A real estate transaction closing today brings to an end the first stage of an incredible rebirth of an entire Boston neighborhood.
According to the Suffolk County Registry of Deeds website, it appears that National Development closed on the purchase of the parcel of land at 217 Albany Street, in the South End of Boston, currently the site of a two-story office building (Transit Insurance Agency, above). The price was $2,250,000.
The sellers were members of the Pagliarulo family, long-time owners of the property. They first listed it for sale in March of this year with Boston Realty Advisors for an "anticipatory price" of $2,500,000.
It's the only parcel of land in this section of the South End that is not owned / controlled by National Development, the developer behind the six-acre Ink Block project going up and around 217 Albany Street. It's logical that National Development would want to own this final parcel in order to complete its transformation of a neighborhood that until recently was made up primarily of light industrial and parking lots.
Ink Block is planned as a series of buildings including three apartment complexes, two condominium buildings, and an AC by Marriott hotel. Sepia the first condo building, is currently finishing up construction with an expected completion date of this fall / winter while pre-sales at its sister Siena building have just begun. A Whole Foods supermarket and Capital One coffee shop have already opened on-site.
The hotel will go up on land currently occupied by FW Webb and Independent Taxi, next door to 217 Albany, according to BostInno. It's entirely possible 217 Albany could end up as part of that project, or perhaps another hotel, or more housing. (When originally proposed, National Development estimated it would build a total of 475 residential units at Ink Block. There are 300 apartments at Ink 1, 2, and 3, 83 condos in Sepia, and an estimated 79 in Siena, so who knows?)