Development Watch: 238 Atlantic Avenue

The redevelopment of the former BP station at 238 Atlantic Avenue, which the current owners paid $9,750,000 for back in 2007, is heading into Phase 2. With 5 1/2 stories already framed out and most of the facade completed on the first building along Pacific Street, the cranes arrived last week with the vertical girders for the next part of the project, according to a tipster. Because of height limits, no part of the project will exceed six stories; a total of 55 residential units are planned for the building.
Development Watch: 240 Atlantic Avenue Revisited [Brownstoner] GMAP P*Shark
Development Watch: 240 Atlantic Avenue [Brownstoner]

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Rentals? $9.75M seems cheap for such a big site. If they got over on construction costs, maybe they can undercut the market with low priced units and come out ahead. Likely not the case though.

***Bid half off peak comps***

Posted by: Brownstones Half Off at January 21, 2009 2:35 PM

I'm assuming this must have some massive retail space or a bunch of little stores. If it's the entire ground floor though, we're talking 25,000 SF plus retail. Any ideas for who might be coming?

Posted by: Shoots and Leaves at January 21, 2009 4:10 PM

Great news. This corner has been a dead zone for far too long.

Posted by: 11201 at January 21, 2009 4:37 PM

i've been looking at the concrete hole for over a year from my apt. thank god things are finally moving along. does anyone know what the story is on the lot next door on atlantic with the other open foundation? no movement there since the summer.

Posted by: martis at January 21, 2009 5:27 PM

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January 21, 2009

Development Watch: 238 Atlantic Avenue

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