Image courtesy of DMS Design

Cambridge-based Urban Spaces is seeking to develop 90 apartments in the next phase of a mixed-use project that’s been transforming the First Street corridor across from the Cambridgeside property.

The $50-million project at 75 First St. proposes a 6-story, 60,270-square-foot apartment building including ground-floor retail space.

The project is part of a mixed-use development on the west side of First Street, including office, retail and multifamily buildings. The proposed building would occupy a 0.6-acre site at the corner of First and Spring streets, replacing two commercial buildings, including the David’s Shoes on First store.

Urban Spaces estimates rents of $4.50 to $6.10 per square foot for the apartments and $55 to $75 per square foot for 3,600 square feet of retail space, according to application materials submitted to the Cambridge Planning Board. To comply with Cambridge’s inclusionary housing ordinance, 20 percent of the apartments would be income-restricted.

An existing 142-space underground garage at 21 Charles St. would include 47 parking spaces reserved for the project.

Urban Spaces is targeting approvals by October 2023 and completion in May 2025.

Previous phases of the project included the Axiom and Flats on First apartment buildings and an office building at 121 First St.

90 Apartments Proposed Near Cambridgeside

by Steve Adams time to read: 1 min