B
oston Residential Group (BRG) has secured $90 million in financing to develop 55 India Street, a prime site on Boston's Greenway. The project involves building a 12-story condominium tower with a glass facade, featuring 29 units, including five affordable artist lofts, and outdoor space. A 4,000 square foot restaurant will occupy the street level, accompanied by 30 owned parking spots.

    The development plan was submitted in 2019 but put on hold due to the pandemic. BRG's president, Curtis R. Kemeny, expressed enthusiasm for moving forward with the project, which includes providing home ownership opportunities for artists. He noted that market conditions have improved since Covid-19, and downtown Boston's condominium market is undersupplied.

    Construction financing comes from Bank OZK's Real Estate Specialties Group, while mezzanine financing is provided by Hickory CRE. The project, designed by Hacin Architects, will occupy a site originally part of Charles Bulfinch's India Wharf project. Kemeny stated that the building reconnects the Custom House Tower with the Greenway and waterfront, completing a long-planned vision for the area.

    The development is seen as a key step in enhancing the residential character of downtown Boston's waterfront market, aligning with Mayor Wu's agenda to spur residential growth in the commercial section.