There seems to be an abundance of positive news hitting the heels of Boston's recovering real estate market, as more and more projects finally get under way after being stalled for the past four years due to the recession. If you recall, we broke the news about the 21-storey Pier 4 development spearheaded by Houston & Co. in the Seaport District. Continuing this momentum, the Boston Redevelopment Authority announced the partnership of Boston-based Beal Companies, and New York's Related Companies to bring the Lovejoy Wharf Project back to life.
The $200 million project, situated on the Lovejoy Wharf north of the city and right by North Station, includes both residential and commercial space development. A 14-story condo tower will be erected along a "modernized" 131 Beverly Street, and an office space with 180,000 square feet (rumored to be the new HQ of Converse) will be at 160 Washington Street.
Originally, Lovejoy Wharf was to be developed in 2008 with clusters of high- to mid-rise condominiums when the recession hit. The project was also subject to dispute, as residents of nearby luxury condo building Strada234 sued. Though a settlement was reached, the developers opted not to pursue the project since the economy was "not at its best".
However, with renewed signs of the real estate recovery, and new builders behind it, the project will finally commence starting with the conversion of the vacant Hoffman Building at Washington street, to be followed shortly thereafter by the construction of the condominiums that will be west to it.