The Future $42 Million Envoy Hotel, Boston's Seaport District
What more can possibly be said about the Seaport District of Boston? There perhaps has never been a more highly anticipated future area to be developed on the Eastern seaboard than this portion of the Boston Waterfront. From what today is nothing more than an area defined by vacant lots, parking spaces, and old warehouses, it will soon be a flourishing metro-area riveting with energy and bounded by brand new magnificent facilities for those at work, those at play, those on vacation, and those who wish to live the unique and luxurious lifestyle that can only be experienced in Boston here in the Seaport.
The latest announcement, and yes they seem to be arriving daily, comes in the form of a gorgeous boutique hotel that has been drawn up. At 100,000 square feet and six-storys tall, the future Envoy Hotel will set developers Norwich Partners back $42 Million to construct. What currently is a parking lot and located at 66 Sleeper Street, this complete transformation will see 136 luxury rooms, a public roof deck with a bar and lounge offering city views, and much more call this prime address home.
The location for visitors is unrivaled. Boston landmarks such as the Barking Crab are only one block away, and guests are fortunate to be able to stay in the prized location of what is destined to be Bostons hot-spot for years to come where all of the action is. This property has a recent history of transactions in the Boston market, with FPC Hotel LLC, a branch of Norwich Partners, buying the 16,910 square foot parking lot back in 2011 for $8.99 Million. Since then, funds have been raised as the vision of the Envoy Hotel became a more realistic endeavor, and an additional $38.5 Million was thus borrowed from RBS Citizens NA.
The much awaited groundbreaking is slated for Friday, October 25th, 2013. The project as a whole is expected to be completed and open for business during the Spring of 2015. Further developments in the hospitality industry are also proposed for the Seaport District and surrounding area. A pair of hotels across from the Boston Convention & Exhibition Center will be constructed by CV Properties. In addition, Commonwealth Ventures, Starwood Hotels, and Resorts Worldwide are teaming up to build a 180-room Element Hotel as well as a 330-room Aloft Hotel. Just a few days ago we reported about even more news announcing that The David Cos. have just paid $43 Million for an office building in the Seaport which they have committed a further $2.5 Million towards renovating the space. While the Seaport District today is essentially nothing more than a vacant desert, already the availability of land and formerly deserted buildings have diminished as forthcoming plans to design a prosperous Seaport for the future have caught fire.
More Information: Boston Business Journal
