59 Temple Place, a large retail and office building located in the Downtown Crossing area of Boston is up for sale. The owners, Northland Investment Corporation out of Newton, Massachusetts have shared that they have already entered talks with investors from Chicago known as the Oxford Capital Group. At 11-stories tall, this group envisions a brand new looking boutique hotel that could feature as many as 183 rooms.
After much debate and attraction from an array of local and other investors who proposed the building be converted into everything from creating updated office spaces to a converted apartment building. The biggest worry is not from residents and other individuals who are frequently in this area. This is because this pending sale to Oxford is only expected to be a positive one that will undoubtedly rejuvenate this shopping area. On the other hand, those who are most concerned are the current tenants of the property. The only hope is that their leases will be honored under their current contracts before any drastic changes to the building take effect through the new ownership.
As the current state of the building has been deteriorating, the upcoming plans to revitalize the property will be a pleasant and welcomed change indeed. It must be known that in 2007 the Northland Investment Corporation purchased 59 Temple Place for $23.5 Million. Furthermore, the current due diligence phase between them and the Oxford Capital Group have thus far not released any figures portraying an estimate as to the asking price for the property. We shall all stay tuned!
More Information: Boston Herald