Prices for the larger units will be in excess of $1 million, Fallon tells GlobeSt.com. The project in the shadows of Back Bay will be geared toward families and buyers who may be moving back into the city, he says.

The developers are setting aside six one-bedroom units at affordable rates, but the vast majority of the units—41—have three-bedrooms. There will be another 10 two-bedroom units. Plans also call for 63 parking spaces available at the ground floor as well as two additional levels below grade.

Fallon and Roiff, who have owned the property since 1998, hope to begin construction this summer and finish the project in early 2005. "We felt it was an appropriate time to move forward," Fallon tells GlobeSt.com. "It's a fabulous location. In this area, there aren't too many sites available."

Fallon notes the higher-end condominium market is holding up well. He expects his project to be less sensitive to mortgage interest rates, as he believes many buyers will likely pay cash for units.

The 166,120-sf project is subject to automatic review by the Boston Redevelopment Authority because of its size. The project also is twice the allowable floor-area ratio for the site and at 122 feet, about 52 feet higher than height limits under the zoning code. Also, the partnership needs a waiver of a demolition delay with the South End Landmark District Commission.

The building's design already has been redrawn as a result of meetings involving the partners and community groups, including the Ellis Neighborhood Association, according to the Boston Redevelopment Authority. Meetings have been cordial, Fallon reports.

"The community is anxious to see this area filled," he adds.