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Boston Harbor Hotel Site Sells For $28 Million

BOSTON-The developers who spent five years obtaining approvals have opted to cash out at the last minute.

By Joe Clements | Updated on August 21, 2000

Ending months of rumors, a local developer has acknowledged the sale of a mixed-use site on Boston Harbor, a permitted project anchored by a 198-room luxury hotel. The Raymond Property Group toiled for five years to gain approvals for the plan at Battery Wharf, but says it is now passing the torch to RBW, a Massachusetts limited liability company, for $28 million.

“We are delighted to announce this sale,” Raymond principal James English said in a press release. English called the deal “an offer too good to pass up,” explaining that the funds from the transaction will allow his firm to pursue additional projects in the city.

English and company founder Neil St. John Raymond were unavailable to elaborate on the decision, but sources close to the company maintain that the complexity of the development conspired with a tricky capital market to dash Raymond’s hopes for completing the assignment. “I think [Raymond] is very happy to get out of that thing,” says one former member of the development team. “Any waterfront project is going to cost money, but that one is going to be really expensive.”

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