By Michael Coughlin Jr.
A project at 9 Geneva Street, which has received approvals from the Boston Planning & Development Agency (BPDA) Board and the Zoning Board of Appeal (ZBA), is on the market.
The approved project calls for demolishing an existing auto body shop at the site to build a five-story residential building containing 28 units, five of which are affordable. Regarding the unit mix, there are plans for four one-bedroom, 20 two-bedroom, and four three-bedroom units.
Additionally, the project is slated to include 16 garage parking spaces and plans for the project indicate space for bike storage and a dog run.
Nicoletta Longo, the listing agent and Team Leader of the Realty Boston Team, explained that the current owner does not have the bandwidth to build out the project.
Further, Longo indicated that the current owner initially contemplated selling the project before approvals but changed course.
“Now, it’s completely ZBA- approved, and it’s post-appeal period, so whoever takes it on at this point basically just picks up the permits and gets working,” she said.
As for how the potential sale impacts the final project, Longo mentioned that a buyer can make minor design changes. However, items like the unit count or the number of affordable units are set in stone unless the buyer goes through a whole new approval process.
“I would imagine that most people would want to just buy it and move forward,” said Longo.
Longo, who has sold two projects for this owner at 10 Geneva Street and 255 Maverick Street, said she had already submitted two offers to the current owner for this project.
Longo also did not foresee the project staying on the market for long, citing the lack of large, permit-ready projects available in the area.
She later guessed that the project would sell in the next 30-60 days and that construction would take around 12-18 months and another six months to sell out the building.
“I’d say within two years, you should have a fully built and sold project,” said Longo.
A press release detailing the potential sale prices the project at $4.895 million. For more information about the project, including floor plans and features, visit https://9geneva.com/.