The Archon Group and Goldman Properties bought 17 buildings in the Fort Point Channel area, less than two years ago.
They got a great deal on the properties; rumor has it that they’ve sold off a handful, yet have now broken even on their investment.
Not too shabby.
Originally, the developers had grand plans for turning the area into a 24-hour a day work and play neighborhood.
With the slowdown in the real estate market, however, they’ve had to rethink their plans.
Now, it looks as though three of their buildings will be turned into office space, not residential housing.
According to today’s Globe:
… Archon/Goldman is turning its attention from residential properties to the healthier commercial real estate market.
The partnership is set to file plans Monday to redevelop 233,000 square feet at 49, 51, and 63 Melcher St., on the south side of the narrow Fort Point Channel way. The estimated cost is $50 million.
Under the plan, the industrial buildings – some of which became artists lofts – would house offices plus 36,000 square feet of retail shops and restaurants on the ground floors of all four sides of the buildings.
If that means more office workers, guess I’ll have to accept it.
Source: New focus for Melcher Street project – By Thomas C Palmer Jr, The Boston Globe