Redevelopment plans are in the works for a prime corner lot leading to one of Boston’s most well-traversed retail corridors.

An arm of Egeria Group, a multinational real estate investment group with an office in Boston, intends to transform the 24-hour CVS pharmacy at 155 Charles St. into a five-story apartment building with ground-floor retail. The 12-unit project would include two set aside at affordable rents.

“While Beacon hill has a lot of beautiful aesthetics and history, this CVS building is not one of them,” said attorney Joseph p. Hanley of McDermott, Quilty, Miller, & Hanley, at a meeting of the Beacon hill civic Association this week.

Egeria also owns and operates The

Whitney hotel Boston, a luxury, 65room boutique property on the opposite corner of Charles and Cambridge streets at the foot of the Longfellow Bridge. The firm in April closed a private equity fund worth 1.25 billion euros, or about $1.7 billion.

While the apartment building at 155 Charles St. has not yet been formally proposed to the Boston planning department, representatives from Egeria and rode Architects have met with abutters and the Beacon hill civic Association to discuss the building’s size and height.

At a meeting this week of the Beacon hill civic Association’s zoning and licensing committee, the development team discussed cutting down the size of its proposal from six stories to five and from 13 units to 12. That reduction would bring the project’s height to 65 feet, which would not require a zoning height variance.

“What we’re looking at is still making sure this building is befitting its space and its place on this corner,” said rode principal and cofounder Eric Robinson.

At the meeting, a number of Beacon hill residents praised the height reduction and change in design from one that cantilevered over the sidewalk to one that includes stepped-back bays. The developer would finalize a so-called Good neighbor Agreement to address concerns regarding noise and other anticipated disruptions caused by construction.

The design and expected materials used for the building’s exterior façade are not yet finalized and would need further approval from the Beacon hill Architectural commission.

it’s not yet clear if Egeria intends to keep a drugstore as a retail tenant when the project is complete. An Egeria representative declined to comment.

The store at the corner of Cambridge and Charles streets isn’t the only CVS that’s making way for housing. construction started in June on a 206-unit apartment building at a former CVS at 1270 commonwealth Ave. in Allston, the Boston Business Journal reported this week.

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