BOSTON-Notice was filed with the city last week for a 450-room hotel on the South Boston Waterfront that would include two apartment buildings next door. The three sites total eleven and a half acres and are situated east of the World Trade Center. The sites are owned by the Massachusetts Port Authority and would be rented to developer Joseph and his group under a long-term lease.
Fallon has revisited the project plans many times since he came up with the idea three years ago. The new approach, which involves 490 apartments, has finally managed to appeal to investors. Conerstone Real Estate Advisors joined Fallon and Corcoran Jennison Co. as an equity partner.
The city’s plans for the South Boston Waterfront, which involve creating 4,000 units there over the next ten years, have progressed slowly. Cathartes Investments’ plan for 630 apartments and condominiums on D Street recently won zoning approval, but several proposed hotels have been stalled because of trouble with financing or receiving permits.