It was a grand vision.
Beacon Capital is the company behind the Channel Center, a 76-unit, two-building condo complex finished back in 2004. The investment and development firm had planned on renovating all of the buildings along what used to be known as Midway Street, in the Fort Point Channel neighborhood with a mixture of residential, office, and retail space.
It’s not to be, apparently.
From the Boston Globe:
Beacon sold the mostly undeveloped portion of Channel Center — two rows of old industrial buildings in the Fort Point Channel area — to Commonwealth Ventures LLC of Southport, Conn., for $21.5 million. Beacon Capital had purchased the property about seven years ago for $40.5 million.
However, a new developer has entered the picture.
Commonwealth Ventures plans to immediately redevelop one of the two rows of Channel Center buildings, along A Street near Gillette Co., into 280,000 square feet of office space, with retail shops on the first floor.
I’m very surprised that Beacon Capital pulled out, since the area is just now coming into itself. Beacon knows what it’s doing, which makes you wonder. However, there may have been simple math involved. As the article mentions, the developer was closing out an investment fund, so was unloading some of its properties. Beacon sold the John Hancock building for a $400 million profit, last year.
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