Waterfront developer switching from condos to office
Boston Business Journal by Thomas Grillo, Real Estate Editor
Date: Monday, June 18, 2012, 12:25pm EDT
The developer of Lovejoy Wharf, a $200 million luxury condominium project on Boston Harbor, is seeking approval to switch a portion of the development to office space.
Courtesy of the Boston Redevelopment Authority.
The developer of a controversial condominium project on Boston’s waterfront is seeking the city’s permission to recast the development into commercial office space, according to sources.
Lexington, Mass.-based Ajax Management Partners first won approval for Lovejoy Wharf, a $200 million luxury condominium project with 240 units on North Washington Street along the Boston Harbor, next to the TD Garden , in 2008. But a lawsuit by 21 residents of Strada234, an upscale development next door, stalled the project. While the lawsuit was settled for an undisclosed amount last year, financing for condos is difficult and the developer is hoping to turn at least some of the project into office space.