LYNN — The developers behind downtown Lynn’s newest apartment complex wanted to create a building geared toward the urban lifestyle.
For the Lynnfield-based Procopio Companies, that vision grew out of conversations around what it meant to live in a walkable, urban downtown, which includes a commuter rail, restaurants, coffee shops, and grocery and retail stores, co-owner Michael Procopio said.
“Does that mean smaller units and more amenities?” said Procopio. “That’s more of an urban conversation like what you would see in Boston and New York.”
Although the development team drew inspiration from those urban markets, the vision for its 10-story apartment building on Munroe Street, which will also feature ground-floor commercial space, ultimately came from what its design team, Peabody-based DMS Design wanted to see there, Procopio said.
“We had a pretty clear vision of an efficient, urban lifestyle built around the train and the shops downtown and that’s what we got,” said Procopio.
What resulted from these conversations is a “first-of-its-kind” for Lynn, a $90 million high-rise luxury apartment complex in the heart of the downtown, a project that EDIC/Lynn executive director James Cowdell has called the “largest investment” he’s seen made in the city during his lifetime.
The building, dubbed Caldwell apartments, consists of 259 market-rate units priced on average in the mid-$2,000s. Ninety of those units, or those on the first four floors, will be available for residents by the beginning of November. The remainder of the one- and two-bedroom apartments will be available by the end of the year, Procopio said.
“It always feels good to close out a project and start leasing,” said Procopio. “It was a challenging build. It was challenging with COVID and the things we had to do mid-stream because of that. All things considered, we’re in a good spot.”
Like other urban projects, Procopio Companies and its leasing company, Greystar, which took The Item on a hardhat tour of the building last Friday, are banking on the building’s location and its desirable amenities, which they believe will serve as selling points for potential tenants.
When the first phase of tenants begin to move in next month, they will have access to the first-floor fitness center, which will feature a rock climbing wall to go along with standard exercise equipment, co-working and lounge spaces, pet wash (dogs and cats are allowed with an extra fee), a bike repair shop, and a parking garage, Procopio said.
The club space and amenities on the sixth floor will be turned over three weeks after the first phase, or the initial move-in period, and the 6,000 square-foot rooftop deck, which is set to feature a pool, cabanas, fire pits and sky lounge, will be completed by the end of the year.
“It’s too late to use any of that stuff anyway,” said Procopio of the rooftop amenities. “We believe in Lynn strongly so we’ll get it leased up and springtime will really tell. It will give the full feel of what it is. In the meantime, we still think it will be an awesome place for people to live.”
Each unit is equipped with its own washer and dryer, which are located in the bathroom of the smaller one-bedroom units. But some tenants may be more excited about the personal butler feature that is built into their monthly rents.
With that “Hello Alfred” feature, tenants can choose to have the personal assistant assigned to the building come and tidy up their apartments, bring in their groceries and complete their dry cleaning, said Procopio, noting that it’s something the team saw that was popular in other buildings.
“It’s a pretty cool feature,” he said. “People like it. Frankly, people live in these buildings for the convenience. It makes it feel like a community.”
Another urban-inspired aspect is the automated parking system that maximizes the amount of cars that can fit into a compact space in the building’s underground parking garage.
When future tenants pull their cars into the garage tray, the stacker system takes the car and puts it on a shelf, which provides the ability to fit 50 cars in nine parking spaces. That “high tech” system is all over Boston and New York City, but is unique in terms of what people are used to seeing in Lynn, Procopio said.
However, some tenants may be deterred from the monthly parking fee of $100 that comes with that on-site parking option, and may instead choose to park in the nearby MBTA garage, which costs $35 per month.
Citing the MBTA’s planned $33 million renovation of the Lynn commuter rail and garage, which is expected to be complete by 2023, Procopio said the development team thinks it can capitalize on that project for tenants who desire parking.
“I don’t think there’s a concern with (there) not being enough parking,” said Procopio. “That’s not an abnormal ratio for us with an urban building like that. Downtown, we think that’s the right amount.
“If people want parking, they can pay for it. If they don’t want to, they don’t have to. (That) creates a better lifestyle,” he said, explaining that tenants can also take the train, bus, use a ride-sharing option, or ride a bike to their destinations.
Although the two-bedroom units are expensive, because there are not a lot of them, Procopio asserts that the studios and one-bedroom apartments are “very competitive,” in terms of their cost compared to Revere Beach and Somerville.
For example, the entry point for one of those units is under $1,900, which Procopio said is a discount compared to those to other markets. Overall, apartments range from $1,865 to $3,175 and are priced on average in the mid-$2,000s.
“I think people are going to come here and compare living on Revere Beach, and (they’re) going to be really attracted to what Lynn has to offer,” said Procopio. “We built a beautiful building there, but I think people would be drawn to the location.”
