LuxBeat

We at Rikeman Real Estate LLC are proud to announce the hiring of two seasoned luxury real estate professionals, Jennifer Valerio and Marcus Roshotsky.  They will be part of a fast growing, luxury real estate team, focussed on representing buyers, sellers, and renters in and around Boston. Both bring over two decades of real estate experience with them.

Waterplace was billed to be an exciting condo project in the quickly growing Downtown Providence(Downcity).  With the Providence condo market slowing and a lack of lenders willing to give jumbo loans on new condo projects, Waterplace has been faced with an interesting dilemma.  Turn the building into an all rental project OR, now this is just a rumor, sell the building to a local University for dorm usage.  Let’s say, Brown U perhaps, who is buying the entire downtown area along with Johnson and Whales.  This professional real estate person is putting his money with apartment conversion or an all out sale to a local University, and why not, we all know colleges do not pay property taxes due to the fact they bring in so much revenue to local businesses.  We shall see what happens.

That is right friends.  The rumor is out and I personally think it is very close to becomming a reality.  The BRA has approved the designs for a new glass tower that will house a W Hotel and luxury Condominiums.  To say this will enhance the neighborhood is the understatement of the century.  Just a block away from One Charles and the Boston Common, what some might think is a risk for W/Starwood, in my opinion is a HOME RUN. The Midtown/Theater District transformation is coming to fruition much sooner than most people thought. 

• Millennium Partners 17 Story building called Hayward Place - Currently open air parking lot across from The Opera House.
• Vornado Realty Trust out of New York City have plans to build a 50 story tower above the old Macy’s .  It is rumored the building will house retail(Perhaps A Whole Food?), hotel and Luxury condominiums.
• 10 West Street which was a complete gut rehab of a pre-war building was slated to house luxury loftstyle condos.  Unfortunately sales were not as strong as anticipated and and the developers decided to sell the entire property.  It is rumored to be under agreement with Suffolk University and will be used for dorms(Lucky kids).
• Down Washington St. across from the new Archstone Apartment complex, Kensington Investments are rumored to be building a 30+ story tower designed to house high end apartments and condos.

Yummmmm!!

<----Hint, Hint

Rumors have been floating around that some of the premier retail spaces in the midtown area of Boston located near the theaters and Ritz-Carlton have been absorbed by some exciting new restaurants:

• On Avery Street, in the retirement homes first floor retail space, a premier sushi/Japanese restaurant has leased 15,000 square feet.  This will be a very exciting addition to the quickly changing Midtown neighborhood.  Buildout and approvals have been slow but the owners are experienced operators so our staff is confident that construction will commence soon and the restaurant will open in 2007.
• In the retail Space at the base of The Ritz-Carlton(Corner of Avery and Washington St.) it has been rumored that a european style deli/restaurant has leased 8,000+ square feet and will be opening in 2007.

I can say, based on my resources, I am 95% certain that these will come to fruition and help the ongoing gentrification of the Midtown area.

My name is Joshua A. Golden and I would personally like to welcome you to LuxBeat.com, a luxury real estate blog with a focus on the Boston, MA and Providence, RI markets.  Our highly knowledgeable team of contributors including developers, lawyers, and real estate professionals will bring you updates, opinions and stories pertaining to luxury real estate in the above mentioned cities.  Here you will find different perspectives on the market as well as interesting rumors we have heard on the street.  We will also field questions should you have them. Please do not hesitate to click on “Ask The Editor” button to the left and we will do our best to answer them and perhaps even post them to the blog for everyone to see.  I hope you enjoy the information provided and should you have any suggestions please feel free to forward them to our editors.