The building was originally redeveloped in 1981 by Immobiliare New England and created 367 rental units, two office spaces and a multi-level parking garage. The BRA says the project was a "critical" component of the Charlestown Navy Yard's restoration as a mixed-use community.

Meredith Baumann, a spokesperson for the BRA, tells GlobeSt.com that Immobiliare had a land disposition agreement with the BRA and therefore needed its approval to sell. "This is good news for the neighborhood," says Baumann. "We're excited that the new owner is investing in the building." She notes that the building was one of the first built when the Navy Yard was decommissioned.

Carlyle plans to convert the property into condominiums. The BRA says that as part of its efforts to create a vibrant waterfront that ensures public access to the water, along with this approval, it is establishing a "Friends of the Charlestown Navy Yard" non-profit organization which will encourage and support active programming and enhanced maintenance of the public access areas within the Navy Yard. Carlyle will be a charter member. The Charlestown Navy Yard was decommissioned in 1974 and was acquired by the BRA.