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Fri, Jul 1
A Compendium of Property & Capital News
Fri
Jul 1
A Compendium of Property & Capital News

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Southie Developer Takes Loss on Dorchester Ave Project

June 03, 2022 $10.843M
A South Boston developer has unloaded a shovel-ready property at an apparent loss. Freeport South Boston sold its property at 270 Dorchester Ave for $10,843,165.65, a reduction from Freeport's 2019 purchase price of $14 million, according to the Suffolk County Registry of Deeds.

The original proposal for the site was to build 114 apartments but in 2019 the developer submitted revised plans to build the same number of condominiums instead. Initial construction began but stopped when the city of Boston issued a construction moratorium due to the COVID-19 pandemic and never resumed.

The buyer is seeking approval for a new six-story building consisting of 88 residential condo units and 2,250 square feet of commercial space and a two-level underground parking garage with space to park up to 70 vehicles. The new owner is proposing to market 17% of the units as affordable, the same as the prior owner, although that equates to four fewer units included, overall.

The mix of homes is also changing; the new plan increases total number of two-bed homeownership units, reduces the total number of studios/one-bed units, and increases total count to 140 bedrooms overall. As well, there will be an increase in the total number of income-restricted two-bedrooms from three to eight units.
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