Anticipation: Key Boston Condo Developments in Our Future

Key Boston Condominium Developments in Our Future

Every real estate project has its time. Throughout Boston, many incredible condominium developments exist in a great assortment of styles, histories, amenity levels and price ranges.
But not-quite-completed developments are conspicuously absent. Although these unfinished developments may be invisible, they're familiar. In recent years we've seen them appear by name in the press, and referred to on real estate brokerage websites. Sometimes we've noticed signs on their buildings/sites branding a development, though nothing much else seems to have happened besides the sign posting. Behind the scenes, it’s not that a lot hasn’t happened to move things forward. Yet, the inability to secure construction financing and/or anchor tenants for mixed use projects, along with other project-specific factors, have held up even the most viable of developments.

A few select condominium developments listed below have been quiet in recent months, but we do expect to see them in the near future, if not tomorrow. Yet the same character and many of the amenities in these planned projects are available to Boston buyers right now from a subsequent list of existing properties.

Pending Project: Lovejoy Wharf - 160 North Washington Street/131 Beverly Street Positioned as a prime gateway waterfront mixed-use project, Lovejoy Wharf's approved design includes 250 residential units, both loft style and flat, many of them to face the Boston Harbor, with access to all transportation, and within immediate walking distance to the Financial District. The project will feature ground floor retail, an outdoor plaza, walkways facing the river, and the restoration of a 40,000 SF wharf. Approved by the Boston Redevelopment Authority ("BRA") in 2006, according to Developer Ajax Partner's website the project's estimated construction time line is 2008-2010. A current search of the City of Boston public records http://www.cityofboston.gov/isd/building/docroom/default.asp indicate that no major construction permits have been pulled for the project.
Existing Boston condominium developments that offer many of the same sights, sounds and amenities as those planned for Lovejoy Wharf?

Strada 234
Battery Wharf
Burroughs Wharf
Lincoln Wharf
Union Wharf

Pending Project: Portside at Pier 1 Shipyard and Marina (East Pier): The Boston Redevelopment Authority has approved this mixed use project comprising 543 residential units, including 176 rental units, and approximately 70,000 SF of retail, restaurant and commercial services space. This has been the site of some older warehouses along the Harbor. According to developer Roseland Property Company's website, the project was slated for 2008 to 2010 construction. The project is currently on hold and may remain on hold for the next few months based on issues related to financing.

Existing Boston Condominium Developments that offer many of the same sights, sounds and amenities as those planned for East Pier?

Battery Wharf

Pending Project: One Franklin - Filene's Tower - Downtown Crossing 1.2+ million square feet of newly constructed mixed-use space with 38-story tower at the four-building site, will include a 250-room hotel and 600,000 square feet of office space, approximately 140 luxury condominiums at the site of Boston retail landmark Filene's Department Store. This development will serve as a vibrant cornerstone re-development in Downtown Crossing, a historically well-established retail mixed use neighborhood near the heart of the financial district. The BRA approved the project in 2006. The project is temporarily on hold, with previous substantial demolition leaving a large hole in the ground beyond facades left standing. The property is owned 99% owned by Vornado Realty Trust and JP Morgan, and 1% by Gale International, who has a local presence in Boston). Faced with substantial community support, impatience and pressure, Gale is making a concerted effort to source two things; construction financing on the project, and major anchor commercial tenants. Scheduled completion according to Gale's website is 2011.
Existing Boston Condominium Developments that offer many of the same sights, sounds and amenities as those planned for One Franklin?
Ritz Carlton Condominiums
45 Province
Four Seasons Place


Pending Project: Columbus Center - 101 Clarendon Street and 100 Berkeley Street A major mixed use project linking the South End and Back Bay neighborhoods. This BRA approved project plan comprises approximately 343 residential units, retail, and a hotel to be built on three air rights parcels over the MassPike and other surface plots of land nearby. It began in the mid 90's when original developer WinnDevelopment purchased the above-the-Pike air rights after being selected as the developer by the Massachusetts Turnpike Authority. Many twists and turns have taken place since acquisition: public opposition, heavy swings in the cost of construction materials, and false starts accessing financing from both public sources and private sources. For example, Anglo Irish Bank backed out of a $500M commitment to finance in 2008. Now effectively owned in a large part by CALPER's (California Public Employees Retirement System) with WinnDevelopment holding a minority stake, the project is apparently on hold. A search of the City of Boston public records http://www.cityofboston.gov/isd/building/docroom/default.asp indicate that no construction permits have been pulled for the project.

Existing Boston Condominium Developments that offer many of the same sights, sounds and amenities as those planned for Columbus Center?

Atelier 505
The Clarendon*

* Under construction

Waterfront Battery Wharf Condos Currently Priced Well Below 2005 Preconstruction Prices

Battery Wharf has been under construction for the past 3 or 4 years, and since it's groundbreaking, the project was slated to be the newest luxury hotel-condo development on Boston's waterfront. The 105 residences originally went on the market at preconstruction prices starting at $975,000 for a one-bedroom condo. Regent Hotels & Resorts teamed up with Battery Wharf in 2004, and the development was to offer 150 luxurious hotel rooms (in addition to the 105 residences), as well as many services and amenities to the residential condominiums. Regent Hotel and Resorts announced in June that it was no longer going to be associated with the development, and was leaving the Battery Wharf project. Condominium residents at Battery Wharf were concerned because many of the amenities that they had been promised (such as 24-hour concierge service, valet parking, 24-hour room service, a state of the art spa and fitness center, and more) were now put on hold, until Battery Wharf found a new hotelier. Thankfully, for the development, it's residents, and the North End/waterfront area, Fairmont Hotels & Resorts announced it will take Regent's place, and manage the new Fairmont Battery Wharf. Scheduled to open in December 2008, Fairmont Battery Wharf will feature a restaurant, "designed with guidance" from three-star Michelin Chef Guy Martin, and lounge with harbor views and water taxi service to Boston Logan International Airport.

