Downtown Crossing site approved for condominium building sold to Emerson College for $24 million
Panoramic Properties, proponent of the approved 13-story, 12-unit 171 Tremont Street luxury condominium building in Downtown Crossing, has sold the property to Emerson College for $24 million. Emerson plans to renovate the vacant five-story, 17,752-square-foot office building which stands on the property over the next nine to 12 months. 171 Tremont Street’s final purpose will be determined at a later date; in the short term, Emerson plans to use the building as office space. “It gives us some flexibility with some of our existing programs to take advantage of the space with some modest renovations,” said Emerson Senior Assistant Vice President of Real Estate Art Mombourquette in an interview with Banker & Tradesman. “The building is in fairly good condition, so we don’t see an extensive scope of work there.” 171 Tremont Street is strategically located in the heart of Downtown Crossing overlooking Boston Common, and will allow Emerson to create further ties between the Boylston and Washington Street parts of its’ campus.
Panoramic Properties’ original development plans for 171 Tremont Street called for a 355-foot condominium tower with 31 condominiums. Facing neighborhood opposition, the approved building was ultimately reduced to 155 feet tall with 12 condominiums. Panoramic Properties acquired 171 Tremont Street for $16.4 million in June 2014. “We are happy to see a wonderful and vibrant institution like Emerson take control of this site, and we remain committed to staying active in the Boston Market,” said Joseph Dabbah of Panoramic Properties in a prepared statement. Newmark Knight Frank’s Tom Greeley represented Panoramic Properties in the $24 million sale of 171 Tremont Street to Emerson.
New 171 Tremont luxury condominium renderings revealed
New renderings have been released of the 12 luxurious condominiums at 171 Tremont Street, an upcoming $55 million 13-story building in Downtown Crossing. The new renderings show 171 Tremont Street’s future sweeping views and ultra-high quality finishes. 171 Tremont Street was approved by the Boston Planning & Development Agency (BPDA) last month. New renderings of 171 Tremont Street can be found above.
BPDA approves 171 Tremont Street, 12 new Downtown Crossing luxury condos, for construction
At last night's board meeting, the Boston Planning & Development Agency (BPDA) approved 171 Tremont Street for construction. Located in the heart of Downtown Crossing overlooking Boston Common, the $55 million 171 Tremont Street will be a new 13-story residential building containing 12 luxury condominiums. 171 Tremont does not require Zoning Board of Appeals (ZBA) approval and can now proceed with construction.
Proposed Downtown Crossing pencil tower shrinks to 13 stories
The Dabbah Family of Switzerland, developers of the proposed 171 Tremont Street pencil tower in Downtown Crossing, submitted a revised proposal to the Boston Redevelopment Authority (BRA) last Friday (September 9th, 2016) proposing a 13-story, 175 foot tall tower with 12 luxury residential condominium units; the following is a link to the revised proposal. The previous 171 Tremont proposal, submitted last May, proposed a 19-story, 235 foot tall tower with 18 condominiums. A previously proposed underground parking garage has been eliminated; instead, off site valet parking would be offered to building residents.
The Boston Globe reports that the project's cost is now pegged at about $55 million; the cost of the project as submitted last May was pegged at $70 million. The original 171 Tremont proposal, submitted in December 2014, proposed a 355-foot tall tower with 31 condominiums; the tower's height has since shrunk 180 feet. The currently proposed height of 175 feet conforms with existing area zoning regulations; if approved by the BRA, 171 Tremont will not require Zoning Board of Appeals (ZBA) approval to proceed with construction.
Street development team submits modified proposal
The 171 Tremont Street development team has submitted a Draft
Project Impact Report to the Boston Redevelopment Authority with a modified
proposal for the project. The height of the proposed building has been reduced
to 212 feet from 237 feet and to 19 floors from 20 floors. The total number of
residential units proposed at 171 Tremont Street has been reduced to 18 from
19, with one residential unit on each floor. Total proposed parking spaces have
been reduced to 21 from 28. Valet parking would be operated in place of
previously proposed mechanical parking systems. The following is a link to the Draft Project Impact Report for 171 Tremont
Street; the following is a project rendering: