The giant poster hangs from a building abutting the expansive sand lot at the corner of La Grange and Washington Streets. It advertises the upcoming Kensington Place residential tower.
But little has happened at the site since developer Kensington Investment Company won city approvals in 2003 and demolished the historic Gaiety Theatre and other low-rise brick buildings at the site. Now Kensington says it plans to start constructing the 30-story tower by the end of the year, once it completes financing for the more-than $100-million project.
?We?ve got a significant investment in there already, and likely we?ll have to put in additional funds, and we?re determining what that amount is,? said James J. O?Brien, vice chairman of Kensington.
?We hope to break ground this year as soon as we get a fix on what it is that we?re going to have to put together, both inside financing and outside financing.?
Construction costs and ?the overall housing market? pushed the project?s construction back, he said. Other short-lived roadblocks to the tower's development included protests from Chinatown groups and preservationists who wanted to save the Gaiety Theater. Also, owners of the Glass Slipper strip club challenged in court a proposed taking of their property at the site where Kensington hopes to build. The club has since relocated across La Grange Street.
?We intend to retain ownership,? O?Brien said, when asked if there were any plans to sell the property, a question raised in an April 4 blog about the project?s delay, posted on
www.bostonchinatowngateway.com.
?We?re still confident that they will be moving forward shortly,? said Boston Redevelopment Authority spokesperson Jessica Shumaker.