Big goings-on down on the South Boston Waterfront, or the Seaport District, as real estate agents like to call it.
First, Thomas C. Palmer Jr., at The Boston Globe, reports that Rupert Murdoch’s News Corp is looking for a development partner to help build out the 23 acres of land that they took control of, earlier this year.
What’s he offering up in return? Half the land, or more.
News Corp says they’re not planning on selling, but I’m skeptical, and I’m sure others are, too. If you owned one of the largest media companies in the world, would you want to be junior partner, on any deal? I have no idea (I’m not a developer), but I think not. (And, doesn’t News Corp want to hold onto a majority interest, anyway, so they can keep the asset on their balance sheet?)
Any development plans will have to go before the city and state for permitting approval (and, probably the feds, too, since any high-rise buildings will be right across the harbor from Logan Airport). Meaning, the long wait for the Seaport District’s development, just got longer.
The other story out of the Seaport District involves apartments. Um, actually, condos.
Scott Van Voorhis (how come he never calls me for stories?) of The Boston Herald reports that a couple of rental properties are going condo.
First, according to Van Voorhis, local developer Joe Fallon plans to convert 112 of the 465 units in his Park Lane Seaport apartment complex into condos. I believe that construction is already completed on Park Lane, and that people have already moved in. Not sure if the break-down of rentals to condos is by building, or that current renters will have to buy their units or move.
Second, local developer Intercontinental has revised plans for its project, going up on D Street, across from the convention center.
Instead of a mixture of rental and condo units, the project will be all condos, with prices in the $525,000 to $625,000 range, according to Van Voorhis.
Apparently, with the cost of construction being what it is, it makes more sense for developers to build and sell, then to build and hold.