Boston Common - Niche Media - A side of Boston that's anything but common.
Issue link: http://digital.greengale.com/i/61746
haute property The Ritz-Carlton Residences were the first luxury buildings in Boston's Midtown. A bedroom at The Residences at the W, in the heart of the Theater District Living room at The Modern 2 continued from page 113 units could be successfully built or renovated. But this build- ing's proximity to Symphony Hall, the Prudential Center, and the gastronomic scene in the South End make it espe- cially appealing. "The notion of the wrong side of the street has changed," says Ricardo Rodriguez, the exclusive Coldwell Banker broker for The Modern 2. "Density is really a factor." That is, there's no more room in Boston's best neighborhoods for new construc- tion. While Carucci gives the immediate area a B-minus, Rodriguez says the location appealed to a wide range of young professionals, especially doctors who work at the nearby Boston University Medical Center. Another aspect also appealed: The common areas were designed by Terrat Elms Interior Design. Having the popular designers on board was "like a Good Housekeeping seal of approval," says Carucci. "It really added value to the brand." Well-known architects such as DHK Architects were attracted to the quality of construction and contempo- rary design. "Rodriguez was about $575 smart," says Carucci. "The units were priced right." Condos sold for per square foot, close to the going rate for a renovated brownstone in the South End, but with more amenities. Some units garnered foot once "The notion of the wrong side more than $900 per —ricardo rodriguez square of the street has changed. " Rodriguez, the exclusive broker for The Modern 2 Ricardo demand got going. Low condo fees bol- stered by amenities like garage parking, incredible views of the city, and a Zen-like roof deck reeled in buyers. "It sold at an incredible rate for any project in this econ- omy," Rodriguez says. "I still get calls from other agents asking what happened here." One project that seemed to be an excep- tion to this trend is The Residences at the W, in the heart of the Theater District. 114 bostoncommon-magazine.com designed right and built right," Carucci says—but the lenders were looking for short-term gains. Now the W is bouncing back, Carucci says. "The units are priced where they should be." Originally units were going for approximately $1,100 per square foot, similar to pric- ing at the Four Seasons, which is right on the Public Garden. Now prices have dropped to approximately $900 per square foot and units are selling. Another luxury tower, called 45 Province, ran into similar timing and pricing issues, Carucci says, with units also starting at around $1,100 per square foot. Those prices dropped to the $800s and are now climbing back up to $1,000 per square foot. The Ritz-Carlton residences border on the next neighborhood that will likely transform from semi-seedy retail to a luxury residential dis- trict: Downtown Crossing. Again, Millennium is likely to be the visionary with plaster and lath (as well as deep pockets), as they've just taken over the dormant excavation that was formerly Filene's. Now is the time to get in on that ground f loor. BC The Modern 2 has sweeping views and easy access to Symphony Hall. But Carucci says the W's issue was not the neighborhood, the quality of con- struction, or the amenities of the building, but rather "the timing with the economic crash and the short-sight- edness of the lender." The developer, locally owned Sawyer Enterprises, had the vision—"it was photography by eric levin (interior); courtesy of cl waterfront properties (ritz exterior); courtesy of w hotel; courtesy of coldwell banker residential brokerage (rodriguez); rachael lynsey rubin (modern 2 exterior)