The Time Group’s 520 Park Avenue Project, a converted Hochschild-Kohn warehouse of 171 units, opened in June. It’s more than 75 percent leased, with about 60 percent of the tenants coming from outside the city, said development director Dominic Wiker. The firm has had previous success renting units in Mount Vernon and Charles Village but had not done a new development in some time.
“We weren’t surprised by the demographics. I think we were just surprised by the pace,” Wiker said. “It’s been strong. It’s stayed strong and now when we brought a new product on the line, it showed us, ‘Wow, we’re not recycling the same people. The market is growing.'”
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