The number of condominium units coming on to the market over the next several years keeps getting smaller and smaller.
According to Banker & Tradesman:
… One Kenmore, the long-delayed $450 million urban village in Kenmore Square that would connect Bostonâ€™s Fenway and Audubon Circle neighborhoods, has shrunk to accommodate the new reality [of a slower real estate market].
Under the latest version, 264 apartment or condominium units will be built as part of a 1.29 million-square-foot mini-city over the Massachusetts Turnpike between Beacon Street and Brookline Avenue.
This is not the first time the projectâ€™s housing units has been trimmed. In January, the plan included 688 residential units. But by August, as home sales in the Bay State continued to plummet, the number was trimmed to 353.
Seeing as this project couldn’t logically be completed until, what, 2010, it makes you wonder why Rosenthal would reduce the number of residences.
There will certainly be enough demand to fill 350-500 units of housing in three years.
Hmmm. Was a bunch of commercial / office buildings his plan, all along?
Fenway Developer Decides To “Air” on Side of Caution – By Thomas Grillo, Banker & Tradesman (subscription req’d)
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