If you're involved with a startup and looking for some shiny new digs, there's a development in Cambridge with your name all over it.
Chroma, located in the heart of Cambridgeport, offers glitzy studios, one-, two- and three-bedroom apartments, and three-bed townhomes – all embedded minutes from MIT, BU, Kendall and Central Squares, the Charles River and multiple MBTA stops. The 96-unit residential building began leasing in October.
The location and amenities are enticing enough. But the team behind the building is offering a promotion that's sure to turn certain heads.
"While living at Chroma, regardless of what level of funding your startup is currently working at, you will receive one month free if your company reaches the next round of funding," Chroma Leasing Manager Lauren Dewey told me. "While the promotion is received regardless of the funding round, residents will receive the promotion only once."
That's right: If you sign a lease for Chroma – or live there now – and your startup takes its funding to the next level, your next 30 days of luxury Cambridge living are on the house.
Since I know you're all wondering, no: Rents at Chroma aren't exactly what you'd call basement pricing. (Studios starting at $2,300; one-bed starting at $2,600; two-bed starting at $3,300; three-bed starting at $4,600; and three-bed townhomes starting at $4,700.)
But, Dewey said, they're actually positioned favorably for the location and what's being offered. Zinc, one of their prime competitors, offers one-beds for an average of $3,359 and two-beds around $4,347. Another, Twenty|20, lists one-beds around $3,403 and two-beds at approximately $4,329.
Dewey pointed to a compelling stat when I asked her why they chose this particular promo: The Cambridge Innovation Center, situated about 1.5 miles due east from Chroma (240 Sidney St.), houses nearly 400 small startup businesses. Add in the scads of other startups in the area, and the pool of potentially interested renters is sizable.
"As the Cambridge office market continues to attract global companies with expanding workforces, there is increased demand for high quality apartments in this area," said Jessica Buonopane, VP of Residential Properties, National Development. "Today’s rental market is driven by walkability; Chroma’s location offers unprecedented proximity to major employers, institutions and transit."
"What makes Cambridge unique and exceptional is not just happening at the big companies like Google and Genzyme, it is also happening at the hundreds of startup companies working out of their homes, and meeting at places like Workbar. We devised this promotion to celebrate, reward and welcome those who work towards achieving such an impressive goal," said Dewey.
A nice little kicker here: Prospective residents have to sign a lease to live at Chroma within the next six months to be applicable for the promotion. BUT ... you don't need to be the founder or CEO. "Chroma ... will award a free month’s rent to prospective residents who are running and/or working at start-ups who close a venture round."
That's cool. So is Chroma's parameters of what defines a "startup."
"We understand that the definition of 'startup' is fluid," said Dewey. "Ultimately, for the purpose of our promotion, whether you've discovered a cure for cancer, or have opened Cambridge's trendiest lemonade stand, if you receive any round of venture funding within the promotion timeline while living at Chroma, we will happily reward you with a free month of rent."
Check out some more photos of Chroma below:
