Boston sampler – Progress on the South Boston Waterfront
Things are happening on the waterfront.
By Steve Bailey, Boston Globe
It is a mistake to think progress is not happening on the South Boston Waterfront. The latest evidence: A key site just across from the new convention center is changing hands, meaning construction could begin in less than a year on nearly 700 units of long-stalled housing on D Street.
Intercontinental Real Estate Corp. in Boston closed yesterday on a deal to buy the big D Street property from AEW Partners, an investment firm. The reported price: $20 million on a project budgeted to eventually cost $240 million. Peter Palandjian, Intercontinental’s chief executive, would only say: ”Yes, we bought it today. Intercontinental looks at dozens of deals a week, but we feel with the greatest confidence that D Street is an incredible opportunity.”
BRA director Mark Maloney said the sale should allow the project to finally move forward, probably as condos, not apartments. ”It was not possible to finance as a rental development,” he said. ”Changing the business plan a bit will allow it to happen.”
Source: Boston sampler – By Steve Bailey, The Boston Globe