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Newbury Garage to Be Redone as Condos, Chanel Store

A rather swank stretch of Newbury Street (though which stretch isn't) is set to become a Chanel store with presumably luxury condos on top. Details are sketchy, but Tribeca Holdings London, managed by Irish investor Aidan Brooks, plans to turn the current parking garage at 4-6 Newbury Street into a three-floor store with six homes on four more floors. The entire project will cover 49,000 square feet; has been O.K.'d by the Boston Redevelopment Authority; and is expected to cost as much as $50 million.

Brooks is known for ownership in swank retail properties in London and Beverly Hills, including Two Rodeo Drive, which he and partners bought in '07 for $2,174.46 a square foot. The Chanel store will join higher-end brands like Hermes and Burberry in the same area, and comes as retail rents downtown Boston continue to rise (as do condo prices, too, but you knew that).

· Garage to Become a Chanel Store [Globe]
· Mass. House, Condo Sales Jump; Single-Family Prices Drop [Curbed Boston]

4-6 Newbury St. Parking Garage

4 Newbury St, Boston, Massachusetts 02116