"We are delighted to announce this sale," Raymond principalJames English said in a press release. English called the deal "anoffer too good to pass up," explaining that the funds from thetransaction will allow his firm to pursue additional projects inthe city.

English and company founder Neil St. John Raymond wereunavailable to elaborate on the decision, but sources close to thecompany maintain that the complexity of the development conspiredwith a tricky capital market to dash Raymond's hopes for completingthe assignment. "I think [Raymond] is very happy to get out of thatthing," says one former member of the development team. "Anywaterfront project is going to cost money, but that one is going tobe really expensive."

According to the source, the condition of the waterfront pierwill require extensive investment to shore up, while the cost ofmaterials is also up considerably from what was originallyanticipated. The former home of the Bay State Lobster Co., BatteryWharf consists of 4.6 acres of filled land, water and the pier.When fully built out, the development will feature 35,000 sf ofretail space, 100 residential condominiums and a 348-vehicle,below-grade parking garage.