Development on high-end Fort Point condos expected to start in June / by Pablo Juarez

Catherine Carlock, Boston Business Journal

TCR Development is gearing up to start construction this summer on 10 Farnsworth, an ultra-luxury boutique condominium project at 338 Congress St. in Fort Point.

The project was originally planned by Gate Residential, the multifamily fund of Boston-based Redgate Real Estate Partners, as a high-end, nine-unit complex set to be finished this year. Marketing materials for the complex boasted features such as facial and thumbprint recognition technology and a customized, automated smart-home system.

Redgate backed out of the development last year, opting to sell the 338 Congress St. land parcel to a joint venture of TCR Development and JB Ventures for close to $6 million.

Tom Calus, principal and founder of TCR Development, told the Boston Business Journal on Tuesday that he anticipates construction starting in June and opening by late summer 2017.

“It’s coming to reality, finally,” Calus said. “It’s a great location. I think that it’s the right scale for the neighborhood. It’s the right kind of product for the neighborhood as well. We’re really excited with it.”

The project comes at a time of tremendous activity in Fort Point’s real estate market. Global consumer products conglomerate General Electric Co. (NYSE: GE) recently announced it would establish a three-building headquarters on a 2.5-acre parcel fronting Fort Point Channel, while TIAA this month closed on the $224 million purchase of six Fort Point buildings.

Boutique real estate agency Campion & Co. will list the 10 Farnsworth development. Calus said that, while the project isn’t yet listed, he anticipates units starting around the high-$2 million range. The 4,300-square-foot penthouse, meanwhile, could be listed for $7.5 million.

The project’s contractor is Sea-Dar Constructon. The architect was CBT Architects Principal David Nagahiro.

“The design is a little bit out of the ordinary compared to other things that go up in Boston,” Calus said. “It’s got that really cool, boutique-y kind of feel. I think it’s going to be great. It’s going to be a good addition to the neighborhood.”