JimboJones
Active Member
- Joined
- Apr 4, 2007
- Messages
- 935
- Reaction score
- 1
From today's Globe:
Residential projects on two prominent East Boston waterfront sites with postcard views of downtown have been stalled for years, but that's not stopping owners of an old industrial complex on New Street from moving forward.
The Ohanian family, which has owned the four underused commercial buildings near Maverick Square for four decades, have filed plans with the city to spend about $90 million to turn the four-acre site into about 150 residences, with a hotel or additional living units in a second phase.
The owners have hired Ed Nardi and Cresset Development, which is redeveloping the old Jimmy's Harborside site on the South Boston Waterfront, to help them through the cumbersome permit process for turning industrial locations into residential neighborhoods.
Bruce Ohanian said the family hopes to complete permitting with the city and state this year and then decide whether to build condominiums or rental apartments. "The market is in such turmoil right now, all we can say is it's going to be residential," he said yesterday. The project wouldn't open until at least 2010.
Nearby, East Pier, along Marginal Street, has been planned for years as a four-building luxury complex on the water. But building costs skyrocketed, the residential market went soft, and the developers have scaled back.
Between East Pier and New Street is Clippership Wharf, owned by Arthur Winn for several years but never developed. A sale of the property to an apartment developer fell through last year.
Saul Perlera, a real estate broker, said the East Boston condo market is reasonably healthy, though nothing like it was in 2005. Prices for any newly constructed units on the water, like New Street, would be considerably higher than in existing buildings.
"It will probably be trend-setting for the pricing," Perlera said. "By the time they finish, the market will be back."
The buildings along little New Street, most dating from about 1900, were used for cold storage of fish and later supported the Ohanian family candy business, Deran Confectionery Co. of East Cambridge, which made Haviland Thin Mints. Since about the 1980s some have been vacant and some have had a mix of industrial uses.
The site has buildings of nine, five, three, and one stories. The plan is to redevelop the tallest one, adding three floors and yielding 148 one- and two-bedroom units.
The other three buildings would be demolished, with a new six-floor structure to include either 62 more residences or a 106-room hotel, plus a restaurant, public areas, and parking.
Several thousand cubic yards of soil would be dredged from the harbor to create a recreational and commercial marina, and the new buildings would be edged by a new 500-foot stretch of the Harborwalk.
The owners have hired Steffian Bradley Architects of Boston for the project.
The Boston Harbor Association, while supporting waterfront residences, pushes hard for retention of maritime industrial use around the harbor - including along New Street, which will have new piers and truck access from local streets. "We believe the New Street development project has the potential of being a model for combined usage of the waterfront by maritime industrial and nonmaritime industrial uses," the association wrote to state environmental officials, commenting on the project.
"Clearly the East Boston waterfront is changing," association executive director Vivien Li said yesterday. "We want to make sure future residents are aware of the fact that it is an industrial area."
In her letter assessing the project, Li proposed that the deeds for condos sold there include language making owners with East Boston's phenomenal views of downtown aware that "the operation of water-dependent facilities . . . adjacent to this site will generate noise," as well as emissions from trucks and vessels.
Ohanian said that won't be a problem. "There really is no more heavy industry in Boston," he said, adding, "It's nice to have the tugboats."
Source: http://www.boston.com/realestate/ne...dences_planned_at_new_street_industrial_site/ - By Thomas C Palmer, Jr., The Boston Globe