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Developer's New Plans for Waterfront Hotel Attract Financing

BOSTON-A new plan for the South Boston Waterfront Hotel proposed by developer Joseph Fallon manages to attract financing. The plan includes two apartment buildings next door to the hotel.

By Naomi Grossman | Updated on November 07, 2000

BOSTON-Notice was filed with the city last week for a 450-room hotel on the South Boston Waterfront that would include two apartment buildings next door. The three sites total eleven and a half acres and are situated east of the World Trade Center. The sites are owned by the Massachusetts Port Authority and would be rented to developer Joseph and his group under a long-term lease.

Fallon has revisited the project plans many times since he came up with the idea three years ago. The new approach, which involves 490 apartments, has finally managed to appeal to investors. Conerstone Real Estate Advisors joined Fallon and Corcoran Jennison Co. as an equity partner.

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