The newest luxury apartment tower about to begin leasing in Boston has an eye-catching distinction that sets it apart in the city’s crowded multifamily market: rents are projected to start as low as $2,300 a month.
Set to open in January, the 346-unit Watermark Seaport will contain 44 innovation units in a 17-story tower on Seaport Boulevard, with 408-square-foot units renting for a projected $2,300 a month.
The innovation units are clustered on the second floor on the same level as the “innovation lounge,” a collaborative tech space open to all residents.
Designed by Stantec, 65 apartments in the adjacent six-story building have exposed corrugated metal ceilings with steel beams and finished concrete floors, floor-to-ceiling windows and condominium-quality finishes and appliances, said Matthew Abrams, a vice president for developer Skanska USA. Studios average 426 square feet and will rent for as low as $2,400, depending on market conditions.
“We didn’t go halfway. This is real raw but luxurious space,” Abrams said. “It’s really going to appeal to a young, hip consumer, we think.”
The project is a partnership between Skanska and Twining Properties of New York.
The entry-level rents are designed to appeal to young professionals who value a downtown address more than expansive living space. They’ll stand out in a market where most of the units in newly-built complexes start at $2,800 and above.
Boston-based landscape architects Copley Wolff Design Group designed green roof decks equipped with a kitchen, fireplace and standing bar.
Watermark Seaport will be the newest experiment with microunits in the Seaport, following the lead of Equity Residential’s 315 On A complex, which is advertising 464-square-foot studios at $2,495 a month, and the Factory 63 complex on Melcher Street, which has 430-square-foot studios renting for $2,375.
The rest of Watermark’s tentative rent structure will be similar to those of other recent luxury towers opening in the downtown and Seaport in the past year. One-bedroom units will average 608 square feet and rent for $3,200 a month, while three-bedroom units will average 915 square feet and cost roughly $4,500, Abrams said.
A leasing trailer will open this month along with three model units within the building. Leasing is expected to take 12 to 14 months in the current market conditions, Abrams predicted. Watermark will benefit from timing: it’ll be the only new rental complex leasing up in the Seaport until the Via and Benjamin apartment towers at One Seaport Square hit the market in 2017.
Skanska also sees a selling point in the complex’s generous 24,000-square-foot ground-floor commercial space.
W/S Development of Newton will own the first-floor retail space and has already lined up New York burger chain Shake Shack as the first tenant. The remaining space will include at least one other food vendor, W/S Development Partner Richard Marks said.
W/S is also responsible for leasing 250,000 square feet of retail space at One Seaport Square, the $600 million residential and retail complex under construction across the street. Kings nightclub, Showcase ICON Theatre and Equinox fitness were the first three retail anchors. In addition, nightclub owner Ed Kane’s Big Night Entertainment has leased 21,930 square feet on three floors at One Seaport Square, the Boston Herald reported.
“We’re really trying to do a mixture of food and apparel and entertainment, fitness and service uses,” Marks said. “We’re trying to provide services people need and things that will accommodate residents, office workers and visitors.”
