X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.