Warehouses in Fort Point. A local developer plans to redevelop two like these into rental units.
When it comes to the Fort Point district in downtown Boston, it’s out with the old and in with the new, right?
Not so fast. Real estate developer Commonwealth Ventures is looking at preserving a pair of Fort Point warehouses and converting them into rental units. The buildings at 5 Channel Center have 200,000 square feet of space, and could hold as many as 130 units.
Contrary to older plans to tear down buildings such as these and replace them with more modern facilities featuring high end condos, these new units would be targeting younger businessmen who are looking for a start within the city. Beacon Capital Partners (the original owner and developer in Fort Point) had plans to demolish these buildings and replace them with expensive high end condos.
Beacon Capital Partners introduced plans in 2001 that would have preserved some of the buildings, but would have also brought numerous new modern high end luxury condos. The company sold the project to Commonwealth Ventures last year.
So far, redevelopments in the area have been relatively successful, contributing a rejuvenation of the area that features one of the regions’ largest artist communities.
Source: Boston Herald
Filed under: Boston, Fort Point, Massachusetts, Redevelopment, Renovation, Residential
