Someone paid a premium to get One Canal Park, and there are updates on 1,038 more apartments
An unnamed life science developer paid $130 million for One Canal Park in East Cambridge on July 10, according to the Bldup real estate tracking platform. The price is striking because Intercontinental Real Estate paid around $72 million for the building five years ago, part of the $304 million that it cost to snatch up Two Canal Park and Ten Canal Park at the same time.
The “life science developer” could be any number of companies familiar to Cambridge, from Alexandria Real Estate Equities and BioMed Realty to King Street Properties, which is putting up lab space in the Alewife area – or it could be someone else. Whoever it is hasn’t bought just a 30,400-square-foot lot with office space; the ground-floor component of the 100,000-square-foot, four-story building includes the Tahaza Hummus Kitchen and a Blaze Pizza franchise, as well as space where Haute Coffee used to be, and is next to the massive CambridgeSide mall redevelopment, which will eventually bring even more ground-floor amenities to the area. (After a no-doubt painful period of construction.)
In other development news:
- A mixed-use project in Somerville called Edge Assembly Square was sold this month for $36 million to a South Carolina developer, according to Bldup. What’s going up at 74 Middlesex Ave. is an 18-story building with just under 500,000 square feet of office, lab and research and development space, along with 27,000 square feet of retail uses and below-ground parking for as many as 350 vehicles. Who wants the cash more than this cash cow? The seller is Edward Doherty’s Kems Corp., a name worth remembering …
- … Because Kems is also the seller this month of 44-unit apartment building under construction at 95 Fawcett St., in the Cambridge Highlands between Alewife and Fresh Pond. The Grossman Companies of Quincy picked up the building for $20.4 million in a transaction Bldup reported Tuesday.
- Close by, foundation work is wrapping up at 55 Wheeler St., which will bring 526 apartment residences across three buildings, Bldup said Tuesday. The Redgate and Westbrook Partners project was controversial in 2019 because of the large number of trees that would be taken down to allow for construction – a theme forced on Cambridge as relentlessly as construction itself.
- Back closer to One Canal Park, there’s been a topping-off ceremony signaling the wrap-up of raw construction on a 468-unit building at 151 N. First St., in North Point’s Cambridge Crossing development. With the last beam in place, construction on the so-called Park 151 building enters a new phase, with the “residential landmark on the park” expected to be open to tenants in the fall of 2022. Bldup reported Thursday on the topping-off.
This post was updated July 30, 2021, with a corrected address and the specific number of units coming to the Park 151 building.