Lynn’s foray into market-race attention has caught the attention of one of Boston’s foremost magazines for commercial, industrial and real estate news.
The article in this week’s publication delves into construction of two massive housing units — one near completion and the other in the planning stages.
The almost-finished one, the Caldwell Apartments, is on a lot between Munroe and Oxford Streets. Constructed by Procopio Companies of Lynnfield, the high-rise, said article author Steve Adams, “is testing the market for amenity-rich construction, with rents to match, with one-bedroom units starting around $2,000 a month.”
Michael Procopio of Procopio and Cos. is also banking on another downtown prospect with plans for a 300-unit apartment tower on a pair of land parcels on Washington Street that he acquired in April despite the COVID pandemic entering its most dangerous phase in Massachusetts.
The magazine said Procopio is counting on the pandemic having abated during the three-year permitting and construction period.
The magazine said that Lynn has emerged as a hotspot for new housing construction as multifamily developments spill from high-end boston locations to inner suburbs. More than 2,000 units are in pre development along the waterfront, where a 331-unit apartment complex is nearing completion in early 2021 on the site of the former Beacon Chevrolet dealership property.
