July
2007
Boston Globe:
Full Article
Feuding Owners aim to sell Northpoint:
“The feuding owners that are developing NorthPoint, a commercial and residential minicity in East Cambridge, have put the ambitious project up for sale.”
The owners are permitted to build a total of about 5 million square feet of various uses on the property, which is adjacent to a nearly complete luxury apartment complex by Archstone-Smith and is also near Museum Towers.
Development plans include a 10-acre central park, retail stores, office and lab buildings, parking garages, a possible hotel, and about 2,500 residential units. The developers also are committed to building a new Green Line MBTA station.
Cambridge North Point, which is made up of about 100 investors, most formerly affiliated with the former real estate firm Spaulding & Slye, issued a statement yesterday calling the agreement to sell “a major step forward toward resolving the legal issues between the partners.”
Not much more one can add to this saga – expect to feel bad for those poor pre-construction buyers that were sold on the whole project. Many people only hear about the ones that make 50k when they walk in the door of there pre-construction unit. The truth is that with any investment there is a risk and in this case and many others sometimes it does not pay off.
Related Articles:
Sponsored By:
- No sponsors for this posts.
Discussion 
Leave a Comment
Speak Your Mind
Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!
