The NorthPoint condo project is in trouble.
This is no surprise to anyone who has been following it over the past year or two.
Originally designed as a $1 billion, mixed-use development, with condominiums, office and lab space, etc., it now stands as a plan, and little else.
Two buildings have been completed or are near completion; the Sierra and Tango condominiums.
The developers put the land up for sale, last year, after an intense period of accusations and legal filings.
Add in the credit crunch and impending doom of the general US economy, and things don’t look good, at least right now.
Here’s the latest, courtesy of a reader.
The last notification I received didn’t even have a closing date assigned. They indicated that a date would be given to me once an occupancy permit was issued. The sales office seemed to think February, but they really have no clue.
The Sierra building looks totally complete, and I had actually been inside a couple of times.
Aside from the occupancy permit, it seems that there are some legal problems. A registry of deeds search on the seller – “sierra plus tango LLC” – returns some good information on the multiple liens for both the Sierra and Tango buildings.
Another buyer I was in touch with told me that her mortgage broker found out that “15 of 30” buyers had gotten their deposits back already. This was before I backed out and I know of another buyer who should be out soon as well.
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