By Phil Orlandella
Developers of the Beverly Building at 101 Beverly Street are claiming the structure located on Parcel 1B in the North End is already for potential residency.
Located next to North Station, the Beverly Building will reportedly feature mixed use development. The building will contain 239 affordable and workforce housing units.
The company broke ground in 2016 after seeking out design approval and are currently in the final stages of the project.
The developer is looking to rent the 239 units based on Area Median Income (AMI) rates of the city.
The Greater Boston Area AMI is about $103,000 for a household size of two in the average household income in the North End is estimated at about $116,000. Apparently, the building is already well above the city’s Inclusionary Development Policy (IDP).
The third highest rents in the country are in Boston, reportedly just below San Francisco and Manhattan.
Marketing will start this summer with the developer hosting neighborhood meetings and reaching out to local employers, hospitals, schools, public and state agencies, and municipal workers to educate people on what is available for affordable housing near public transportation, North and South Stations.