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BOSTON-Construction of a hotel and condominium complex in Battery Wharf here in the North end section of the city has been delayed. A representative of the developer, Development Management Corporation, tells GlobeSt.com that the changed market convinced the developer to take a second look at the project.

“After September 11, things change every day,” Francios Nivaud, the development and marketing consultant for Battery Wharf, tells GlobeSt.com. “The market is different than it was in July and we want to make sure we have the best possible options. Every time the market changes, we want to make sure we are still on target.”

Nivaud points out that while construction on the project is being delayed–from last month to the first quarter of 2002–work on the project has not stopped. “The sales office is open,” he says, and adds that at least four of the condominium units are under agreement and that “we have a lot of interest.” Nivaud also notes that the company wants to look at construction prices and reevaluate their opportunities. The company is currently working on restructuring its financing, but Nivaud insists that that has nothing to do with the delay in construction.

According to Nivaud, development of the 71-unit condominium complex and 185-room Regent International Hotel will cost an estimated $200 million. The site here was purchased in 2000 for $26 million.

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