Very disappointing news out of Dorchester.

The developer of the Schoolhouse at Lower Mills is turning the residential building into rentals, a victim of the slow real estate market.

Five of the 62 units were under agreement.

The project has had a good amount of positive press (some from my blog!) and the prices were right, but there just weren’t enough buyers.

The development is actually two buildings – an existing schoolhouse (which the developer had to move …) and a new building.

Leasing activity is scheduled to begin soon, once the developer has hired a manager.

Renters never had it so good. Great finishes, on-site parking, convenient location, too.

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