255 Main project nears completion as work progresses at 2 other sites.
HYANNIS — The continued residential and commercial revitalization of the east end of Hyannis has reached a significant milestone.
A $3.3 million, 16-month rehabilitation of the historical Hyannis Board of Trade building at 255 Main St. is nearing completion, with residents moving into its market-rate apartments as early as next week.
“I am very proud of this project.” said Rob Brennan, president of Amesbury-based CapeBuilt Development, which owns the property. “We’ve restored a historic building and returned it to its former glory.”
The renovated building was constructed in 1905 and now includes eight one-bedroom apartments and two two-bedroom apartments. The first floor will house a cafe and office space for CapeBuilt Development and the Hyannis Film Festival.
Plans for the cafe include a “from scratch” bakery and coffeehouse, according to Brennan.
Monthly rents for the one-bedroom units, five of which are already rented, will range from $1,700 to $1,950.
CapeBuilt was awarded $300,000 in Community Preservation Act funds from the Barnstable Town Council last week to maintain the building’s two-bedroom units as moderate-income, deed-restricted rentals. The units will be indexed at 100% area median income and be affordable for professionals such as hospital workers, educators, public safety workers and municipal employees.
Rents for the two-bedroom units will be $2,173 per month, which includes utilities.
“This project is a ‘three-fer’ for what CPA funds are intended for: preservation of a historic building, creation of housing and promoting economic development,” Brennan said.
A tour of the pet-friendly building revealed views of Main Street, the Cape’s first smartphone-enabled video intercom system, fiber residential internet service, ductless cooling and heating systems, impact-resistant windows for sound insulation and laundry and storage in the basement.
Barnstable Town Council President Paul Hebert also toured the property.
“They did a terrific job restoring a historic site and adding to the beautification of downtown,” he said. “It’s very significant from a historical perspective. Other developers may have requested to demolish the building, but he (Brennan) from the get-go worked to save the building with historical preservation in mind. It involved a lot of restorative work and everywhere they turned there were challenges because it was such an old building.”
The project involved installation of a new steel superstructure and concrete buttresses in the basement to support the 115-year-old building.
The completion of 255 Main is part of an apartment building boom in downtown Hyannis.
Around the corner from 255 Main on Pleasant Street, work has begun on Sea Captains Row, another CapeBuilt project. Construction crews were prepping the site for foundations this week, with 46 market-rate apartments scheduled for occupancy by next summer. Rents for the one-, two- and three-bedroom apartments will likely range from $1,650 to $2,100 per month.
In addition to the existing need for market-rate workforce housing in the area, the coronavirus pandemic appears to be driving interest as well. Brennan said there have been inquiries about the apartments from throughout the country from people who have ties to the region or plan to work remotely in the future and want to do it from Cape Cod.
A block away at the corner of Ocean and Main streets, local property management firm Holly Management is redeveloping the Cape Cod Times building to include 22 market-rate one- and two-bedroom apartments with gated parking.
The apartments, some as large as 1,500 square feet, will be ready for occupancy in November, according to Stuart Bornstein of Holly Management.
Brennan expects a formal ribbon-cutting for 255 Main and a groundbreaking event for Sea Captains Row will be held in the fall.
Follow Geoff Spillane on Twitter: @GSpillaneCCT.