I first heard about it on Friday night, but my mind was so cloudy I couldn’t figure out whether I heard someone say it, or I dreamt it.
Unfortunately, it’s the truth.
Archon Group and Goldman Properties have delayed (and/or canceled) plans for several new residential projects proposed for the Fort Point Channel neighborhood.
A slower residential real estate market is to blame.
The developers have already sold several of the 16 buildings in their Boston portfolio, for what seem to be healthy profits. That’s the only good part out of this – by making some money, perhaps Goldman can afford to wait a year or two, before starting any new condo construction.
I have very high hopes for the Fort Point Channel and Seaport District. Right now, everyone thinks we need more office space, so developers will follow the profits. Hopefully, we will all live to see a fully-built out, 24-hour a day neighborhood with mixed uses including office space, retail space, and a lot of housing, too.
Source: Residential growth stalls in Fort Point – By Michelle Hillman, Boston Business Journal, by way of ArchBoston.com