Tremont St. in the Theatre District
As each month passes us by in Boston it seems as
though there are more developments be it for commercial,
residential, academic or hospitality space making headlines. Well,
that is because it is the truth. With a lack of real estate for all
of the aforementioned categories, it has become an opportunistic
time to build and help further the development and expansion of our
beloved city of Boston. Now, yet another project is hoping to break
ground in the near future.
This vision comes from Amherst Media Investors who are
looking to build a hotel in the Theatre District/Bostons Midtown
Cultural District next to the Wilbur Theater. The proposal entails
a 21-story boutique hotel which would cost Amherst Media Investors
roughly $66 Million to construct. There would also be a three story
digital sign similar to ones seen in New York Citys Times Square
for Stuart and Tremont Street’s to see. The next meeting regarding
such an endeavor will take place on September 17th at 7PM in the
first floor community room of 230 Stuart Street and will be hosted
by the Boston Redevelopment Authority.
Some of the details worth discussion at the meeting
are the adjustments made to the plans. Some of these include the
amount of hotel rooms being reduced to 202 from the initial 240,
yet there will be an added two stories; or seventeen feet.
Furthermore, an increase in the amount of square feet will see it
rise from 101,000 to 117,000 making a clear assumption that the
guest rooms must be much larger in size in the revised plan.
Finally, a new development partner has joined the fold with OTO
Development of Spartanburg, S.C. now replacing Austin-based
HotelWorks.
The thus far released figure of $66 Million is expected to rise.
This investment only accounted for the initial 19 story initiative
which was approved by the Boston Redevelopment Authority a year
ago. It is anticipated that after the next meeting the new
estimations for costs and for what will or will not be approved
will be released. All in all, this marks yet another positive
movement for Boston real estate showing once again how much faith
investors and developers have on our citys future for years to
come.
More Information: Boston Business
Journal