Oh, this is rather
interesting. The Ritz-Carlton is doing away with the Phillips Club and selling those units as
condos. I guess I misunderstood how the Phillips Club worked. Apparently, those units
were always owned by Millennium Partners; I thought they were sold to individual investors and
rented out, similar to hotel-condos in other cities.
Regardless, now those units will
come on the market. It will be interesting to see how they end up pricing them. They
did well selling out the two buildings, although it wasn’t easy and took
By Chris Reidy, Globe Staff
developer of the Ritz-Carlton Hotel & Towers, Boston Common, will sell 63 rental apartments as
condominiums and take advantage of the hot condo market.
The towers, which opened in
2001, already have 304 luxury condos that were initially priced from $500,000 to $6 million, said
Anthony Pangaro, principal of Millennium Partners-Boston, the project’s
The towers include a hotel and the Phillips Club — apartments renting
from $4,500 to $6,000 a month. They’ll go on sale as condos in late summer.
large developments are built in phases, but the Ritz was built all at once in the hope that it
would quickly transform a marginal area near the old Combat Zone, Pangaro said. As a result, the
Ritz is larger than a typical new Boston luxury tower of about 100 condos or fewer. With a project
so big, the challenge was to avoid saturating the market, and a decision was made to spread the
condo sales over several years.
Part of that plan was to set aside several floors as
the Phillips Club, which targeted out-of-town executives visiting Boston for several weeks or more
to spend time at their corporate headquarters.
But soon after the opening, the
economy slumped, and acquisitions reduced the number of Boston headquarters companies. That meant
less business than expected for the Phillips Club, Pangaro said.
Still, the plan
always had been to consider converting those units to condos once the original Ritz condos were
nearly sold out, Pangaro said. About a dozen remain available.
Complete article: Hot condo market leads developer of Ritz to put
apartments on block
Originally posted 2005-05-07 07:00:00.