The Future Development whose Rights were Just Sold for $23 Million
The Cambridge Real Estate market has continued to head news stories throughout the year and as we come to the closing of 2012, one more groundbreaking headline has come to fruition. The latest residential facility to be sold is the one that is to be built in Cambridges North Point. At $23 Million, the sale includes the rights to a future 15-story residential community that consists of 2.4 acres located specifically at 22 Water Street.
The national Real Estate firm based out of the Massachusetts town of Lexington known as Wood Partners are the new owners of this eventual establishment. With 392 studio, one and two-bedroom units soon to grace this site, residents will benefit from being across from the Museum of Science and next to the soon to be new Lechmere Green Line Station in 2017.
Initially the rights to this development was owned by Catamount Holdings LLC located out of the Massachusetts town of Lynnfield. In 2007, the project was envisioned to have condominiums designed by Symmes Maini & Mckee Associates out of Cambridge and this team will be working in close association with the architectural business known as Arquitectonica out of Florida.
It was not long ago when the project was changed to a rental-unit development and will have three buildings of 13, 14 and 15-storys including a 6-story main entrance. Construction is set to get underway in the Spring of 2013 and is due to give North Point the latest luxury residential complex that will attract an array of individuals to this area. Overall, $2 Billion in construction throughout the 45-acre North Point is planned for the upcoming years for residential, retail and commercial purposes and will further establish Cambridge as one of the more sought after locations to be in The Greater Boston Area.
More Information: Boston Business Journal
