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Sausage Parcel's Fate; Where the 'Magic' Went; More!

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SOUTH BOSTON - the Boston Redevelopment Authority is demanding developers of the Sausage Parcel to build its proposed 500-room hotel. Madison Properties have been trying to make a hotel work on the awkwardly (and named) shaped site, but also fail at getting banks to fund the project an unprofitable project. At the same time, a pair of state-subsidized developments are in the works to expand the convention center, which will ultimately be a $2 billion expansion. [Globe]
CHARLESTOWN - retired basketball player turned businessman Magic Johnson recently unloaded his first real estate investment in Boston for a loss of $8.3 million. [Herald]

ALLSTON - Boston-based Micozzi Management bought 44-unit apartment community, Lorraine Terrace for $10 million. It was built in the 1920’s and consists of 12 attached buildings from three to four stories. It is steps from Commonwealth Avenue with access to the MBTA Green Line.. Rents were not disclosed. [Biz Journal] - Brenda Phan