Banker & Tradesman reports that the owners of Russia Wharf will rent out the 65 units that were previously expected to be sold as condominiums. Boston Properties original plan was for 215 condos, but the poor financing markets have resulted in the changed configuration.
“Swapping condos for rentals now will allow Boston Properties to generate immediate cash flow from the development’s residential units, with the option of converting them back to condos down the road, if a dearth of new construction leads to an increase in condo prices, as some have predicted.”
The rest of the building will be office space, anchored by Wellington Management, to be open in 2011.
