ENR visited the jobsite last month and found most of the building already enclosed. Inside, workers were busy hanging and finishing drywall.

The simplicity of the wood-framed construction belies the challenges that preceded it. "Technically, it is probably the most difficult historical work we've ever done," says Mattingly. Luckily, he adds, the job required no environmental remediation.

As a part of 16 Tech, Stadium Lofts aims to bring an important residential component to a corridor that the city would like to see become self-sustaining—a place where people can live, work, shop and play.

At the moment, the area is a "food desert," says Butler, the city liaison. "We realize that a life-sciences development won't happen overnight," she says. "If you build it, they will come—that is how we have been approaching this."

The project, which could serve as a model for other urban rehabs, is believed to be the first stadium in the U.S. to be converted into housing.

Condos were not an option, Watson says, so the project will be all rental units. "The financing markets dictated that; there is virtually no financing for a condo project today," Watson says. He adds that he hopes to start building Stadium Flats, the development's second phase, this summer.

Despite the challenges facing the design and construction team, the stadium redevelopment is generating excitement in the city and elsewhere.

"This will put John on the map," Butler says. "I see no problem in that project leasing up pretty fast."

What's more, Stadium Lofts is expected to be affordable. Set to lease this spring, units will be priced at market rate, around $600 a month for a studio-size apartment and $1,400 for a two-bedroom apartment.

Will all this be enough to spur future growth at 16 Tech? Watson says the project is already generating commercial interest for the area. "There are a couple of prospects who have looked at parcels around the stadium," Watson explains. "And several companies have looked at locating their businesses there. We are still in the early stages of this redevelopment."