The Drew Co., one of the pioneer developers in Boston’s Seaport District, is setting its sights on the suburbs.
For its first multifamily project outside Boston, Drew Co. been designated as developer of a Scituate site for a 72-unit apartment complex. The MBTA’s Fiscal and Management Control Board this month approved the sale of the property to The Drew Co. for $2 million.
Owned by the MBTA, the 4.5-acre parcel is part of the parking lot for Greenbush station on the MBTA commuter rail.
Known for building such projects as the Seaport Hotel and World Trade Center when the South Boston waterfront was predominantly surface parking, Drew Co. now sees opportunities in multifamily projects in the suburbs, Vice President John P. Drew said.
“We’ve been looking for a long time around the T and bid on a few projects in the last few years,” Drew said. “With affordability in the city and the cost of building, it’s attractive to look outside the city and follow the MBTA.”
The Scituate project at 345 Driftway would consist of 87,000 square feet of residential units, including 11 income-restricted units, and 18,000 square feet of retail space.
Drew, a Scituate resident, estimated the cost at $25 million. The plans are subject to local permitting review.
The Greenbush station parking lot is only at 20 percent of capacity, according to the MBTA.
Gov. Charlie Baker’s “Real Estate Asset Leveraging” program seeks to transform vacant and underutilized state-owned parcels into commercial and residential developments. Administration officials have identified 85 potential projects spanning more than 570 acres in 41 communities. There are already 22 pending developments that could create more than 1,500 housing units and 100,000 square feet of commercial space.
Drew Co. in 2014 completed the first phase of its Waterside Place apartment tower at 505 Congress St. in Boston. A subsequent $157 million phase, expected to break ground early this year would add a 23-story building containing 312 apartments and 84 automated parking spaces.
By Steve Adams | Banker & Tradesman Staff | Jan 17, 2017