Developer Hines Interests, best known for its large, big-city projects around the world, has just opened a stylish apartment complex on a former parking lot along the Charles River in Waltham.
The 200-unit Currents on the Charles takes advantage of views of a new park that stretches down to the river, connecting with a Charles River Reservation bike path that's a mile from Waltham center.
"Reduced construction and land costs out here makes it possible to create urban quality with a significant discount to downtown rents," said David Perry, senior managing director of Hines' Boston office.
The first 66-unit phase in the new complex is ready and has studios starting at $1,995, one-bedroom units at $2,055 and two-bedroom, two-baths at $2,575. There are seven studios, 102 one-bedrooms, 87 two-bedrooms and four three-bedroom corner units starting at $3,480. The apartments, which all have in-unit washers and dryers and loft-style windows, range from 609 square feet to 1,420 square feet.
"The amenities are superior to most new complexes in the suburbs and compete with those in the city," said Amy Medugno, regional portfolio manager of Bozzuto Management Co., which is managing the property.
Common spaces include the 10,000-square-foot River Club that combines a living room, WiFi/computer lounge, a catering kitchen with free Starbucks coffee, a dining room and a library. A double-sided gas fireplace fronts onto a large outdoor deck with views over the new park and the Charles.
There's a gym with a Fitness on Demand setup and yoga studio, a game room with an 80-inch TV, gaming consoles and shuffleboard, and even a dog-washing station.
Apartments wrap around two rear courtyards, one with an in-ground swimming pool and full outdoor kitchen with gas grills, the other with outdoor seating and a fire pit.
A parking space in a 400-car garage on the first two levels of the building costs $35 a month. Pets cost an extra $35 to $65 a month.
We took a look at two model units. Unit 105, a 774-square-foot one-bedroom for $2,195 a month, and Unit 108, an 1,108-square-foot two-bedroom for $2,860.
Both have kitchens with islands along with white quartz countertops, tile backsplashes, dark-stained cabinets and Whirlpool stainless-steel appliances. Carpeted bedrooms have walk-in closets and bathrooms with ceramic tile walls for walk-in showers or deep soaking tubs.
The two-bedroom unit's open living/dining space has a glass door out to the central courtyard with the swimming pool.
Hines has two other local apartment projects in development — 244 units at The Fuse, under construction in Cambridge's Alewife area, and 352 units in two buildings planned for Marina Bay in Quincy.
Currents on the Charles has leased 11 percent of its units, and is offering one month's free rent.
"I wish there was a little less competition, but as long as jobs are being created, we should be able to lease out all the apartment complexes coming on," said Perry. "But the leverage has swung toward the tenant."
