Last week, Goldman Properties had a party
The air was rife (?) with rumor that the developer had sold two of its buildings in the Fort Point Channel.
Turns out, this rumor was true (are rumors ever not true? I mean, really).
According to the Globe:
Archon/Goldman, the former owners of 316 and 322 Summer St., had initially envisioned converting the two properties into luxury condominiums, launching the area’s transformation into a community where people live, work, and play – a local version of the Soho and South Beach neighborhoods in New York and Florida where partner Tony Goldman was a leading developer …
… Instead, with the residential market weak, the owners took advantage of the healthy market for office and commercial space and sold 316 and 322 Summer St. for $17.8 million to Lincoln Property Co. last week.
Unexpected, this. Disappointing, too. (Oh, I love throwing in pop culture references that no one sees …)
Several other buildings, once slated for residential use, are now going to be offices.
Meaning the area will not become the 24-7 neighborhood people envisioned.
At least, not right away.
I still have high expectations for the neighborhood. I think it benefits from a great location, convenient to downtown and major modes of transportation (South Station commuter rail & MBTA, Route 93, Mass Turnpike) and close to the airport.
Maybe too “industrial” for some, but perfect for others.
As the article mentions, construction continues at 348-354 Congress Street, where Berkeley Investments is building the FP3 condo project.
This development should be done in the spring.
The sales team says they have 20% of units under contract.
Source: Market realities foil Fort Point community plan – By Thomas C. Palmer Jr., The Boston Globe