Boston’s newest Waterfront development is the 33 story gleaming tower called Russia Wharf. Slated to be completed at the end of 2010, Russia Wharf has gone through some major changes over the past couple years of planning and development. Originally conceived during the height of the market, the place was to have 215 luxury condo units with stunning views. This would have been bigger and provided better views than the neighboring InterContinental Hotel and Residences. Well, given the past 18 months of economic downturn, Boston Properties reduced the number of condo units from 215 to 65 with the rest of the building being comprised of 750,000 sq. ft. of office space.
Since the reduction in units, financing for developments has become even tougher. Guidelines have got tighter and funds are less likely to provide the financing needed for condo projects. This has caused the most recent change at Russia Wharf; the conversion of the remaining residential units from condo to rental. The hopes down the road are that when the market gets hot again, they will be able to convert them back to condos and sell them off individually.
My Thoughts: To be honest, I think this is good news. The Boston Waterfront is one of our most requested locations for sales and rentals. The problem is, there is a lack of inventory in regards to luxury rentals on the Waterfront. This will provide for 65 new high end units with spectacular views. We are excited!
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