North End Cross Street Boutique Hotel
Update
06/18/22
Approved North End Hotel Site Acquired for $9 Million, Final Piece in Land Assemblage
The Angela M Pace Trust has sold 40-44 Cross Street in Boston's North End to Cross Street Ventures LLC for $9,505,750.
"This is the final piece of the total assemblage to construct the hotel so it's a big milestone," said William Caulder, Principal at 6M Development and Manager of Cross Street Ventures.
"There were four or five other groups before me looking to develop this corner of the North End. I recall Joe Fallon had contemplated condominiums and there were other proposals that never materialized, so this acquisition signifies a big step in moving forward."
The recovery of Boston's travel and hospitality industry has been lopsided. As tourists flood back into the city boosting leisure activity, traditional business conference activity remains muted.
"We're seeing green shoots of recovery and we're pretty optimistic. Hotel occupancy and daily room rates are doing better and tourists are returning to Boston. Our hotel will target all segments, but tourists love the Greenway and the North End, so we're well positioned," said Caulder.
The site of an approved boutique hotel in Boston's North End, plans to construct 134 hotel rooms across a 5-story envelope with a ground floor and rooftop restaurant. The project received approval for development in March.
