Beacon reportedly had been seeking $16 million for the property, but a source says that the price is "closer to $12 million." The property is nearly fully permitted for residential development, and Lincoln will reportedly construct approximately 80 units at the site in a "ground-up" project, according to the source.

Located between Midway and A streets in the Fort Point Channel District, Channel Center is a $350-million, 1.55 million-sf redevelopment of a warehouse district that includes 18 buildings dating back to the 1890s. The site was purchased from Boston Wharf Co. in June of 2000 for $45 million. Plans for the development include renovating 14 of the buildings, constructing new office buildings and garage space. The plan also calls for the construction of an 800-foot pedestrian boulevard with mixed retail use at street level.

Phase I is comprised of two projects, Midway Studios, a 90-unit "work-in, live-in" artists residence at 15 Channel Center, and a two-building, 120-unit condominium development. The condominium portion consists of 25 Channel Center, a newly constructed, 13-story building, and 35 Channel Center, a renovated five-story structure housing loft-style units. The condos were completed in the spring and fall of 2004. The 1,000-sf to 3600-sf units are fetching anywhere from $385 to $740 per sf,

"The market is great up here (in Fort Point Channel). It's going nuts," Joe Wolvek, sales associate at Coldwell Banker, whose firm is selling the units, tells GlobeSt.com. "The price per sf is going up, the demand is going up, and the supply is going down. Supply is very tight."