This is a guest post from Gretchen Chingris about the grand opening event for 305 Microlofts at Commoncove.
Below is the press release about the newest micro lofts to come to the Chelsea, MA area.
Boston-area developer Kevin Saba, co-founder of Commoncove, one of the Boston area’s first co-work spaces, today announced the Grand Opening of 305 Microlofts at Commoncove, a new residential development overlooking the Admiral’s Hill Marina on the Chelsea waterfront, a stone’s throw from the Mystic Brewery, featuring nine (9) new construction microloft apartments for sale with prices starting at $200,000. The Grand Opening will begin with a public open house and barbecue event on Friday, September 11, 2015 from 3:00 PM to 6:00 PM, and will continue throughout the weekend with open house events Saturday, September 12th and Sunday, September 13th from 12:00 noon to 3:00 PM both days.
305 Microlofts at Commoncove is located right above the Commoncove co-work space which launched in 2013 at Chelsea’s Admiral’s Hill Marina to offer mobile knowledge workers affordable shared workspace. Each of the nine (9) units features flexible-space living area and high end, though sensible finishes, including a full kitchen with custom-sized stainless 4-burner range with oven, dishwasher, and Fisher & Paykel refridgerator, granite countertops, wide plank floors, and built-ins. Each apartment has air conditioning, outdoor deck space and parking.
“305 Microlofts at Commoncove is an idea whose time has come — an exciting next step in the development of a larger concept built around the sharing economy,” Saba said. “Combining co-work space and high quality modest-sized living space at one location not only enhances the value of each, it introduces something new and unique that many people want and need.”
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Waterfront Micro Lofts Under 500 Sq. Ft. in Chelsea, MA
Images © 305 Micro Lofts
Currently there are about a dozen traditional apartments under 500 square feet on the market for sale in the Boston area’s best residential neighborhoods, including bedroom communities like Somerville, Cambridge, and Brookline. Only two (2) of those are priced at $300,000 or less. The average price for apartments of this size is approaching $400,000 and over $800 per square foot. Typically such apartments are in dated, mid-rise apartment buildings or were “shoe-horned” out of leftover attic or basement space in legacy single and multi-family homes.
By comparison, the nine (9) mint condition condos at 305 Microlofts are an incredible value. Said Saba, “Boston area developers are still fashioning apartments out of old buildings from the turn of the last century. I like old-world charm as much as anybody. But the cost of city living in Boston keeps going up, and people are adjusting. They’re simplifying, and re-sizing their lives. There aren’t enough high quality apartments out there for people who need less space. Much of what is out there happened by accident, and what we’re building at 305 is intelligently designed, high-quality, affordable living space created expressly for those people,” he said.
Clearly there is a burgeoning interest in micro-apartments, but the City of Boston currently doesn’t allow the construction of apartments under 450 square feet, except in the Seaport District. So for Saba, bringing nine (9) micro-lofts to market is about more than just selling condos.
“This development is part of a broader, more serious conversation about the efficacy of creating smaller living spaces,” he said. “What we’re doing can’t be done in of Boston right now, except in the Seaport, and what’s being built there is for rent, not for sale. So we’re doing this just on the other side of the Harbor, in Admiral’s Hill, Chelsea, at a price people can afford. It actually costs less on a monthly basis to buy than it costs to rent comparable space in the City. So we’re inviting everyone — not just buyers, but developers, elected officials, community leaders and stakeholders — to have an opportunity to see the space and the apartments, and to see that this really works,” he said.
According to a recent Boston Globe story, Chelsea’s 02150 is the new “it” zip code. For people who have known about Chelsea for a long time, this feels like déjà vu all over again. During the last run up in the real estate market, home prices in neighboring Somerville, Cambridge, and Charlestown, made Chelsea a considerably more attractive and affordable alternative place to live without giving up proximity to downtown or the airport. Now it’s happening again. Chelsea is ideally located just on the other side of the Harbor, minutes from the airport and downtown Boston, has a commuter rail that is one stop to North Station, and the Silver Line is coming to Chelsea in the not too distant future.
Saba said, “We started Commoncove and are now building 305 Microlofts because we believe in the bright future of both Chelsea and the sharing economy. Chelsea is heating up again, we have a co-work space, microlofts coming, we have Zip cars in the parking lot; Uber, Lyft, and Air B&B, are all achieving increasing acceptance in the market, and people in cities all over this country, from San Francisco and Portland, Oregon to Des Moines, Chicago, and New York, are embracing the idea that the more we share, the more we have. Boston isn’t quite there yet, but with forward thinking, early adopting communities like Chelsea leading the way, we’ll get there.”
Images © 305 Micro Lofts
Learn more: http://www.305microlofts.com/
Our big thanks to Gretchen Chingris of Weichert Realtors – Metropolitan Boston Real Estate for sharing this press release with us!
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