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-Add 45 Provence to the small but upscale list of full-service condominium buildings being built in the city. The 32-story, luxury high rise at 45 Province St., now under construction at the foot of Beacon Hill, is part of a growing trend by developers to turn residential living into a full-time hotel experience.

The 150-unit building, developed by the Abbey Group, will not only have upscale interior finishes, a roof garden with panoramic city views and a residents-only parlor featuring a library, lounge and screening room, it will also offer a host of hotel-only services to its well-heeled residents. Among the amenities will be 24-hour concierge services, valet parking, a private spa with a lap pool and a fitness center along with a dining room with catering kitchen available for tenant functions. The complex’s restaurant, staffed by a celebrity chef, will even deliver meals to tenants.

“I think we’ve probably taken things to the next level,” Robert Epstein, chairman and CEO of the locally based company, tells GlobeSt.com. The project recently received $120 million in construction financing through Holliday Fenoglio Fowler LP.

Unlike other Boston hotel-condominiums with ties to hotels such as the Ritz-Carlton, the Intercontinental and the Mandarin Oriental, 45 Provence will be a stand-alone full-service complex with amenities solely for tenant use. Epstein thinks that concept will sit well with tenants, at least six of whom have already reserved units in the building long before the Abbey Group has started marketing the property. Demand for the units, which sell for $700,000 and up, is so strong in fact, that Epstein predicts 45 Provence will be sold out before its 2009 completion.

Epstein says he has every reason to be optimistic about the project, even as condominium sales in the region remain flat. The property’s location just steps from the Financial District, Downtown Crossing, Faneuil Hall, Beacon Hill, the Boston Common and Government Center, will make it a winner, he believes. He could be right. With a two-year construction timeline, the Abbey Group could be on the cutting edge as the market turns around.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

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
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.