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BOSTON-The 367-unit residential project on the waterfront in the Charlestown Navy Yard is about to be transformed into a condominium development. The project, formerly known as Constitution Quarters, will be renamed Parris Landing at the Navy Yard.

The property is being developed by Carlyle CQ Boston LP, a venture between the Carlyle Group and Draper and Kramer Inc. The designer, Philippe Starck along with his London firm, Yoo, is spearheading the design effort. “It’s unusual to find a historic set of buildings with such vast common spaces,” Yoo chairman John Hitchcox says of Parris Landing.

Carlyle Realty, the real estate arm of the Carlyle Group, acquired the five-building complex this past March from Martin Oliner, a locally based developer, for $90.5 million after the Boston Redevelopment Authority approved the sale. The buildings currently contain a mix of studio, one- and two-bedroom apartments plus a group of two- and three-story luxury residences.

The condo prices will range from the mid $200,000s to high $600,000s. Current residents will be allowed to begin purchasing condominiums shortly and the project is scheduled to be available to the public by the end of June.

The Charlestown Navy Yard was decommissioned in 1974 and was acquired by the BRA. Constitution Quarters was developed as residential apartment buildings in the early 1980s as the first phase of the Navy Yard’s redevelopment.

The Carlyle Group has acquired a number of metro-area properties, including the 40 Court St. office building and the residential portion of the 226 Causeway St. project–now being marketed as the Strada 234 residential condominiums. Carlyle has in the past included within its Boston area portfolio the 99 Summer St. and One Washington Mall office buildings, as well as the 955 Massachusetts Ave. office building in Cambridge.

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