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Future getting brighter on East Boston Waterfront

Roseland, the developers of the East Boston Waterfront project known as The East Pier have announced that they are speaking to lenders about obtaining funds to begin construction on the 176 unit apartment building portion of the massive complex. If they can receive a commitment from these lenders by the end of this year, Roseland said that they intend on breaking ground on the sites west end by late spring or early summer.

Residents of East Boston have waited nearly 10 years for development along this site. Originally proposed in 2000, the land which is owned by the Massachusetts Port Authority and will be leased to Roseland, was finally permitted by the city in 2005. Initially called Portside at Pier 1, the ambitious $275 million project called for 543 luxury condo units ranging in price from $500,000 - $2,000,000, an apartment complex and 70,000 square feet of retail space, including a day-care center, restaurant, and health club.

Although no further announcements have been made beyond Roseland's intention to build the apartment portion of the project, it would be a safe assumption that given the current economic climate, it's going to be quite some time before we see $2,000,000 condos along East Boston's waterfront.

  • November 30 2010 - Boston
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