Purchased lot marked orange. Image courtesy of the 195 Redevelopment Commission
By Sam Wroblewski 630wpro.com
The 195 Redevelopment Commission announced Tuesday the sale of parcel of land to a developer to build apartments geared towards college students.
PPC Land Ventures purchased a 1.25 acre plot of land officially known as the LINK for $2.7 million to build a six story, 240,000 square-foot apartment building capable of housing 500 people. The total cost of the project is estimated to be $50 million and create 150 construction jobs and ten permanent jobs.
“The Commission is delighted that the first proposed project in The LINK is of significant scale and will be the first of many projects that will reactivate the former Interstate 195 parcels,” said Commission Chairman Colin Kane in a statement.
The sale marks the first purchase of LINK land since the 195 Commission was created in 2011 to deal with the sale and marketing of the land to developers.
During his show, WPRO’s Dan Yorke questioned the impact of the new development.
“Now I’m not taking pot-shots at the efforts being done by the 195 Redevelopment [Commission], but seeing that we have a 500 bed apartment complex coming down to impaired land tells me that is a slow-go,” said Yorke.
Construction of the apartment complex is expected to begin in the late-summer of 2015.
