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BOSTON-Add 45 Provence to the small but upscale list of full-service condominium buildings being built in the city. The 32-story, luxury high rise at 45 Province St., now under construction at the foot of Beacon Hill, is part of a growing trend by developers to turn residential living into a full-time hotel experience.
The 150-unit building, developed by the Abbey Group, will not only have upscale interior finishes, a roof garden with panoramic city views and a residents-only parlor featuring a library, lounge and screening room, it will also offer a host of hotel-only services to its well-heeled residents. Among the amenities will be 24-hour concierge services, valet parking, a private spa with a lap pool and a fitness center along with a dining room with catering kitchen available for tenant functions. The complex's restaurant, staffed by a celebrity chef, will even deliver meals to tenants.
"I think we've probably taken things to the next level," Robert Epstein, chairman and CEO of the locally based company, tells GlobeSt.com. The project recently received $120 million in construction financing through Holliday Fenoglio Fowler LP.
Unlike other Boston hotel-condominiums with ties to hotels such as the Ritz-Carlton, the Intercontinental and the Mandarin Oriental, 45 Provence will be a stand-alone full-service complex with amenities solely for tenant use. Epstein thinks that concept will sit well with tenants, at least six of whom have already reserved units in the building long before the Abbey Group has started marketing the property. Demand for the units, which sell for $700,000 and up, is so strong in fact, that Epstein predicts 45 Provence will be sold out before its 2009 completion.
Epstein says he has every reason to be optimistic about the project, even as condominium sales in the region remain flat. The property's location just steps from the Financial District, Downtown Crossing, Faneuil Hall, Beacon Hill, the Boston Common and Government Center, will make it a winner, he believes. He could be right. With a two-year construction timeline, the Abbey Group could be on the cutting edge as the market turns around.
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