In November 2012, I wrote about the stalled development project at 5 Copley Place, after The Boston Globe reported that Simon Property Group, the project’s developer, was re-evaluating plans for what would be one of the city’s tallest residential buildings. According to The Boston Globe‘s 2012 article, the Boston Redevelopment Authority (BRA) had approved construction a year prior for the proposed $500 million tower project that would expand the existing Neiman Marcus store, build a skyscraper atop it, and add a winter garden and new entrance to Southwest Corridor Park.
Last week the BRA approved new plans for the Back Bay site that include about 433 rental apartments and 109 condominiums in a 52-story skyscraper, says a new Boston Globe article. This is a scaling down of the original number of condos proposed:
In 2011, the BRA approved a prior version of the project that called for 318 condominiums. But the developer failed to move forward and then revised the project to include a large number of rental units.
In recent months it has been widely reported that the BRA has been meeting with greater frequency to review Boston real estate development proposals before the November mayoral election. The recent Boston Globe article quotes Gregory Vasil, chief executive of the Greater Boston Real Estate Board:
“ ‘I think you have a rush by developers to get their place in the queue…’
‘…There’s a lot of uncertainty about how the BRA will look under a new administration.’ ”
Read The Boston Globe article.
See the Boston Redevelopment Authority’s 5 Copley Place project overview.
See a map of the 5 Copley Place development’s location.
Learn more about Boston neighborhoods.
Info about purchasing a property in Boston.
Info about selling a property in Boston.
If you would like to know more about the Boston real estate market, please call me at 617-584-9790 or email me at email@example.com.