At a ribbon-cutting ceremony, Manager Jay Ash stood alongside Federal Realty Investment representatives, municipal officials, and community business leaders to mark the opening of Chelsea Place. This four-story, 56-unit apartment complex sits within Chelsea Commons. Councilor-at-Large Leo Robinson participated in cutting the ribbon.
Yesterday’s ceremony celebrated the completion of Chelsea Place, a market-rate residential development brought to the community by Federal Realty Investment Trust (NYSE: FRT). The four-story structure contains 56 units on what was previously an empty lot that had drawn ongoing complaints from adjacent property owners, now located behind Planet Fitness.
The building earns LEED Silver certification and incorporates substantial green features, including rooftop solar panels, throughout its construction and day-to-day operations. “We’ve taken another problem property and turned it into an asset for the community,” noted City Manager Jay Ash, whose tenure includes an established pattern of converting problematic sites into community assets. “This newest development on our skyline adds additional life into and enhances the vitality of Chelsea Commons, which was a once dormant shopping center that is now earning a great reputation as a lifestyle center, complete with welcoming residences and great places to shop, eat and play.”
The positioning of Chelsea Place within the 20-acre Chelsea Commons development illustrates Ash’s point regarding “lifestyle center”. The residential community features its own fitness center, community gathering space, and outdoor areas. Beyond the building itself, the neighborhood provides abundant attractions: three dining establishments, Planet Fitness, a year-round skating rink within a public park, and one thousand feet of creekside pathways offering Mill Creek views plus additional retail and restaurant options. This combination of amenities makes Chelsea Place appealing to young professionals, families, and empty nesters alike.
“As great as the new living space is, the area is every bit its equal,” Ash stated with enthusiasm.
The pet-friendly complex provides 42 covered parking spaces and 42 uncovered spots. Units range from one to two-plus bedrooms, spanning approximately 700 to 1,100 square feet. Residents enjoy open-concept kitchens featuring high-end stainless steel appliances, granite countertops, custom cabinetry, in-unit washer/dryer, and bedroom walk-in closets.
“We want to thank the City of Chelsea for making the development as smooth as possible which allowed us to maintain our schedule,” declared Brian Donley, Director of Development for Federal Realty.
Modular construction techniques accelerated the timeline significantly—just 14 months from initial concept through occupancy. This method produced advantages including reduced construction waste, improved quality oversight, weather protection throughout most phases, and superior sound isolation between units compared to conventional stick-built residential construction.
“We are very excited to see this opportunity come to fruition so quickly while still creating such a high quality product,” explained John Hendrickson, COO of Federal Realty’s Northeast portfolio. “We were able to take an underutilized piece of our property and transform it in an innovative way that meets the needs of the community and creates significant value over the long term.”
FRT operates as an equity real estate investment trust focused on acquiring, operating, and developing high-quality retail properties. The company’s portfolio (excluding joint venture holdings) encompasses approximately 20 million square feet predominantly across strategic markets in the Northeast, Mid-Atlantic, and California regions.
Federal Realty engaged Cambridge-based Oaktree Development alongside Keiser Homes and Tocci Building Companies as construction partners. Oaktree’s proprietary modular system, GreenStaxx, delivered pre-designed, pre-engineered residential unit “stacks.” Keiser fabricated these units in Maine, which were subsequently transported and installed on site by Tocci.
“The City has enjoyed a tremendous partnership with Federal Realty,” Ash concluded. “The opening of Chelsea Place is a great example of how a public-private partnership can work. Federal Realty’s investment in our community supports Chelsea’s continued revitalization. Chelsea Place adds another special aspect to Chelsea Commons, and it will strengthen an already strong housing market here in Chelsea.”
Additional information regarding leasing and the project is available at www.LiveAtChelseaPlace.com or through Destiny Real Estate Management, the building’s exclusive leasing and management agent, reachable at 617-576-3800.