Congress Square Update 08/12/16

Related Beal sells approved Congress Square boutique hotel project to Magna Hospitality Group for $16.5 million


Last Friday (August 12th, 2016), Related Beal sold the approved boutique hotel component of the Congress Square development project to hotel investor, developer and manager Magna Hospitality Group of East Warwick, Rhode Island for $16.5 million as recorded in the Suffolk County Registry of Deeds. An 85,700 square foot boutique hotel is approved for construction at Congress Square. The approved hotel site is located at 68 Devonshire Street and includes an existing 12-story, 53,072 square foot building and an adjacent vacant lot. To construct the approved hotel, the existing building would be thoroughly renovated and a 13-story addition would be constructed on the vacant lot. The following is a rendering of the boutique hotel approved for construction at Congress Square:


Congress-Square-Hotel


Related Beal now only retains ownership of Congress Square's 40 Water Street, where approximately 285,000 square feet of office space and 31,000 square feet of retail are currently under construction. Related Beal sold 15 & 19 Congress Street, the residential component of Congress Square, to Thibeault Development last week for $14.55 million; 35 condominiums with ground-floor retail are approved for construction at 15 & 19 Congress Street.


The following is a Congress Square site plan:


Congress-Square-Site-Plan


The following is the deed for the sale of the approved boutique hotel project to Magna Hospitality Group:


   

More information about Congress Square is posted below.

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