On Tuesday afternoon Mayor Gary Christenson toured The Highlands construction site at Overlook Ridge where hundreds apartment units will be built in the coming months.
The project is currently toward the end of phase two and is on track to enter phase three in 2014, according to Roseland Senior Vice President Joseph Shea. Each phase includes constructing two four-story buildings that will house a combined 371 luxury apartment units, he added.
The estimated cost of the project is $70-80 million, according to Shea. The Highlands buildings under construction are located on the Malden side, while the completed buildings on the opposite side of the 92-acre property are in Revere.
Two bedroom, one bedroom and studio apartment units will be constructed and available for rent roughly for $2,000 to $2,200 while one bedrooms and studios for $1,600 to $1,700, according to Shea.
If the multi-phased project continues to progress without delays, a 150-200 unit hotel and a few restaurants may be constructed on the north end of the site near Route 1 sometime within the next five years, according to Shea.
Check out our video coverage featuring a discussion of the project between the mayor and Shea from the roof of one of the phase two buildings currently under construction.