By summer, Avalon Exeter, the final residential building at the Prudential Center, will be finished. However, this spring the first eager residents already moved in.
“We had strong response to this building, it was 30 percent pre-leased before building began,” says David Gillespie, a senior development director at parent company AvalonBay Communities, which also owns and manages the Prudential Center’s other three residential towers: The Boylston, The Fairfield, and The Gloucester. “When people can actually see the apartment they’re renting, we expect a big bump in leasing activity.”
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While people were eager to slap cash down and wait for a home in this luxury building, the location clinches the deal: Homes in the Back Bay virtually sell themselves.
“People paid deposits and were waiting for this building, which is the only new construction in the Back Bay. Our buildings are our only competition,” Gillespie says. “But the location sells. People want a Back Bay address.”
At a construction cost of around $100 million, Avalon Exeter is AvalonBay’s first luxury apartment development in Boston. Overall, the Prudential Center residential development adds 1,000 apartments to the Back Bay and the Exeter also brings 1,300 square feet of new street level retail space.
While not every Bostonian can afford a Back Bay address, when the building is complete, the landscaping, improved sidewalk and street lighting along Exeter Street itself gives back to city dwellers at large.
“People will see a big improvement to the sidewalk on Exeter,” adds Gillespie. “The landscaping will be attractive. There will be a walkway connecting to the Prudential Center Plaza. It’s an improvement for everyone.”
Avalon Exeter is located at 77 Exeter Street. The 28-story development has 187 apartments, including studio, one, two, and three-bedroom apartments starting at $3,000 per month. There are 16 penthouse apartments starting at around $10,000 per month. Building amenities include a clubhouse, fitness center, and underground parking in the adjacent Prudential Center parking garage. Now, some of those amenities are still being finished up, meaning the first residents went off-building to find a gym. Any complaints? “We were upfront telling people what the construction would mean, and what would be finished,” says Gillespie. “We’re highly organized at this, we keep construction away from residents, so they don’t even know it’s going on.” For leasing, call 617-236-1369. www.avalonexeter.com