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

Understanding Boston's Condo Hotels

Just a few years ago, when the national real estate market was soaring, one of the trendiest properties to buy was the new condo hotels. Although the concept wasn't newly born, it appeared as such when condo hotel projects were sprouting up all over Miami Beach, Orlando, Fort Lauderdale and Las Vegas. What's not to love? The sales pitch is quite attractive; own a condo at one of the newest and hippest hotels in the country, receive all the glorious amenities of the hotel, mingle into the hotel's social scene, enjoy lavish spas and spectacular dining just a few floors below you, and realize the potential for regular rental income.
Unfortunately, as with most things, if its too good to be true, yada, yada, yada. As the real estate market slowed down, many projects in Miami Beach and Las Vegas had the plugs pulled before the first brick was even laid. Of the buyers who purchased pre construction, most had their 10% deposit returned to them. However, even with a few scrapped projects, condo hotels are still here, and because people desire them, more are on their way. Nationwide, 81 projects are currently in construction, with 29 opening this year alone.
Although Boston hardly supports a tourist market anywhere near the size of Florida and Nevada, some of the city's best hotels offer condo ownership. Just opened is the Intercontinental on Atlantic Avenue with 130 condominiums. Within the year, Battery Wharf in the North End will open with 104 units, and, soon after, the Mandarin Oriental with 40. Open for years has been the Residences at the Ritz Carlton Hotel with 53, Four Seasons Place with 90, and Rowes Wharf at the Boston Harbor Hotel with 96 condos. And that's just to name a few of them.
If you're interested in purchasing a residence at a hotel, its important to learn as much as you can about what comes with your ownership. What, if any, interaction exists between the residences and the hotel. Many times, especially in Boston, residences are not allowed to participate in any rental programs. In such cases, the units are generally much larger and more luxurious then the hotel units. If you're interested in learning more about any of the properties listed in this article, please contact us.