Gerding Edlen is betting on a turnaround for East Boston waterfront development and prospects for a stalled New Street project.
The Portland, Ore., developer paid $7.27 million for the 3.9-acre parcel at 6-26 New St., near LoPresti Park on the inner harbor.
The firm is now looking at approved plans for the site and any changes needed to make it more appealing in today's market, according to president Kelly Saito.
"We are excited about the future and the potential for East Boston, especially the waterfront … so we wanted to invest in what we think will be a really interesting, desirable place," Saito said.
In 2010, the Boston Redevelopment Authority approved a $90 million project pitched by Billerica's New Street Realty Trust, which sold the site to Gerding last week. With Boston's Cresset Development, it planned to raze two buildings, add seven stories to a nine-story one for 165 residential units, and erect a new six-story building for 59 residential units or 106 hotel/extended-stay rooms.
But those plans and other approved Eastie waterfront projects — save Roseland's Portside at Pier One, which broke ground last year — never got off the ground.
"A lot of it was timing," Saito said. "The economy kind of stalled ... things." But it's since rebounded and been robust for development in other parts of the city, he said, and "East Boston feels like it's bound to come around soon."
But East Boston Project Advisory Committee President Bob Strelitz said he doubts it will be soon.
"I think they're really buying it with a very long-term perspective," he said. "Why would they start before there's some credibility on the waterfront?"
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