The latest plan for a hotel at 240 Tremont St. in the Theatre District
As each month passes us by in Boston it seems as though there are more developments be it for commercial, residential, academic or hospitality space making headlines. Well, that is because it is the truth. With a lack of real estate for all of the aforementioned categories, it has become an opportunistic time to build and help further the development and expansion of our beloved city of Boston. Now, yet another project is hoping to break ground in the near future.
This vision comes from Amherst Media Investors who are looking to build a hotel in the Theatre District/Bostons Midtown Cultural District next to the Wilbur Theater. The proposal entails a 21-story boutique hotel which would cost Amherst Media Investors roughly $66 Million to construct. There would also be a three story digital sign similar to ones seen in New York Citys Times Square for Stuart and Tremont Street's to see. The next meeting regarding such an endeavor will take place on September 17th at 7PM in the first floor community room of 230 Stuart Street and will be hosted by the Boston Redevelopment Authority.
Some of the details worth discussion at the meeting are the adjustments made to the plans. Some of these include the amount of hotel rooms being reduced to 202 from the initial 240, yet there will be an added two stories; or seventeen feet. Furthermore, an increase in the amount of square feet will see it rise from 101,000 to 117,000 making a clear assumption that the guest rooms must be much larger in size in the revised plan. Finally, a new development partner has joined the fold with OTO Development of Spartanburg, S.C. now replacing Austin-based HotelWorks.
The thus far released figure of $66 Million is expected to rise. This investment only accounted for the initial 19 story initiative which was approved by the Boston Redevelopment Authority a year ago. It is anticipated that after the next meeting the new estimations for costs and for what will or will not be approved will be released. All in all, this marks yet another positive movement for Boston real estate showing once again how much faith investors and developers have on our citys future for years to come.
More Information: Boston Business Journal
