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December 11, 2012

JV Seeks Approval to Restart Stalled Lovejoy Wharf Project

By Veronica Grecu, Associate Editor

A development team including The Beal Cos. and The Related Cos. revealed plans to breathe new life into the long-stalled Lovejoy Wharf project along the Charlestown Bridge the northern edge of the historic Bullfinch Triangle.

Back in 2008 the Boston Redevelopment Authority (BRA) approved the $200 million, 240-unit housing development proposed by Ajax Management Partners of Lexington, MA. But the Boston Business Journal reports that soon after getting the green light construction at the site halted because of the risky economic environment and a lawsuit from 21 residents of Strada 234, a neighboring high-end development, who were looking to overturn the City’s amendment that allowed Lovejoy Wharf to exceed by 100 feet the 55 feet height limit for the area.

The joint venture between Beal Cos. and Related Cos., which is close to sign a deal to buy the construction site after the law suit was settled last year, reviewed the master plan and recently filed a Notice of Project Change with the BRA. According to NorthEndWaterFront.com, the co-developers have been working with The Architectural Team (TAT) to transform the existing 11-story Hoffman Building at 160 North Washington Street into a 241,000-square-foot office space facility. A second phase would call for a 14-story residential building with 104 condo units that will replace the adjacent 131 Beverly Street structure. Additionally, the reviewed project includes a publicly accessible park and a 2-level pavilion connected to North Washington Street featuring ground floor retail, restaurant and marina space. If approved by the BRA, construction at the site could start in early 2013.

According to the developers’ filing, 187,000 square feet of office space in the Hoffman Building could be leased to Converse, headquartered in North Andover. Apparently the sneaker giant is looking for an expanded company headquarters in the Greater Boston area.

Click here for a market report on Boston vacancy rates.

Rendering credits to The Architectural Team via NorthEndWaterFront.com

 

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