership with Bozzuto and Southside Investment Partners.
The partnership announced the closing on Parcel A and Parcel B, as well as the closing of financing of Building A, with financing arranged by JLL and provided by Bank of America as administrative agent on behalf of lenders Bank of America and TD Bank. Construction on Building A, a 165-unit residential building including a new, state-of-the-art, flagship Stop & Shop grocery store, commenced in November, led by Bozzuto in partnership with Pacific Life. A third quarter 2022 construction start is anticipated by New England Development to advance a planned commercial office/life science building on Parcel B.
Building A will contribute $1.25 million to the Allston-Brighton Homeowner Fund created by Allston Yards to increase affordable homeownership opportunities in Allston-Brighton. The $4 million fund was created in partnership with the Boston Home Center and is supported by city and state delegations.
The multi-phase Allston Yards project will include 117,000sf of retail with a mix of new stores and restaurants, including the Stop & Shop new urban prototype. It includes 350,000sf of office and lab space and a one-acre community green. The project will extend and expand upon the area’s street grid, providing new connections to the Boston Landing MBTA station, while improving both pedestrian and bicycle connections.