Consumers boost economy

The U.S. economy appears to be gaining momentum and could be poised for expansion this year as experts predict strong growth amid an improving job market.

"We seem to be on track now," said Christine Armstrong, senior vice president at Morgan Stanley. "We're where we should be right now."

The Commerce Department yesterday estimated the economy grew at 
2.6 percent from October to December, up from its previous estimate of 
2.4 percent. Fueling the gain was the fastest consumer spending, which accounts for 70 percent of the nation's economy, for any quarter in the past three years.

"Going forward, in order for consumers to maintain a hardy spending level, there will need to be organic support from job and income growth, the catalyst to which is business investment," said Lindsey Piegza, chief economist for Sterne Agee.

Experts are optimistic about growth this year. The National Association for Business Economics predicts the economy will grow 3.1 percent this year, far higher than the lackluster 1.9 percent gain in 2013, which would be the highest rate since 2005.

"We are looking for progressively faster growth as the year goes on," said Doug Handler, chief U.S. economist at IHS Global Insight.

Cold weather has hampered growth and spending in recent months, with everyone from UPS to Macy's blaming poor weather for disappointing financial results. Still, Armstrong said the markets have handled various bumps in the road well.

"We're up or down a few hundred points and then keep on chugging," she said.

Initial unemployment claims, a sign of firings and layoffs, dropped by 10,000 to 311,000, the fewest since November, the Labor Department said yesterday.

In February, employers added 175,000 workers, more than expected, and a Bloomberg survey estimates 190,000 jobs added in March. The official Labor Department report will be released on April 4.

"Activity in the second quarter is going to represent something of a rebound from the first quarter," said Tom Simons, an economist at Jefferies. "We've seen enough good numbers recently to say that it is a sign of fundamental improvement."

Herald wire services contributed to this report.

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Soon-to-reopen Hubway pedals 10 new stations

In what may be the surest sign yet that spring has arrived, the Hubway bike-share program is set to reopen next week with 10 new stations and new, subsidized memberships for low-income patients of one Boston hospital.

After a year-round Cambridge pilot program that averaged 2,000 trips per week during the winter, nearly 100 of the 140 stations in that city, as well as in Boston, Brookline and Somerville, are expected to be operational by April 2, with most of the remaining ones to be rolled out in early April.

Eight stations that are along the marathon route will be deployed after the April 21 race, said Emily Stapleton, general manager of Alta Bicycle Share, the Oregon-based company Boston hired to run the program in 2011.

Since then, Hubway has logged about 1.6 million trips and 9,700 annual members among the four communities, Stapleton said.

"Mayor (Martin J.) Walsh is thrilled to be reopening Hubway," said Nicole Freedman, the city's director of bicycle programs. "It's really become part of the transportation fabric of Boston."

Two of the 10 new bike stations will be at the Boston Design Center, which is sponsoring them, Stapleton said.

The exact locations of two other new Boston stations and six new Cambridge stations are expected to be announced next month.

Walsh and Boston Medical Center this week also announced the launch of "Prescribe a Bike," a new program that allows BMC doctors to write prescriptions for $5 Hubway annual memberships, which normally cost $85, to low-income residents.

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Former gas co. reborn as luxury apartments

The Arlington is the latest luxury apartment offering to open in Boston, but unlike its competitors' complexes, this is not a new building.

The Park Square rental complex at Arlington Street and Columbus Avenue in Bay Village has been carved out of a 1927 Renaissance Revival building.

Built for the Boston Consolidated Gas Co., it was part of the University of Massachusetts Boston campus in the 1960s and 1970s, and more recently it housed the Boston Renaissance Charter School.

With its limestone facade and two-story arched windows, the building — co-developed by New York's Related Cos. and Boston's Congress Group — cuts an elegant figure. The lobby, once used to display gas stoves, has refinished marble columns and brass detailing along with new white marble floors — and a gas fireplace tucked in one corner.

The $100 million LEED Silver makeover of the 14-story building has created 128 one- and two-bedroom apartments, with rents starting at $3,200 for one-bedrooms and $6,200 for a two-bedroom. Top floor two-bedroom units with 1,600 square feet are renting for more than $8,000 a month.

We took a look at several model apartments. Unit 12G, a 700-square-foot one-bedroom with great Back Bay views rents for $3,700 a month and Unit 12K, a more spacious 900-square-foot one-bedroom with Park Square and downtown views is going for $4,300 a month.

The units have condo-quality finishes, including white-oak hardwood floors, walnut cabinets, polished marble countertops and high-end Kitchen Aid appliances. Bathrooms have white marble floors and white tile tubs and showers. Each unit comes with a stacked Bosch washer and dryer and customized closets

Unlike many of its high-end apartment competitors, The Arlington does not charge monthly fees for pets, and rent includes resident-controlled heat and air conditioning and water. Everything is electric, ironic for a building that was formerly a gas company.

One thing the building doesn't have is parking but tenants can lease garage spaces at the nearby Revere Hotel for $299 a month.

The Arlington has 20,000 square feet of common space amenities. There's a basement basketball court, carved out of a former school auditorium, flanked by a fitness center on one side and a club/game room on the other. There's a second-floor party room and even an on-site pet-washing station.

In May, the Liquid Art House, an upscale hybrid restaurant/art gallery, will open a 180-seat restaurant on the ground floor, which will also provide room service for tenants. There's also Zipcar, bike-sharing and concierge services.

Related says it has leased almost 20 percent of the units. "Renters like the fact that we are closer to Newbury Street, the Theatre District and three blocks from the Public Garden," said Ellen Kang of Related Rentals, who does the leasing at The Arlington.

Kang said the complex is drawing young professionals who work in the area as well as empty-nesters looking for a pied-a-terre in the city.

"The building has a boutique quality as well as a lot of character," Kang said. "I think it will lease up in three to four months."

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