The Kensington, a new $170 million high-rise apartment building, opened in Boston’s Chinatown Thursday, ensuring the future of the nation’s oldest and third largest historic Chinese neighborhood.
"A lot of people think that Chinatown isn’t going to survive," said Bill Moy, a moderator for the Chinatown Neighborhood Council. "With the help of the mayor and [Kensington Investment Co.], it will survive a long, long time."
The Kensington was originally approved by the Boston Redevelopment Authority in March 2011 and broke ground the following October. When it began, the building joined 40 other businesses opening that year, a marker of progress in the long-term revitalization goals of the neighborhood.
| To see more images of The Kensington, view Banker & Tradesman’s slideshow here. |
"Supporting Chinatown is really important to the Lewis family-it’s a great community," said Alan Lewis, the principal owner of Boston-based Kensington Investment Co.
Boston Mayor Thomas Menino said in a 2011 press release that the project in the heart of downtown Boston was a sign of Boston’s continuing economic recovery and that the private sector has confidence in the area.
As a condition of the project, the Kensington and its developer, National Development, also contributed $7 million to the Hong Lok House, which will provide 75 units of affordable assisted-living housing for seniors in Chinatown.
Located on the corner of Washington and LaGrange streets, blocks from the Chinatown archway, the 27-story building was marketed as the future of 21st century downtown living.
The Kensington boasts 488,000 square feet of apartment space and 381 lofts, one- and two-bedroom and penthouse units. Many units have already been leased, with around 100 people moving in on Thursday.
There is also 4,000 square feet of retail and office space, including 2,300 square feet on the ground floor.
Items from the Gaiety Theater, which was once situated on Washington Street before being torn down in 2005, have been preserved in a window display facing Boylston Alley and Washington Street.
Rental prices for open one bedroom lofts begin at $2,720, with one bedrooms starting at $3,115, or $3,560 with a den. Two bedrooms are priced beginning at $4,715 and penthouses start at $6,110.
