SOURCE: GFC Development Corp.

GFC Development Corp.

January 07, 2016 08:30 ET

GFC Development and 28-30 B Street Acquisitions LLC Breaks Ground on Five-Story, 32-Unit Residential Building

New Arya Condominiums Located at 30 B Street in South Boston

SOMERVILLE, MA and WESTON, MA--(Marketwired - January 07, 2016) - GFC Development Inc. ("GFC"), one of Boston's leading general contractors, real estate developers, and real estate investment firms and the sponsors of the 28-30 B Street Acquisitions LLC, announced today that it has broken ground on a new, five-story, 49,000 sq. ft. residential condominium project called ARYA Condominiums located at 30 B Street, South Boston, Massachusetts. The proposed project includes the demolition of three existing structures and the construction of a five-story building that will house 32 contemporary condominium units and 33 parking spaces. The development team expects to have the building completed in February 2017.

ARYA Condominiums' desirable B Street location coincides with a major redevelopment initiative of the South Boston Waterfront and Broadway Square/Broadway Village area. The initiative began under former Boston Mayor Thomas Menino, in cooperation with the Boston Redevelopment Authority (BRA), and continues with the city's present-day Mayor Marty Walsh.

Charles Aggouras, president of GFC and managing partner of 28-30 B Street Acquisitions LLC, said, "We have worked closely with the BRA, the Mayor's office and Dartagnan Brown, principal of EMBARC Studios of Boston, on plans for a 32-unit luxury condominium complex that will serve the growing housing demands in this vibrant neighborhood. Our team is excited to enter the construction phase, and participate in the continual revitalization of South Boston."

The project site on B Street is situated in close proximity to public transportation, including the MBTA Broadway Red Line Stop, a bike sharing system, local bus routes, and Zipcar service. Units will range from 1 to 3 bedrooms with European, contemporary finishes and a private deck space. The Penthouse units will have exclusive-use private decks facing the Boston Skyline. Amenities for residents will include a covered garage for off-street parking, bike storage, and walking access to the Broadway Red Line MBTA and nearby SOWA (South of Washington Street) area of the South End, home to dozens of art galleries, retail shops, an open market, and restaurants, and the Ink Block complex, including Whole Foods.

The ARYA project team includes Hawthorne Commercial Construction, LLC; Enterprise Bank; Stephen Smeke, principal of GoldCoast Commercial Mortgage; Lirgris and Associates; Bernkopf Goodman LLC; McDermott, Quilty & Miller LLP; architect and design firm EMBARC Studio; and Back Bay Properties Corp. Interested buyers should contact Eric Hersum, principal and real estate broker for Back Bay Properties Corp., at 617-728-7200 for presale information.

About GFC

GFC Development Inc. is one of Boston's most relied upon general contracting, real estate development and real estate investment firms. Built on the highest standards of excellence and a strong commitment to the community, GFC utilizes the local talent of acclaimed architects and designers, its own fully-licensed and pre-qualified general contractors, and an experienced management team to build, design and construct a wide variety of real estate projects. Since 1994, the principals of GFC have collectively managed over 100 sites. For more information, visit www.gfcdevelopment.com. See also @GFCInc on Twitter and Facebook at https://www.facebook.com/GFC-Development-Inc-159460664071352/.

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