CHELSEA, Mass., July 9, 2013 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) announces completion of Chelsea Place, a four story, 56 unit apartment complex on less than an acre of formerly underutilized land at the Trust's 221,000 sf Chelsea Commons Shopping Center located just minutes from downtown Boston. The residential development moved from concept to occupancy in only 14 months. The use of modular construction compressed the timeline and resulted in less waste, greater quality control, no exposure to the elements during most construction, and much better sound attenuation between the units than traditional stick residential construction. The building is LEED Silver certified and will include solar panels on the roof to power a portion of the building's common areas.
Federal Realty selected Cambridge-based Oaktree Development, Keiser Homes and Tocci Building Companies to construct this project. Oaktree's patented modular system, GreenStaxx, provided pre-designed and pre-engineered multi-level 'stacks' of residential units which were then constructed by Keiser in Maine. These units were then shipped and erected on site by Tocci to complete the building.
Chelsea Place, located at 1016 Revere Beach Parkway, is pet-friendly and includes a community room, fitness center and outdoor gathering area, as well as 42 covered and 42 uncovered parking spaces. The complex includes one, two and two-plus bedroom units ranging from approximately 700 to 1,100 sf. Each unit provides an open-concept kitchen with high-end stainless steel appliances, granite counter tops and custom cabinets, in-unit laundry, as well as walk-in closets in bedrooms. Units are available for immediate occupancy with information at www.LiveAtChelseaPlace.com or by contacting the building's exclusive leasing and management agent, Destiny Real Estate Management at 617.576.3800.
"We are very excited to see this opportunity come to fruition so quickly while still creating such a high quality product," said John Hendrickson, COO of Federal Realty's Northeast portfolio. "We were able to take an underutilized piece of our property and transform it in an innovative way that meets the needs of the community and creates significant value over the long term."
"We want to thank the City of Chelsea for making the development as smooth as possible which allowed us to maintain our schedule," said Brian Donley, Director of Development for Federal Realty. A ribbon cutting ceremony will take place on Wednesday, July 10th at 11am, followed by a tour of the building with Mr. Donley.
"The City has enjoyed a tremendous partnership with Federal Realty," said City Manager Jay Ash. "The opening of Chelsea Place is a great example of how a public-private partnership can work. Federal Realty's investment in our community supports Chelsea's continued revitalization. Chelsea Place will bring additional vitality to Chelsea Commons and strengthen an already strong housing market here in Chelsea."
About Federal Realty
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 95.1% leased to national, regional, and local retailers as of March 31, 2013, with no single tenant accounting for more than approximately 3.2% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 45 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT. For more information please visit www.federalrealty.com.
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SOURCE Federal Realty Investment Trust