Buildings in the Fort Point Channel area are currently selling for between $100 and $300 per sf, depending on their condition, a broker in the Fort Point Channel area tells GlobeSt.com.
Helen Novak, with ADD, tells GlobeSt.com that the architectural firm, which assisted in the City of Boston's One Hundred Acre master plan for the Fort Point Channel area, expects to begin remodeling the building by mid-summer.
"We see something very special in the way the vision for the district is coming together and we want to be part of it," says ADD president Fred Kramer, in a statement. "This is an incredible opportunity for us to join a robust neighborhood with location, character and history."
Novak says the firm plans to maintain the building's historic character during the renovation work, which will restore the facade, windows, mechanical systems and interior. Ground-level retail and restaurant space is also planned, she says. The cost of that restoration has not yet been determined, she says. It also remains unclear how much space ADD will take in the property, which is currently about 75% occupied, she adds. Many of the building's tenants, which includes Goldman Properties, have leases that expire this summer.
The building is one of 17 buildings acquired from the Boston Wharf Co. by Archon in 2005 for $93 million. Following that acquisition, ADD worked to create a master plan for that portfolio, which included the 311 Summer St. building.
Archon plans to turn many of the remaining properties into office and residential units. Representatives from Archon at both the company's corporate headquarters in Irvine, TX and its Boston office did not return phone calls seeking comment.
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