A news report is out this morning saying that the owners of Lovejoy Wharf, near North Station, are throwing in the towel, or at least looking for a way out. Boston Business Journal’s Michelle Hillman writes,
“Industry sources, who asked to remain anonymous, said the current owners — Ajax Investment Partners LLC, AIG Global Real Estate and Anglo-Irish Bank Corp. PLC — are evaluating a possible sale or the addition of a new financial partner.”
The existing building is in rough shape and the proposed project never got off the ground. Apparently, the property is heavily leveraged and the owners need to reduce the debtload. The condo building that was proposed had a height of 155 feet, much to the dismay of nearby Strada 234 owners that are suing the owners. The new development was supposed to have a high-tech automated parking valet system with 300 spaces.
Lovejoy Wharf is on North Washington Street near the bridge and includes the Hoffman Building and a second building on Beverly Street, toward the TD Garden (with the big Celtics shamrock). The top 2 floors of the N. Washington Street building were going to be replaced with 4 new stories bringing the building to 11 floors in total. The other building on Beverly Street was going to be demolished in its entirety and replaced with a 14 story structure.