Monday, March 05, 2007

Fort Point Article from Patriot Ledger

http://www.patriotledger.com/articles/2007/02/24/business/biz02.txt

Hub’s Fort Point the center of Mass. loft living


By The Patriot Ledger staff

BOSTON - From Easthampton to Lowell, to the urban streets of Boston’s South End and Dorchester’s Lower Mills, developers in a number of Bay State communities have converted disused industrial properties into residential complexes.

But loft-lovers know the epicenter of the movement in Massachusetts is South Boston’s Fort Point area.

The warehouses and old factory buildings that once lined the South Boston side of the Fort Point channel have long been home to New England’s largest artists colony.

Now, those artists are finding they have some company as developers create new high-end condos aimed at urban professionals who want a Manhattan-style living experience in Boston. The location is ideal for people who work downtown, as most of the neighborhood is in walking distance of the financial district, parking is still relatively easy to find and it’s close to the Red Line and Interstate 93.

Some of the most prominent projects to open in recent years include the Channel Center off A Street and the Court Square Press redevelopment off Dorchester Avenue near the Broadway T stop.

The Channel Center is a 14-building complex on seven acres that was once a set of Boston Wharf Co. structures that Beacon Capital Partners bought in 2000. Most of the space has been converted for residential use, and many of the units sell for more than $1 million.

The Court Square Press represents a more affordable alternative, although its units still fetch considerably higher prices than similarly sized properties in the neighborhood. Pappas Enterprises developed 130 luxury condos in the 210,000-square-foot building in 2003, and prices have ranged from under $400,000 to more than $1 million. But the 100-year-old structure is now dwarfed by its newer sibling, a much larger loft-style complex that’s currently under construction next door known as the MacAllen Building.

Copyright 2007 The Patriot Ledger
Transmitted Saturday, February 24, 2007

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