The St. Regis Residences, Boston
Update
11/30/17
150 Seaport waterfront condominium developer paying nearly $2 million for sliver of Seaport sidewalk
Cronin Holdings has reached an agreement with the City of Boston to buy 3,290 square feet of Seaport District sidewalk adjacent to 150 Seaport Boulevard, a site which Cronin will develop into a $260 million, 22-story, 124-unit luxury condominium tower, for $1.95 million. The sale will amount to about $593 per square foot, a far cry from the land’s original appraisal of $55,000. The site was ultimately reappraised based upon its’ value to Cronin’s project, as opposed to comparisons to similar unusable lots across Boston. The 3,290-square-foot site will give Cronin the space needed to construct the 283,700-square-foot tower; Cronin will pay the City for the site over 10 years with interest. Pending State environmental approvals and resolution of a lawsuit filed by the Conservation Law Foundation regarding public access to the waterfront, Cronin plans to break ground on 150 Seaport in Fall 2018.