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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