Apparently, the Fort Point Channel is out, and East Cambridge is in.

According to the Globe:

NorthPoint, a new minicity under construction in East Cambridge, is being sold, and its buyer is Archon Group, the real estate arm of the investment bank Goldman Sachs …

… The price was more than $175 million.

The purchase of the former rail yard includes 44 acres permitted and ready to go for 5 million square feet of office, lab, residential, retail, and hotel development. Two residential buildings are near completion.

The Archon Group, of course, was a major investor in the Fort Point Channel neighborhood, buying 17 of the old Boston Wharf buildings, back in 2006 (or was it 2005).

The Archon Group, and developer Tony Goldman, had grand plans for turning that area into Boston’s own “South Beach”. However, a slowing real estate market (as well as the ability to make some serious cash as a return on investment) led them to sell of much of that portfolio.

Looks as though they’re focused on other areas, now.

At least they’re investing somewhere, right?

(I’d expect the new owners to make the NorthPoint neighborhood more a mix of offices and commercial space and reduce or delay any residential construction, at least for the next couple of years. We shall see.)

Source: Feuding owners are selling project for more than $175m -By Thomas C Palmer, The Boston Globe

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John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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