Another major apartment developer is aiming at the suddenly hot northern reaches of East Boston.
Gate Residential, which has recently built high-profile housing developments in Quincy Center, Chelsea, and Revere, told the Boston Planning & Development Agency on Friday that it wants to put a two-building apartment complex with roughly 300-units on what is now a 3.25-acre parking lot along McClellan Highway near Orient Heights.
It’s the latest project in the works along a stretch of East Boston and Revere that has good access to the MBTA’s Blue Line and features relatively affordable land costs. Developers are betting they can attract young renters who have been priced out of housing in downtown Boston.
HYM Investment Group recently bought nearby Suffolk Downs, with plans to build a massive mixed-use development. The track’s owners are also selling Wonderland, probably to a housing developer. Several smaller apartment projects are also in the works nearby.
On McClellan Highway, Gate believes there’s an opportunity to turn what’s now a rental-car lot into an extension of the nearby residential neighborhood, said principal Damian Szary.
“It’s an interesting site. It abuts an old mill area and a lot of industry,” he said. “But it’s also close enough to Orient Heights that we feel it can become part of the fabric of that neighborhood.”
Gate has been meeting with neighbors about the project for several months, Szary said, and intends to file more detailed plans with the development agency by the end of September.
The company would like to break ground by late 2018, he said.Tim Logan can be reached at email@example.com. Follow him on Twitter at @bytimlogan.