A Houston-based developer will break ground on two major apartment projects — one in Boston, the other in Cambridge — by the end of the year as the rental market heats up in the Hub.
Hanover Co. recently finalized a $25.6 million purchase of a 4-acre site near the Alewife MBTA station where it will build a 398-unit apartment complex. The seller was Equity Office, which carved off a piece of the Cambridgepark Drive site it acquired last year for $81.5 million. With permits for the apartment project already in hand, Hanover expects to start construction next month.
"We like the access to transit at the Alewife station and the biotech and pharmaceutical activity that Cambridge is well known for," said David Hall, a Hanover executive.
Meanwhile, the company is expected to break ground this week on a 21-story tower with 369 apartments at Pier 4 — the first wave in a redevelopment of the South Boston restaurant property.
Hanover purchased a piece of Pier 4 on Northern Avenue for $24.6 million in May from New England Development, the Newton company that shelled out $48.7 million to the Athanas family for the entire waterfront property. Two other buildings will follow.
In Cambridge, Hanover will go up against three other sizable apartment projects in the Alewife area, including a 244-unit complex by Houston-based Hines right across the street at 165 Cambridgepark Drive.
"We certainly will compete with each other," Hall said, "but the projects are somewhat staggered."
The influx of apartment projects has raised concerns among North Cambridge residents about potential traffic and environmental impacts. Construction started on a 227-unit complex at the former Faces nightclub site on Route 2, as well as a 428-unit project on Fawcett Street called The Atmark, by Boston's Cabot, Cabot & Forbes and O'Connor Capital Partners of New York.
"We just think it's a superb zone for housing given the employment all around it," said Michael Boujoulian, a senior vice president at Cabot, Cabot & Forbes.
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