Prices for the larger units will be in excess of $1 million, Fallon tells GlobeSt.com. The project in the shadows of Back Bay will be geared toward families and buyers who may be moving back into the city, he says.

The developers are setting aside six one-bedroom units at affordable rates, but the vast majority of the units—41—have three-bedrooms. There will be another 10 two-bedroom units. Plans also call for 63 parking spaces available at the ground floor as well as two additional levels below grade.

Fallon and Roiff, who have owned the property since 1998, hope to begin construction this summer and finish the project in early 2005. "We felt it was an appropriate time to move forward," Fallon tells GlobeSt.com. "It's a fabulous location. In this area, there aren't too many sites available."