Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-A dream that has lingered for more than a year seems to have finally come true for developer Donald Chiofaro, with industry sources claiming that the Chiofaro Co. and Prudential Real Estate have won the rights to acquire a prized waterfront parcel, now dominated by a 1,380-space parking garage, on Boston Harbor. The partnership is said to have outlasted several nationally-known competitors for the 1.4-acre site, and will pay approximately $155 million for the property. A purchase and sale agreement has been signed, sources insist.

Chiofaro “definitely has it,” one source says of the developer’s pursuit of the nine-level Harbor Garage. At this point, the parties involved are remaining mum on the negotiations, with brokers at Cushman & Wakefield declining comment, while a call to Chiofaro’s headquarters at his International Place office complex in Boston was not returned by press deadline.

Despite the lack of input, Chiofaro has openly indicated several times that he covets the property, even launching a pre-emptive attempt back in 2006 to acquire the asset as part of a mixed-use development plan that could include such elements as office space, a hotel and residential uses. Dominated by the garage, the site is considered ripe for additional capacity and uses, although such a vision would have to overcome the state’s onerous Chapter 91 laws regulating harbor development and potential opposition from wealthy neighbors in another high-rise condo.

While he would not say whether Chiofaro has the deal tied up, Cushman & Wakefield Capital Markets Group chief Robert E. Griffin tells GlobeSt.com that the asset received considerable attention, and says he considers it among the best development sites in New England. “It’s a can’t-miss project,” says Griffin.

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. APARTMENTS Fall 2021Event

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

Get More Information

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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