Only last week did we report on the $126 Million tower breaking ground in the Seaport District of Boston. Well, the positivity only continues today. With truly not much land left to play with in this up-and-coming part of Boston, any news that we now hear coming from this location is highly concentrated on the already purchased lots of land getting their projects underway. It appears as though there are still diamonds in the rough, as another Boston developer has filed plans for new condominiums to be built in the Seaport.
What is now a parking lot at 338 Congress Street at the corner of Farnsworth Street near the Boston Childrens Museum, this latest proposal just put before the Boston Redevelopment Authority calls for forty condominiums. Gate Residential LLC, a branch of Redgate Real Estate Advisors, are the developers behind this much anticipated project which will see a 118-foot building of roughly nine stories soar above its 4,939 square foot plot of land. The ground floor of the residential facility would house luxurious retail space.
Redgate does not currently own the parking lot, and if the BRA does happen to accept this proposal in the near future, estimates are in that the parking lots price to Redgate would rise from the current pre-bid acceptance value of $495,500. The next frontier of Boston being the Boston Seaport District evidently has even more surprises for us in store with yet another magnificent endeavor hopefully to be built in the coming years.
More Information: Boston Business Journal