(To read more on the multifamily market, click here.)
BROOKLINE, MA-Longwood Towers is in the midst of a $30-million condo conversion that will turn the 11-story, three-building complex into luxury units reminiscent of its former days as a residential hotel. The Gothic-style apartment complex--with soaring cross-shaped spires, gargoyles and turrets--is a landmark in its Brookline neighborhood.
"It's been a labor of love," Norman Radow, president of the Atlanta-based Radco Cos., tells GlobeSt.com of the conversion. "We are rejuvenating the bygone era of 1920s-style glamour with all of the modern amenities buyers expect in this day and age."
Radow, whose firm bought the property for $110 million last year, says within the next two years, the brick-turreted building at 20 Chapel St. will be transformed into 277 luxury units, with a 6,000-sf lobby, roof decks and a fitness center. Units will sell between $400,000 and $2 million. About half of those units are already sold, he says.
Plans for the property also include creating a golf driving range on the 4.5 -acre site and turning the buildings' basements into a cigar room, wine cellar and 32-seat movie theater. A doorman, concierge service and room service will also be part of the offering, Radow notes.
As part of the conversion, Radco recently sold two function rooms, known as Veronique, for $3 million to Longwood Events, which has managed the venue since 1989. Jim Apteker, owner of Longwood Events, tells GlobeSt.com that the nearly 17,000-sf sale allows the firm to continue five years of renovation work to restore the 200-seat ballrooms to their original grandeur.
The castle-like complex, located near Longwood Medical Area, boasts a long and varied history. Babe Ruth was reputed to have frequented its basement speakeasy and John F. Kennedy announced his acceptance of the presidential nomination in one of its grand ballrooms, according to a history of the property compiled by the developer.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
