Re: Portside at Pier One
'Things are happening’ to launch 176-apartment waterfront project
By Greg Turner
Thursday, September 27, 2012
East Boston will get action on its underdeveloped waterfront this fall, as the Portside at East Pier project — in the works for more than a decade — appears poised to finally break ground.
New Jersey developer Roseland Property Co. recently requested a building permit, hired a new contractor and secured financing for the first phase, a 176-unit apartment complex at Marginal and Lewis streets.
“Things are happening,” said Roseland spokeswoman Nancy Sterling. “We’re very excited because we think we’re going to be the first new building on the East Boston waterfront, and that’s really going to transform the neighborhood.”
Portside is one of four key East Boston waterfront projects that have been stalled for years. The other three — WinnDevelopment’s Clippership Wharf, developer Philip DeNormandie’s Hodge Boiler Works, and a New Street industrial redevelopment — are inching forward after being downsized and in some cases switched from condos to apartments.
“I’d love to see it,” Bob Strelitz, an attorney and founding member of the East Boston Waterfront Development Advisory Committee, said of Roseland’s plan. “It would really be a shot in the arm for East Boston.”
Roseland has had a rough ride in Eastie since launching its plan for 500 residences, shops, restaurants and a marina in 2000. The firm won city approval in 2005, but halted work with luxury condo builder Lennar in 2007 when the real estate market went south.
Meanwhile, Roseland replaced its original contractor, Skanska USA, with Suffolk Construction — but the big Boston builder pulled out earlier this year amid reports of project cost-cutting. The builder on board now is Cranshaw Construction, a division of Newton’s National Development.
“The third time’s the charm,” said Jack O’Neil, Cranshaw’s founding partner. “We’re gearing up for an imminent ground-breaking.”
Cranshaw’s projects include Staples’ headquarters in Framingham, the Longwood Center lab building in Boston, and the upcoming Ink Block development at the former Boston Herald site in the South End.
Suffolk could not be reached for comment.
Sterling said, “it’s not unusual over this length of time and for this large a project” to change contractors twice.
Roseland, whose equity partner in the $275 million venture is Prudential Real Estate Investors, will start site preparation work as soon as a building permit is issued. The East Pier project will eventually cover 13 acres of Massport-owned land next to Piers Park.
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