A team of real estate developers led by Swiss businessman Maurice Dabbah plans to build a 355-foot luxury condo building in Boston’s cultural district.
171 Tremont LLC, the joint-venture that will take on the project, wants to replace the existing office space and build the luxury apartments in its place.
The lot is located immediately across the street from Boston Common at the corner of Tremont Street and Avery Street. A “spectacular location”, as expressed by the project leaders.
The current value of the office building is estimated at USD 3.4 million, as per the city’s tax records.
The new property’s majority owner and lead developer will be Maurice Dabbah. He has established a joint-venture local partners Matthew Snyder and David Ridini, who are both well-established luxury real-etate developers in Boston.
They will be working with Elkus Manfredi Architects serving to design the “skinny tower” and VHB, who will be in charge of civil engineering.
The letter of intent did not mention an estimated cost for the development of the luxury condos. It didn’t include a schedule or a timeline as they are currently securing the necessary permits from Boston authorities.
Analysts are optimistic as to the success of this project. Boston is currently experiencing a shortage of luxury residential properties and the 31 apartments that will each have an entire floor are expected to sell quickly.
Maurice Dabbah has already built the Americas Tower on 1177 Avenue of the Americas in Manhattan, but this is the Swiss developer’s first project in Boston. He also works in Europe, where he owns a number of modern office buildings and is part of the team currently working with the Principality of Monaco on a territorial extension project.