Melrose development rock solid

Wood Partners is betting big on Melrose and so far it's paying off.

The first two buildings of the developer's 212-unit Alta Stone Place are 98 percent leased — with 67 units rented — and pre-leasing has just begun on two others, one a 93-unit building carved out of the historic brick factory built in 1881 for the Boston Rubber and Shoe Co. founded by sneaker pioneer Elisha Converse. The renovated factory will open in January. Three of the buildings are new construction, including the 52-unit D building pre-leasing for October.

Wood is planning to add 88 more units to the complex in a new building separated from the factory building by Marty's Furniture.

And across the street, the Atlanta-based developer is breaking ground next week on a 94-unit self-contained apartment complex.

"Melrose is a fantastic residential community with a small-town feel, and we're happy to have more opportunities to build here," said Steven Azar, a development associate in Wood's Boston-area office. "Renovating a historic building really gives Stone Place the kind of character you don't always see in apartment complexes."

The project has luxury amenities including an outdoor pool and patio with grilling stations. There's a full fitness facility with a yoga studio. A clubroom has lots of couches as well as a pool table, and an adjacent cafe.

Prices for the new units start at $1,626 for 552-square-foot studios, one bedrooms from $1,795 to $2,192, two bedrooms starting at $2,483 and 10 three-bedroom units for about $3,400 a month. Each apartment comes with one free outdoor parking space, and covered parking is $50 a month.

"We're attracting a wide range of renters, from those working in the Financial District downtown, local empty nesters and even some young families sending their children to school in Melrose," said Alethea Barrette, northeast regional property manager of Wood Residential Services.

Model unit 1-205, a 1,115-square-foot two bedroom, two bath renting for $2,620, features a kitchen with espresso-stained cabinets, light-colored granite counters and Whirlpool stainless-steel appliances. There's a large, carpeted living/dining area. The carpeted master bedroom suite has a walk-in closet­ and bathroom with a quartz-topped wood vanity and white subway tile around a soaking tub. The second bedroom is good-sized, with a bathroom across the hall with a tiled walk-in shower.

Wood is also building 973 new apartments in Alta complexes in Wakefield, Watertown, Cambridge and Hopkinton. Barrette says pre-leasing is strong, with the 155-unit Alta at the Estate complex in Watertown already 69 percent rented.

"There's a real need for quality housing in the Boston area," said Barrette. "And developers who pay close attention to design details, amenities and pricing­ will do well."

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