It’s a tough time for some of the new construction projects in Boston. Certainly, not many developers are willing to put shovels into the ground until the real estate market stabilizes.
Most recently, we’ve heard about cancellations of major projects in the Fort Point Channel neighborhood.
In East Boston, construction of the massive Pier One development has stopped, awaiting a return to better market conditions.
But, some developers apparently see the value of holding onto land.
JPI Inc., the Texas-based apartments company run locally by former Boston Redevelopment Authority director Thomas N. O’Brien, has agreed to buy the long-dormant East Boston development site Clippership Wharf for $17 million.
The 13-acre site near Marginal Street and the MBTA’s Maverick Square Station has been beset by years of false starts. Previous plans for Clippership Wharf called for condominiums. But that corner of the residential market has gone soft.
The new owners are planning to build apartments instead, according to the Boston Globe article.