Chevron Partners, a joint venture between Paris-based developer Fulton and Boston investor Marcel Safar, has purchased the Bay State College dormitory at 260-262 Commonwealth Avenue for $14,000,000.
The venture plans to turn the double brownstone dating from 1880 into a five-unit luxury condo with on-site parking called Maison Commonwealth.
The developers know what they’re doing: Chevron is the same force behind the seven-unit conversion of 41 Mount Vernon Street, which will open this summer as Maison Vernon (most of the luxury condos there are already spoken for).
The group has purchased five properties total in the Boston area since 2014, the latest 727 Massachusetts Avenue in Cambridge’s Central Square.
The conceit behind the purchases is one of restoration in a Continental vein. Chevron wants to create “a new level of modern, European-style luxury living that is perfectly adapted for this historic American city,” according to Safar in a release re: the 260-262 Comm. Ave. acquisition.
There isn’t a timetable yet for that conversion nor pricing information available. And Bay State students are still living in the brownstone—the school leases the space from a private landlord—and are due to leave sometime this summer. Stay tuned.
- Back Bay Dorm Sold For Luxury Condo Conversion [Banker & Tradesman]
- Beacon Hill's priciest new developments driving up neighborhood's average condo price [Curbed Boston]