Now is a great time to purchase a condo at Battery Wharf, and be one of the first to experience the newest full service luxury development on Boston's waterfront. Several units have been drastically reduced in price since originally being marketed with a minimum preconstruction price tag of $975,000 in 2005. Currently, 1-bedroom homes, with 1-full, and 1-half bath, and almost 1,000 square-feet of living space begin at $750,000! If you would like to take advantage of this great opportunity to purchase a brand new waterfront home for well less than preconstruction prices, contact us today for more information about purchasing at the new Fairmont Battery Wharf Hotel and Residences.

Battery Wharf currently has many listings on the MLS. Please click the following list for a full list. If you would like any additional information on the units, or the development, please contact us at 800-975-5BCG (5224).
Battery Wharf Listings

Click this link to view our Batter Wharf Development Page - Battery Wharf

Saying 'Goodbye' to the Big Dig and 'Hello' to the Greenway and the New Boston

Many often wonder if they will ever truly reap the benefits of Boston's Big Dig. With a lot of controversial issues, over-spending, and serious inconveniences, many Bostonians have thought negatively about the Big Dig. That is all about to change. Over the years, all we've seen from the Big Dig are clouds of dust, traffic backups and hundreds of construction workers. There is now a positive side to all the hassle. Such things as bike paths, green commons, beautifully landscaped parks, art exhibits, memorials, and private quarters are all part of the Big Dig's payoff, besides the dismantling of the central artery and smoother traffic flow. It has been projected that within the next several years, many beautiful and desirable features will exist in what will be the Rose Kennedy Greenway, or as, the soon to be household name, The Greenway.

Standing at the base of North Washington Street is the most noticeable aspect of this massive infrastructure development. the Leonard P. Zakim Bridge. This engineering feat, supported by cables, is a beautiful and architectural addition to Boston's scenic view. In due time (optimistically by Summer 2007's end) there will be more than a mile of green parkland (the Greenway). Such new features do not end here. In the North End there will be two blocks of parks running along Cross Street and over to North Street. A plaza nearby will feature a map of what the 'old Boston' used to look like (Boston five years ago).

As one of the countries most historical cities, Boston will be lined with bronze rails engraved with historical figures and quotes. The North End will have these bronze plaques inscribed with quotes from the North End's residents ranging from the early 17th century until today. Such features will not only add to Boston's beauty, but pleasure history buffs all around Boston. Side streets and main streets all along the central artery will be lined with trees and flowers. Ramps no longer stand in between North Street and Christopher Columbus Park, but rather another one of the Boston Museums architectural buildings. Every inch of the Greenway will have something different for condo residents.

The central portion of the Greenway is the four Wharf District blocks that go to the Boston Harbor Hotel. The outlines of the four historic wharfs (City, Central, Long and India) are identified by decorative paintings. However, the heart of the Greenway is the two blocks between State and India Street. This is where most of the activities are held, with fountains and greenery. Then there is the 31 story Russia Wharf office tower that casts a shadow on the Greenway. Although Russia Wharf is only air space at the moment, the approved plans and architectural renderings are something that everyone in the area must marvel over, and most certainly will, once the massive green, glass development is completed. Even Chinatown will have its own additions, with a park laced with bamboo and willows. Anyone lucky enough to become a resident along the Greenway, whether it be in the North End, Chinatown, Financial District or waterfront, is sure to enjoy themselves and the beauty of Boston even more, due to these incredible aesthetic and engineering improvements.

East Pier Development Coming To A Momentary Halt?

Last month, the newest $275 million residential and retail complex on East Boston's waterfront was surprisingly delayed. The project is said to be quite essential to the livelihood of East Boston and it's surrounding neighborhoods. With such impressive architectural structures approved for development, the surrounding property values, as well as overall livelihood of the areas residents, are set to greatly improve. Due to recent increases in development costs, construction on pier one has been recently postponed. Construction of the project is to continue in a series of phases. Construction companies were granted an extension of 60 days before they had to begin the next phase of construction. Construction on the 368 condos and 177 apartments is scheduled to continue in late summer or early fall.

While some argue the real reason for the delays is because of the poor market, others are quick to deny such theories, stating that the recent delays have been due to the switch in subcontractors. This project has been “years in the making” and is one of the most ambitious projects to hit East Boston. While some residents have been skeptical, many residents of East Boston have been looking forward to this development for it will feature housing, shops and even marina facilities along the waterfront for condo owners. Not only will the project feature these amnesties, but parks and other public spaces as well, along the pier. Some residents of East Boston were disappointed by the delays in this massive project. Government officials involved with the project released a statement saying that the project had hit unexpected costs and even switched from the Skanska USA Building Inc. to Suffolk Construction Co. It is no surprise that a project of this magnitude would go over budget, but many residents of East Boston hope this project will continue to push on and add even more value to the once historic site rich with culture.