Apartments go condo
By Scott Van Voorhis
Wednesday, June 7, 2006
Early hopes for more than a thousand new apartments on South Boston?s emerging waterfront are fading fast, with a pair of top Hub developers recrafting projects in favor of more upscale condos.
Peter Palandjian, president of local developer Intercontinental, has submitted revamped plans to City Hall for an all-condo residential complex on D Street, shifting away from a plan that once was predominantly rental.
Meanwhile, waterfront developer Joseph Fallon is also injecting a heavy dose of condos into the new Park Lane Seaport residential complex a few blocks away, near the harbor and the World Trade Center.
The moves come after skyrocketing construction prices have made apartment construction, already less profitable, even more of a gamble, Palandjian noted. ?It?s really hard to deliver apartments right now,? Palandjian said. ?Condos trump apartments right now in terms of economics.?
In Boston, Palandjian?s Intercontinental last year acquired the development rights to a proposed 715 apartment-and-condo project across from Boston?s $800 million-plus convention center.
The project?s 585 rental units would have made it the largest new apartment project built in the city in decades.
Instead, Palandjian is eliminating 130 units - and all the rentals.
He is now betting on a smaller, all-condo project of 585 units, with units retailing for roughly $525,000 to $625,000.
Meanwhile, longtime waterfront developer Joseph Fallon plans to convert 112 of his new, 465-unit Park Lane Seaport?s apartment complex into condos.
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By Scott Van Voorhis
Wednesday, June 7, 2006
Early hopes for more than a thousand new apartments on South Boston?s emerging waterfront are fading fast, with a pair of top Hub developers recrafting projects in favor of more upscale condos.
Peter Palandjian, president of local developer Intercontinental, has submitted revamped plans to City Hall for an all-condo residential complex on D Street, shifting away from a plan that once was predominantly rental.
Meanwhile, waterfront developer Joseph Fallon is also injecting a heavy dose of condos into the new Park Lane Seaport residential complex a few blocks away, near the harbor and the World Trade Center.
The moves come after skyrocketing construction prices have made apartment construction, already less profitable, even more of a gamble, Palandjian noted. ?It?s really hard to deliver apartments right now,? Palandjian said. ?Condos trump apartments right now in terms of economics.?
In Boston, Palandjian?s Intercontinental last year acquired the development rights to a proposed 715 apartment-and-condo project across from Boston?s $800 million-plus convention center.
The project?s 585 rental units would have made it the largest new apartment project built in the city in decades.
Instead, Palandjian is eliminating 130 units - and all the rentals.
He is now betting on a smaller, all-condo project of 585 units, with units retailing for roughly $525,000 to $625,000.
Meanwhile, longtime waterfront developer Joseph Fallon plans to convert 112 of his new, 465-unit Park Lane Seaport?s apartment complex into condos.
Link