Image courtesy of Stantec
Developers of a 21-story tower are casting a vote of confidence in Boston’s condo market as they seek a switch to 148 for-sale units at their LaGrange Street project.
The current developer, FPG LaGrange Owner One LLC, said the size of the 157,000-square-foot tower being built on a former parking lot at the edge of Chinatown will remain unchanged.
The project is now scheduled for completion in the second quarter of 2022, according to a notification letter to the Boston Planning & Development Agency.
The development was originally proposed as a 176-unit apartment building in 2017 by QMG LaGrange LLC. In 2018, the property was sold for $17.7 million to an affiliate of New York-based Fortis Property Group and received $69 million in mortgage financing from Athene Annuity and Life Assurance Co.
Two other luxury condo towers – the 114-unit St. Regis Boston and 146-unit Raffles Back Bay Boston – are scheduled for completion in 2022. There are currently 841 luxury condo units in planning or under construction in Boston, according to a recent report by The Collaborative Cos. brokerage.
Fortis Property Group recently proposed changes to another condo development it’s leading at the Dock Square Garage property overlooking the Greenway, redesigning an 10-story addition to the garage to increase the average condo size by 64 percent while reducing the number of units from 209 to 125. The changes were approved by BPDA Director Brian Golden this month.
