The institute, which will move to a 65,000-sf waterfront location on Fan Pier in September, 2006, put the property on the market late last week but even before it was listed with Spaulding & Slye Colliers, investors and developers began making overtures to buy the building, which also houses Dillon's restaurant. "There has been very strong interest," Cappy F. Daume, with Spaulding & Slye Colliers tells GlobeSt.com, noting that the property could easily be converted for retail, institutional, residential or office space.
Daume says the building's zoning allows for expansion. "We know there is [zoning that allows for future development] on the site and we believe somebody will try to capture that," she says, explaining that the site's existing zoning would allow a developer to increase the height of the building.
Daume says an asking price has not been set on the property, but a source familiar with the sale said it is expected to fetch more than $10 million. Bids on the building, which was used as a Boston Police station until about 30 years ago, are scheduled to close by the end of this month with the sale completed by November, according to Daume. The institute, which moved into the building after it was renovated in 1975, plans to lease back the structure until it moves to Fan Pier.
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