The luxury condominium project 10 Farnsworth in Boston’s Fort Point neighborhood has a new developer.
Gate Residential has sold the land parcel at 338 Congress St., currently a surface parking lot, to a joint venture of TCR Development and JB Ventures for just shy of $6 million.
TCR Development is a Boston-based boutique real estate development firm, led by Tom Calus. Boston-based JB Ventures is led by Jas Bhogal and formed this year “to own, rent, lease, manage, develop, and sell real property,” according to Massachusetts Secretary of State documents.
Gate Residential is the multifamily fund of Redgate Real Estate Partners, a Boston-based real estate firm.
The project at 10 Farnsworth is a planned ultra-luxury boutique condominium complex, featuring nine units ranging in price from $3 million to $7 million. CBT Architects designed the project, which was supposed to be built early this year but has yet to get off the ground.
“Development team TCR Development and JBVentures have partnered up and intend to move forward with 338 Congress as we have all envisioned it,” said Lisa Serafin, a principal with Redgate Real Estate Advisors and community liaison for the 10 Farnsworth project, in an email to nearby residents.
Serafin said in an interview with the BBJ that Redgate will instead focus on its outer-urban multifamily development, such as rental projects in Quincy and Chelsea.
“We were fully prepared to continue moving forward, but we were introduced to these guys, and this is what they do specifically,” she said. “It wasn’t really our specialty. It was a really great project, and the community was really great, and we were sad to see it go.”