Rendering of previously approved One Mystic. Image courtesy of Stantec

A “significant” change in housing demand and economic conditions prompted a Newton developer to reduce the size of a planned $300 million residential tower near Sullivan Square in Charlestown while adding 221 for-sale units.

Fulcrum Global Investors received approval from the Boston Planning & Development Agency in September 2023 for a 503-unit, 22-story apartment tower known as One Mystic.

The development team is now planning to include 221 for-sale condominium units, while reducing the building’s size and height. The new version calls for an 18-story building with 423 total units, according to a project change notice submitted to the BPDA.

The project would replace a group of industrial parcels on a 1.4-acre site at the intersection of Mystic Avenue and Sherman Street.

In 2023, the BPDA approved its PLAN: Charlestown document which allows higher-density development in the Rutherford Avenue corridor. The planning study took place amidst growing demand for redevelopment of industrial parcels for office, lab and multifamily projects.

One Mystic received $25.8 million in bridge financing from Needham Bank in June 2024.

The proposed changes would reduce its overall square-footage from 407,434 to 360,534 square feet and “significantly reduce” its effects on the neighborhood, Fulcrum CEO Scott Brown wrote in a notification letter.