Hang onto your hats, more changes coming to the neighborhood
A 5 acre mixed-use real estate development is in the works at Old Colony and Dorchester avenues. According to the Boston Globe, the owners of Castle Self Storage, the car wash, and repair shops in that stretch have partnered with Cottonwood group on a financing agreement. Cottonwood is the real estate investment firm behind the $1 billion EchelonSeaport.
As part of the deal, Cottonwood will provide $130 million in loans for the land, for debt, refinancing mortgages, and new acquisition financing for seven parcels. The owners plan to redevelop the land into housing, offices, hospitality or hotel space and…a life-science facility.
This part of the neighborhood is undergoing many big changes including the Iron Works lab and residential complex across Dorchester Avenue from Cottonwood’s site. Plus the old Cole Hersee building into an office and retail complex – home of Castle Island Brewing, Tatte Bakery, and the soon to open PKL.
Down the way, Core Development is in the process of developing On The Dot which includes four buildings of lab, residential, and other commercial uses. Also in this area is the Washington Village complex that is now under construction.
Pretty soon we’re not going to recognize this part of the neighborhood.