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

BOSTON-The Boston Redevelopment Authority has paved the way for the construction of a $150-million, two-condominium complex at the mouth of the Charles River. The BRA approved an amendment to the city’s municipal harbor plan that allows Ajax Management Partners LLC and its development partners to begin planning for the renovation and demolition of two warehouses that now sit on the sites.

The developers plan to build the 14-story and 11-story condominium project along with 45,000 sf of commercial space on Lovejoy Wharf at the mouth of the Charles. The project calls for the conversion of one warehouse at 160 North Washington St. and the demolition of another at 131 Beverly St. It will include a pavilion, restaurant and walking paths leading to Boston Harbor.

The new harbor plan, which was amended for the second time since its inception in 1991, must still be approved by the state. If the approvals are all in place, construction could begin this fall with completion slated for 2008.

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