Just an Observation:
<opinion>
Two developers arrive in Fort Point around 2006. Each purchase approximately 17 former Boston Wharf Co. buildings, each in roughly same condition.
DEVELOPER #1
A few notable achievements (2006-2012)
FP3 Condos
381 Congress (top notch rehab for residential/restaurant under way)
Art Gallery on ground floor FP3
Sportello (USA top 50 restaurant)
Drink (USA top bar)
Menton (USA top 10 restaurant, only 4-star in Boston)
Barrington Coffee
Art at 12 (retail for arts community)
Flour (kickass bakery)
Rehab of Boston Fire Museum
President sits on Boston Landmarks Commission Study Committee
President sits on Rose Kennedy Greenway Commission
VP (or top exec) serves on Boston Landmarks Commission
The list goes on.
DEVELOPER #2
381 Congress (bought tenanted, still tenanted, flipped) Papagayo on ground floor.
316-322 Summer Street (bought tenanted, vacated, flipped, still vacant, new owner has a tenant)
49 Melcher (bought tenanted, vacated, bldg left as is, still vacant)
51 Melcher (bought tenanted, vacated, bldg left as is, recently flipped, still vacant)
A Street Deli (bought tenanted, vacated, bldg left as is, recently flipped, still vacant)
63 Melcher (bought tenanted, vacated, bldg left as is, still vacant)
319 A St Front (bought tenanted, bldg left as is, no rehab)
319 A St Rear (bought tenanted, bldg left as is, to be demolished)
327 Summer (bought tenanted, vacated, bldg left as is, recently brought in a few tenants)
337 Summer (bought tenanted, vacated, bldg left as is, recently brought in a few tenants)
FEEL FREE TO CORRECT ME OR ADD TO THE LIST.
I'd empathize regarding the economy, but I've followed the history here of purchasing, securing approvals for new construction, and flipping untouched buildings at a premium with approvals in hand.
If you walk through Fort Point and note the neglected buildings -- attractive nuisances with a history of vandalism, graffiti and kids running on rooftops -- you can identify the portfolio.
The lengthy approval process served one purpose here: To secure upwards of 300,000 square feet of new construction permits and sell off the majority of the properties in nearly the same condition they were purchased without putting a shovel in the ground or significantly rehabbing a single wharf building.
DON'T GET ME WRONG, OBSERVER: I'm optimistic long term. Why? New ownership. I predict flowers will bloom and personally won't attribute that to an improving economy.
</opinion>
Edit: Added Papagayo, which is a definite plus.