The developer behind what would have been one of Boston’s 10 tallest buildings has scrapped plans to plunk 625 feet atop Copley Place in Back Bay.
Simon Properties’ 52-story tower was due to include 542 condos and apartments as well as retail, and had been a long, long time in coming. Plans for it stretch back nearly a decade; and survived not only the Great Recession but vociferous neighborhood opposition.
In the end, though, what seems to have doomed the Copley Place addition is a fear on the part of the developer that Boston’s luxury real estate market is—get this—slowing. Per Tim Logan in the Globe:
In a conference call with analysts Wednesday, Simon chief executive David Simon said his company was scrapping the project due to "rapidly rising construction costs" in Boston and a worry there is more high-end housing coming than the market can support.
Given that construction costs have always been rather high around here, it’s more likely Simon hit the brakes on so monumental a project because it would have been too difficult to sell the condos (and rent out the apartments) at sums justifying the development’s costs.
- Luxury housing tower for Copley Place scrapped [Globe]
- Boston’s tallest residential tower to rise in Winthrop Square [Curbed Boston]
- One Dalton Developer Expects Most Buyers Will Be Local [Curbed Boston]
- Boston's 10 Tallest Buildings By 2020 [Curbed Boston]
- Boston remains second most expensive U.S. rental market east of the Rockies [Curbed Boston]