BOSTON-A Stockholm-based construction firm has won a $142-million contract to build a hotel and residential complex on the city's historic Battery Wharf. Development Management Corp. tapped Skanska to serve as general contractor on the project which will bring 104 condominiums and 150 hotel rooms to the waterfront.
In a statement announcing its selection, Skanska says it would begin work immediately on the four-building hotel and condo project, to be named the Regent Boston at Battery Wharf and the Residences at Battery Wharf. Both the hotel and condominiums, located on the fringes of the North End, will be managed by Regent International Hotels. Officials from Skanska did not return calls by deadline.
The 472,612-sf hotel and residential complex, which is scheduled to be completed by the fourth quarter of 2007, includes a spa and fitness center, a restaurant, 30,000 sf of retail space, 376 below-grade parking spaces as well as a 300 linear foot marina linked to the project. The one- to three-bedroom waterfront residences will sell for between $1 million and $5 million a unit.
A $142-million, three-year loan granted last month to project owner RBW LLC by Hypo Real Estate Capital Corp., a New York City-based subsidiary of Hypo Real Estate Bank International. The Boston Redevelopment Authority also committed $11.5 million in project collateral under a city initiative designed to jumpstart economic development in the hotel industry.
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