$100 Mil Development to be Delayed

BOSTON-Construction on a $100-million development at the corner of Tremont and Berkley streets in the South End neighborhood here is being delayed because of concerns over the softening economy.

According to Meredith Bauman, spokesperson for the Boston Redevelopment Authority, Ronald Druker of the Druker Company owns the parcel and was ready to begin construction before the September 11 attacks. The project is fully financed and, says Bauman, is ready to close. “In light of [the attacks], they paused and are now looking at December or January,” she tells GlobeSt.com. Bauman adds that Wells Fargo, which is financing the project, “is looking for consumer confidence. It is safe to say that they are now fearful of market conditions.”

The proposed development includes 103 luxury condominiums, which would sell for between $400,000 and $1.3 million, and 19,000 sf of retail space. In addition, Druker will build a 40,000-sf theater that will be run by the Boston Center for the Arts and Huntington Theater Company. The center will include a 300-seat theater and a 250-seat black box theater.

Bauman insists that the city is not concerned over the delay. “We’re in a soft market now but we’re seeing things pick up,” she points out. “They’re taking a measured approach and we’re optimistic that they’ll move forward.”