The Boston Globe | By Tim Logan
September 12, 2016
The Boston Redevelopment Authority has ordered a second appraisal of a small, city-owned parcel that is key to the development of a controversial condo tower proposed in the Seaport.
Developer Jon Cronin wants to buy 3,000 square feet of city-owned sidewalk on Seaport Boulevard and hired an appraiser at the city’s request that valued the land at $55,000. Cronin plans to build a $260 million luxury condo project on the site of two waterfront bars he owns — Whiskey Priest and the Atlantic Beer Garden.
The city-owned property is currently leased to Cronin, which he uses as a patio for one of the bars.
The BRA has agreed to sell the land to Cronin but not yet settled on a price, which will be determined largely by the appraisals.
In April, Cronin hired real estate firm Cushman & Wakefield, which compared the site to other unbuildable parcels in neighborhoods such as Roxbury and Dorchester to come up with a value of $55,000. The property’s value may also be limited by rules that say it can only be sold to a neighboring property owner and a power line that runs beneath one corner of it.