A West Coast developer that's busy building a rental high-rise in Boston's Fort Point neighborhood has taken over an apartment tower planned for an up-and-coming section of the South End.
Gerding Edlen of Portland, Ore., this week signed on as co-developer of 275 Albany St., joining New Jersey-based Normandy Real Estate Partners to transform the parking lot next to the old Boston Herald and the Southeast Expressway.
"We think it's a great opportunity," said Kelly Saito, president of Gerding Edlen. "We think it's a good, central location that's in the South End but abuts several other neighborhoods with great access to transit."
Normandy's $165 million plan for a 220-unit apartment building and 325-room hotel won Boston Redevelopment Authority approval in September, about a month after the firm officially nixed its prior proposal for two side-by-side hotels filling the 1.3-acre site.
A Normandy affiliate sold 275 Albany St. to an entity controlled by Gerding Edlen for $13.8 million, according to state real estate records, but the companies declined to characterize the project's ownership structure other than by calling it a joint venture.
"We're working with Normandy together on the project," Saito confirmed. "Obviously they've been working on this for quite a while, but at the time they decided to make part of it residential, probably around then they thought let's bring in a residential partner."
Normandy principal Justin Krebs was not available for comment.
Gerding Edlen is looking to stick to the schedule and start the 19-story apartment tower next summer, but the hotel part of the project now appears up in the air as development details are tweaked under the new partnership.
"That's the part that brought us together and the part we want to do," Saito said of the rental building. "What happens to the balance of the site is what we're working on now."
BRA director Peter Meade, who attended the July groundbreaking for Gerding Edlen's 20-story Boston Wharf Tower on A Street, said the firm is "a good developer" and he awaits any revisions to the 275 Albany plan.
Normandy, meanwhile, is one of two finalists vying to build on Parcel 9, a state-owned site between the Greenway and Haymarket vendor area. Teaming with Jones Lang LaSalle, Normandy has pitched the 180-room "Haymarket Square Hotel" featuring a winter garden, shops and rooftop garden.
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