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

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.

East Pier Breaks Ground and Soon Will Bring 550 New Units to the Boston Market

This past weekend, construction began on the East Boston waterfront. This project, known as East Pier, will bring 550 new luxury condos and apartments to the Boston market, and will offer fantastic views of the Boston skyline to a majority of the residents. Roseland Property, Co. purchased the rights to build on the East Boston location about six years ago. Many had wondered when the old rotten piers, and virtually obsolete structures that lined the Harbor's edge, were going to come down and a better use of the location was going to develop. Now is that time.

Roseland Property, Co. has teamed up with Lennar Urban Northeast for the project. They seem as though they will be a great team, because Roseland focus has been on rental apartments, whereas Lennar is a branch of the larger Lennar Corp., a national homebuilding corporation. The team will build seven buildings in two phases, on the 13-acre East Boston waterfront site. Many of the piers and a few of the large warehouse structures will be demolished prior to development. The first phase of the project will be on the landside of the site, and the second phase will be erected on massive concrete pilings, out into Boston Harbor. The first phase, anticipated to be completed in 2 years, will consist of three buildings, five to seven stories in height, and staggered throughout the property to maximize views of the Boston skyline. The second phase will be the remaining four structures, also five to seven stories in height, however completion is not expected until 2010.

Of the 550 units, about 177 are planned as apartments, with the remainder being a mix of one- and two-bedroom luxury condos. In addition, the ground floor of the development will include over 65,000 square feet of commercial and retail space. Restaurants, shops, service facilities, and meeting areas are planned for the space. For residents, and businesses alike, there will also be 800 parking spaces created, 640 of which will be underground.

As previously mentioned, Roseland purchased the rights for development of the site about 6 years ago. That was when the Boston condo market was taking off. Will the market be able to absorb another 373 some-odd units at a somewhat skeptical East Boston location? With plans to build a permanent water taxi which will transport residents, workers, and visitors from East Boston to the downtown waterfront, and prices for one-bedroom units starting in the $300,000's, I believe this project will do just fine. At first thought, you have got to think about every time you go to Logan Airport and back in the tunnel, or over the Tobin Bridge, and have to pay at least $3.00 just in tolls, that living in East Boston would become very uneconomic for those frequenting downtown Boston. With significantly lower sale prices than most, if not all, Boston waterfront luxury developments, and the additional forms of convenient (hopefully inexpensive) modes of transportation from the city to the site, East Pier has the potential to be a fantastic success, and an incredible luxury for those fortunate enough to take advantage of the opportunity of investing in a unit at this transforming waterfront location.

Source: "Change of scenery in East Boston: Building starts on luxe housing development as waterfront shows signs of renewal", By Thomas C. Palmer Jr., Globe Staff January 16, 2007