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The Boston Real Estate BlogI am an independent real estate broker, focused on the residential real estate market in downtown Boston. |
Cheaper To Knock Down? Just Do It!
So, there's a lot going on down in the Fort Point Channel.
I'm all for it.
The neighborhood was profiled in today's Globe.
In April, Berkeley Investments Inc. started turning two five-story buildings and an adjacent vacant lot on Congress Street into FP3, a $60 million luxury-living complex scheduled to open next spring.
"It's cheaper to just knock this down and build a new building," said Scott Thomson, lead architect on the project and a senior associate with Hacin & Associates Inc., pointing to 348-354 Congress, the gutted former Boston Wharf Co. warehouses. "Our culture has realized what's of value, so now we have this strange challenge."
The strange &8212; and expensive &8212; challenge is to preserve a historic building and capture the charm of Boston's maritime and industrial past for a 21st century neighborhood, with condos built over retail shops, galleries, and restaurants.
And to justify prices ranging from $350,000 to $2 million or more per home.
You'll notice the story is a little skimpy on details about the "other" developer (Goldman Properties). This is because Goldman just announced it was delaying any condo construction until the residential market improves.
Can't they just build apartments, instead?
Complete story: Rebuilding Fort Point Channel warehouses - By Thomas C Palmer, Jr., The Boston Globe
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