Cookie-cutter construction, it’s not.
Developer Center Court Mass LLC’s Archer Residences will bring 62 condos with 57 different floor plans to a pair of former Suffolk University buildings steps from the Massachusetts State House.
Opportunities for new residential construction in Beacon Hill are limited by strict zoning and historic preservation standards, and the conversion represents one of the neighborhood’s largest-scale residential projects.
Center Court bought the Temple Street properties, comprising the 1920s-era Archer’s Law School building and the 1950s-era Donahue Building, in 2015 for $43.5 million. Union Labor Life Insurance Co. provided a $99.6 million construction loan in 2017.
Scheduled for completion in spring 2020, the gut renovation is designed by The Architectural Team of Chelsea and built by general contractor Consigli.
Just under 25 percent of the condos are under agreement, said Kevin Caulfield, managing director for brokerage Compass which represents the developers.
One-bedroom units span approximately 1,000 square feet and start at $1.02 million. A shared roof deck equipped with grills and fire pits will serve all of the units except the three penthouses, which start at $9 million and each have dedicated roof decks with views of West End and Back Bay.
“It’s a different sell, because people are going to live here,” Caulfield said, referring to investor ownership of many units in some of Boston’s luxury towers. “People who come in early on these deals are typically investors. It’s going to be a primary home for many people, and those buyers are more patient to come in and see the finishes.”
The property is attracting interest from local buyers including Beacon Hill residents ready to trade walk-up rowhouses for a professionally-managed building with a modern amenity package, Caulfield said. A former basement cafeteria is being converted into a 50-space parking garage with automated stackers. Valet parking and 24-7 concierge provide services associated with new luxury tower construction. Amenities include a fitness center, resident lounge and pet spa, and developers retained 13-foot-plus ceilings in many of the former classrooms and faculty offices.
“It’s a little bit of a unicorn for Beacon Hill,” Caulfield said. “It’s the only product that’s full-service in the neighborhood, and it’ll probably will always be the only one because you’re not putting anything else here.”
