Melcher Project completes raising EB-5 financing
Boston-based regional center, EB-5 Jobs for Massachusetts (EB5MA), has successfully funded its most recent real estate project using EB-5 capital from foreign investors. The Melcher Street Project, located at 49 Melcher Street, is a restoration of a currently vacant, five-story historic building in the Seaport District of Boston.
About the Project:
Real estate developer, CRE Management, is transforming the space into 21 residential lofts, two floors of restaurant space, and two commercial office units, while preserving the rustic wood beam ceilings and historic nature of the structure. The apartments in the renovated 49 Melcher Street in South Boston's Fort Point are expected to be available this fall.
Reportedly, a 140-seat French bistro called Bastille Kitchen is setting up in the lower levels of 49 Melcher. This restaurant, from Mistral co-owner Seth Greenberg, will cost $3.5 million, be 8,500 square feet, and include a 70-seat private dining space. Up until this revitalization, Melcher Street was mostly a side street just off the Seaport District, a throughway to the surrounding Innovation District.
That is changing as the entire Fort Point area is experiencing quite the revitalization. This development joins other entrants along the street – the 94,220-square-foot commercial building at 51 Melcher and a 38-unit at 63 Melcher with 23 innovation units. There is a push by area developers and brokers to nickname the area “M Block” (think MeatPacking District from New York). The aim is to denote the block as desirable and hip to the 18-35 age demographics.
- As of July,2013
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