Celtics owners build emerald city
Tower locale called ?hidden gem?
By Scott Van Voorhis | Wednesday, June 11, 2008 |
http://www.bostonherald.com | Real Estate
Photo
Photo by Nancy Lane
The developers of Boston?s newest condo tower had double the reason to celebrate yesterday.
Abbey Group developers Robert and David Epstein threw a party at their still-unfinished 45 Province St. luxury residences to mark the official topping off of the 32-story tower.
Despite gloom about the economy and the real estate market, 25 percent of the tower?s units are already spoken for, Robert Epstein said.
And as they touted the project?s bright future, the Epsteins also were rooting for their beloved Boston Celtics, a team that they partly own.
It was a celebration that not too long ago would have seemed unlikely, with both the tower and team facing challenges.
?They knew someday they would have a championship team - well, the same with this location,? Mayor Thomas Menino said of the tower, which is taking shape near Omni Parker House and Downtown Crossing. ?This location is one of the hidden gems of Boston.?
Before kicking off work on the tower nearly two years ago, Abbey had to work through a spike in construction costs that challenged its feasibility, Robert Epstein said.
And the Celtics looked far from championship glory until their astounding turnaround this season, with the low point coming with last spring?s disastrous draft night, Epstein said.
In both cases, the Epsteins, instead of packing it in, forged on.
With the tower, the Abbey Group developers came to the conclusion that construction costs were only bound to go higher, so they had better lock in prices and push ahead. That judgment has been vindicated by a continued surge in prices, Epstein said.
As it prepares to open 45 Province St. next year, Abbey is fielding steady interest in its units, which range in price from around $1 millon to $5 million for a marquee penthouse, David Epstein said.
A similar approach also has paid dividends with the team.
Robert Epstein noted taking on the big salaries of the ?Big Three? presented a significant risk, but one that has paid off handsomely.
?If you want to have a successful team, it?s very hard to view the operations of a professional sports team in pure business terms,? Epstein said.
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