For Immediate Release
October 17, 2011
For More Information Contact:
Mayor's Press Office
Today Mayor Thomas M. Menino joined Boston Redevelopment Authority Director Peter Meade, Kensington Investment Company, and Chinatown representatives to celebrate the groundbreaking on a new $170 million luxury high rise on Washington Street, located at the intersection of Chinatown, Downtown Crossing and the Theater District. The project will create more than 400 new jobs and is expected to open in summer 2013.
“This $170 million investment in the heart of downtown Boston is a sign of Boston’s continuing economic recovery and shows that the private sector has confidence in the Theater District market,” Mayor Menino said. “The Kensington joins more than 40 new businesses that have opened in the Downtown Crossing area in the last year and signals forward progress in the long term revitalization goals of this neighborhood.”
The 27-story tower will include 381 new rental housing units in a luxury building featuring clubrooms, a sixth floor open air heated pool with landscaped terrace, and a state-of-the-art fitness facility. The 488,000 total square foot building will have 4,000 square feet of ground floor retail space, including below market rental space for a local nonprofit, and space for Gaiety Theater artifacts. The project also includes 110 parking spaces.
“We want this building to represent the future of Boston design and sustainability. Complementing the Mayor’s smoke-free initiative, the Kensington will be smoke-free and designed to a LEED Gold Standard,” said Edward Lewis, Senior Vice President,” Kensington Investment Company.
As part of its contribution to affordable housing, Kensington Investment Company has provided more than $7 million to Hong Lok House, an affordable assisted living facility in Chinatown, which will provide 75 units of housing for seniors. Additionally, the company has committed $500,000 to the Boston Common Tree Fund managed by the Friends of the Public Garden, $50,000 toward the restoration of the Paramount Theater, and $600,000 to improvements to Liberty Tree Park and Boylston Square Way.
The development team includes Kensington Investment Company, National Development, and equity partner Northwest Mutual. The architectural firm is The Architectural Group.
The revitalization of Downtown Crossing/Washington Street has been a hallmark of the Menino Administration. Major nearby accomplishments include: the Paramount Theater, Boston Opera House, 10 West Street, Archstone Boston Common, and The Ritz-Carlton Boston on Avery St, which is celebrating its 10th anniversary this year.
About The Kensington
Private investment / Total project cost: $170m
Total square footage: 488,000
Number of jobs:
- Construction jobs: 400permanent jobs once built: 30
- Housing: 381 rental units
LEED Rating: Gold certifiable