The 0.7-acre site has already sparked the interest of at least 10 potential buyers who view it as the future site of a hotel or residential development, Yanni Tsipis, a vice presidentwith Meredith and Grew, tells GlobeSt.com. "It represents one of the only bite-size development opportunities on the waterfront." Tsipis and brokerage president Thomas J. Hynes Jr. are marketing the site.
Although there is no asking price, Donald Annastasia, assistant treasurer of NStar, estimated that the land was worth about $10 million in 2003. "Given the volume of interest," notes one source familiar with the land sale, "I would expect it to command a premium."
The site also sits near several large scale developments planned for the South Boston waterfront. "It's a small development parcel within these mega blocks," notes Tsipis, explaining that the property is three blocks from the 21-acre Fan Pier site and close to several other waterfront properties currently under development. An end date for bidding on the site has not been set.
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