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A potential multifamily development site across from South Boston’s former Edison power plant was acquired by a Connecticut developer this week for $19.4 million.
A listing by Cushman & Wakefield described the 571 East 1st St. property as a “tremendous value-add and large-scale multifamily development” site, with Greyhound operating a garage and storage lot under a short-term lease. The 1.4-acre property is zoned for approximately 173,000 square feet of multifamily development by right.
Stamford-based Twenty Lake Holdings acquired the property and received $24.5 million in mortgage financing from ConnectOne Bank on Jan. 24. The seller was FirstGroup Services.
The property is across the street from the Edison plant redevelopment, previously known as L Street Station and recently rebranded as 776 Summer.
Hilco Redevelopment Partners recently received final approval and financing for the first phase of its 1.7 million-square-foot mixed-use project.
Editor’s note: This report has been updated to correct the name of the brokerage that represented the seller.
