Boston – Trinity Financial, Inc. and Apartment Investment and Management Company (“Aimco” (NYSE: AIV)) announced today that they have entered into an agreement with the Massachusetts Department of Transportation to construct a $190 Million, 12-story building at One Canal Street in the historic Bulfinch Triangle neighborhood of downtown Boston.
Located near TD Garden, one block from North Station and adjacent to the historic North End, the project, known as One Canal, will include 310 units of housing, 147 parking spaces, and ground-floor retail that is designed to accommodate a supermarket. The project will be built on Massachusetts Department of Transportation Parcels 2A, 2B and 2C under a 99-year ground lease. The project is Trinity’s second development to commence construction in the Bulfinch Triangle and will add to the vitality and energy of the revitalized neighborhood that marks the northern terminus of the Rose Kennedy Greenway.
Under the terms of the agreement, Trinity and its experienced development team will be responsible for the construction of the building, which Aimco will own and operate after its completion. Terry Considine, Aimco Chairman and CEO, comments, “We have a high regard for Jim Keefe and Patrick Lee, the principals of Trinity Financial. We admire, in particular, their success in the construction of the neighboring Avenir property. We look forward to the opportunity to work together.”
“MassDOT is pleased to partner with Trinity Financial on this exciting development,” said MassDOT Secretary and CEO Richard A. Davey. “With the completion of the Central Artery Project the downtown Boston area is attracting new residential and business opportunities like this and transforming the face of the City.”
“We are thrilled to be able to announce that the project is moving forward,” said Abby Goldenfarb, Vice President of Trinity. “The West End and North End communities have been looking forward to construction for over a decade and we appreciate their support and patience as we worked through a number of complex challenges to get this project underway.”
The project, which involves construction spanning the MBTA Orange and Green Lines and the Central Artery, is designed by ICON architecture and will be built by John Moriarty & Associates. Goldenfarb said that they expect to see construction vehicles on the site by early next week. A formal groundbreaking event is being planned for later in the fall.