Factory-63
Factory-63

Location

Boston, MA

Asset Size

38 units, Ground floor retail

Date Acquired

January 2017

Deal Notes

Located in Boston’s Fort Point neighborhood, a dynamic location between the Financial and Seaport Districts, 63 Melcher Street was once an historic factory that was later a part of the vibrant Fort Point arts community. Jones Street’s expertise allowed 63 Melcher Street to be released from an historical tax credit structure before the full completion of its recapture period, clearing a path toward the Property’s highest and best use as a condominium project. Jones Street engaged local community groups and pioneered a unique community partnership model that is expected to serve as a blueprint for future development in the City of Boston. Repositioned as luxury condominiums while also bringing life to the ground floor with a commercial tenant, Jones Street is now embarking on the sellout of the units and expects to achieve total returns of ~1.75x of invested equity and a ~30% IRR in about two years of ownership.