Image courtesy of Group One
A local developer submitted plans for a 25-story hotel to replace a vacant commercial building on a tiny Chinatown property.
The 3,275-square-foot site at 15-25 Harrison Ave. contains a 5-story commercial building. Sing Ming Chan, who acquired the property in 2014, is seeking approval for a 106-room hotel spanning 79,300 square feet.
The hotel would be the first in Chinatown to be owned by a local Chinese-American businessperson, according to a project fact sheet submitted to the Boston Planning Department. At a proposed height of 277 feet, the project will require a variance to exceed the neighborhood zoning limit of 100 feet.
Developers said the project would use nearby garages for parking and include a valet drop-off area on Harrison Avenue for guests.
Chan bought the property in May 2015 for $4.9 million, according to data compiled by The Warren Group, publisher of Banker & Tradesman.
The property received $4 million in mortgage financing in September 2023 from Newburyport Bank.
Hotel construction in Boston has been on pause since the pandemic, with higher project costs and interest rates making projects harder to finance. But some developers are pursuing approvals in anticipation of improving conditions, as local hotels continue to attract strong occupancy and room rates.
A rebound in business travel and international tourism contributed to a 10-percent increase in revenues per available room, a key measure of hotels’ financial performance, according to brokerage JLL.
In April, the Boston Planning & Development Agency board approved revised plans for a 300-room hotel at 39 Stanhope St. in Back Bay by H.N. Gorin Inc.
