Remember the "sausage parcel" in the Seaport District? The city had O.K.'d a hotel of up to 502 rooms for the 30,437-square-foot site off Congress Street, so dubbed because of its narrow shape. Then the Great Recession intervened, and developer Madison Properties, which had bought the sausage parcel in 2006, decided the economy (and maybe the parcel's shape) didn't support a hotel. They returned to the city with plans for an apartment complex. The city said no.
But then it warmed to an even fresher proposal from Madison: a 22-story complex with 414 apartments, including 60 innovation units, called the Residences at 399 Congress Street (and rendered above). That got the city's thumb's-up in July 2013.
Now, it turns out, even with that development O.K. in hand and the surrounding Seaport positively booming, Madison doesn't want the parcel any longer (it never moved forward with building anyway). The firm has sold the 399 Congress Street property for $36 million, many times more than the $5,600,000 it originally paid. The new owner, a Miami outfit called Crescent Heights America, builds in "emerging and established neighborhoods," but is being rather cagey about its plans. Stay tuned.
· Seaport's 'Sausage Parcel,' Site of Long-Delayed Apartment Project, Sells for $36M [Biz Journal]
· Boston's Tastiest Development Fight Grinds On in Southie [Curbed Boston]
· Sausage Parcel Back on the Grill! 399 Congress as Apartments [Curbed Boston]
· City O.K.'s 399 Congress, Point, Parcel 9, Boston East, More! [Curbed Boston]
· What GE Employees Will Find Housing-Wise in Boston [Curbed Boston]
· Our Arrested Development archive [Curbed Boston]