Condo tower power: Lafayette plan rises
By Scott Van Voorhis/ Herald Exclusive
Thursday, July 14, 2005
A pair of roughly 30-story residential towers would soar into the Hub's skyline at the edge of Downtown Crossing under a plan floated by a veteran city developer and Celtics owner, the Herald has learned.
Robert Epstein, head of development firm The Abbey Group and a part owner of the Celtics, is pitching plans for the twin towers as part of his effort to sell a major downtown office complex, documents reviewed by the Herald show.
A firm hired by Epstein is marketing the Lafayette Corporate Center, a six-story, 600,000-plus square-foot office and retail complex filled with State Street workers, to prospective buyers.
But in a bid to spice up interest in the property, Epstein's marketing agents are also touting the potential for a pair of 23-story residential towers over the garage of the downtown office complex. The possibility of adding a seventh story of offices to Lafayette is also held out, which would boost any residential towers into the 30-story range.
The 560,000 square feet of residential space would be enough for several hundred condos or apartments.
``Holy smokes,'' said Robert Cleary, president of the Codman Co., a downtown commercial real estate firm, reacting to what he called the New York scale of the plan. ``I would say that is pretty aggressive.''
The proposal comes as a series of new developments - from the Ritz-Carlton towers and renovated Opera House to the new Park Essex apartment high-rise now under construction - remakes the Lower Washington Street area.
Once the city's red light zone on the edge of Downtown Crossing, the area is fast becoming a hotbed of pricey high-rise developments.
Still, the height is sure to trigger protests, said Thomas Meagher, head of Northeast Apartment Advisors, a development consulting and research firm. Activists in nearby Chinatown have waged a long battle against perceived encroachment by luxury residential towers.
``Height is a big problem in that they are going to have to battle . . . the neighborhood activists,'' Meagher said. ``It is an area that is definitely on the rise (but) it is fair to say it's still a bit hardscrabble.''
The twin tower residential proposal floated by Epstein, the Hub developer and sports owner, comes as city condo prices soar.