With 60 percent of its condos sold before shovels hit the ground yesterday, the 83-unit Sepia at Ink Block project on the former site of the Boston Herald has timed the city's hot real estate market well.
"When we decided to build 83 luxury condos there, everyone was asking why we would do that in this part of the South End," said Ted Tye, managing partner of Newton-based developer National Development, at Sepia's groundbreaking yesterday. "Now they're asking us to build more condos."
There are still two more sites on the 6.2-acre property and Tye said he is considering building more condos in the rapidly changing area.
The Ink Block complex already has three luxury apartment buildings with 392 units under construction, along with a ground-floor 50,000-square-foot Whole Foods Market that will open early next year. Sepia's one- to three-bedroom condos, ranging from 510 to 2,000 square feet, are slated to open in the late fall of 2015.
Sue Hawkes, president of The Collaborative Cos., which is handling the sales and marketing for Sepia, said a lot of buyers are South End residents moving up from older properties as well as empty nesters from the suburbs.
"We are averaging about $1,000 a square foot, which is pulling up pricing in the entire neighborhood," Hawkes said.
The eight-story building designed by Boston Elkus Manfredi Architects has a jewel-box look with its projecting balconies and terraces. Amenities include a common rooftop deck, garage parking, a clubroom with kitchen, fitness facility and access to the Ink Block's outdoor pool. Sepia also will have ground-floor retail and restaurant space.
Boston Herald Publisher Patrick J. Purcell, who sold the site to National Development, is a minority investor. Tye said the former Herald outdoor sign will be incorporated into the Ink Block.
The Herald moved to new office space in the Seaport District.
The South End neighborhood was torn down in the 1950s as Boston's first urban renewal project and industrial companies relocated there. "This was once a vibrant neighborhood and we are bringing that back," said Tye.
The district revival also includes the 378-unit Troy Boston apartment project as well as about 600 apartments planned for the former Graybar Electric Co. property.
"This area had become something of a no man's land," said Mayor Martin J. Walsh. "Now its transformation is happening quickly. It's having a new chapter with new residents and new businesses."
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