Channel Center plans may go forward, soon
Around 2004, the Channel Center condominiums at 25-35 Channel Street opened. They did pretty well with sales (although a couple of units stayed on the market, for years). There were two buildings - a converted loft building and a brand-new, modern-looking one, next door. Many of the units in the new building were duplexes with great 20-foot high ceilings.
The original developer, Beacon Capital Partners, had grand plans to redesign the entire street, currently made up of a mixture of low-rise industrial and office buildings (with a smattering of artist space, spaced intermittently along the street).
They bailed out, last year. The residential sales market cooled (although prices did not, contrary to what my commenters say), so they decided to pocket their profit and move on.
A new developer came on board, and they are about to get busy.
… [T]he developers of Channel Center in the city’s Seaport District are moving ahead on renovations to the mixed-use complex after receiving a $67-million construction loan from Apollo Real Estate Finance Corp. The client, Commonwealth Center Holdings VAF, is taking on the second phase of a 1.6-million-sf project conceived by Beacon Capital Partners to rehab a strip of gritty industrial buildings and supplement those structures with new housing, office and retail …
… Work will “commence immediately” on renovating three brick buildings lining A Street known as 10, 20 and 30 Channel Center …
There are five existing buildings in the developer’s portfolio, while they have rights to build multiple buildings, office and residential.
Source: $67M Construction Loan Buoys Channel Center Plan - By Joe Clements, GlobeSt.com
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