Developer backs out of building in the Fort Point Channel
Sad turn of events down in the Fort Point Channel.
A year ago, I enjoyed five or six cocktails while hearing about Tony Goldman’s grand plan for his portfolio of properties - there were to be loft spaces, artist galleries, a vibrant 24-hour a day neighborhood.
Not going to happen, at least not the way he originally envisioned.
According to today’s Globe:
… Tony Goldman and investment partner Archon Group have sold seven of the 17 properties that were to be the building blocks of a revitalized 24/7, live-work-play district in the Fort Point Channel area.
And now they have put two more buildings on the market - 316 and 322 Summer St., historic warehouse structures whose renovations were to kick off the transformation of Summer and adjacent side streets.
316 - 322 Summer Streets were to be the first buildings renovated into residential space. Now, they’ll be offices. Ugh. (After “The Women” vacates, that is - they’re using it for storage and as staging ground for the movie.)
The turn in the real estate market is more about real estate agents making money and people taking out mortgages. A healthy market brings renovation and renewal.
Fort Point Channel vision clouding over - By Thomas C Palmer, Jr, The Boston Globe