Developers cast interest in lobster firm's property
Family vows to stay amid possible sale of James Hook's prime waterfront location
The possible sale of the James Hook & Co. lobster property is drawing interest from several top developers who are pitching plans to transform the premier pristine parcel into a shimmering gateway to the South Boston Waterfront.
The proposals, featuring a range of different elements, are coming from all corners of the city's development world. The interested parties include residential specialists, long-established Boston families, and firms with large portfolios of office buildings, according to real estate executives.
Many of the plans are preliminary and details are not yet public, but it is clear that members of the Hook family will have an array of options to choose from as they consider the future of the property and the business they've been operating there since 1925.
"We haven't even sat down with any of the developers yet, but we want our customers to know that we're still here and we're still doing business," said Jimmy Hook, one of five siblings who share ownership of the land. "We're planning on staying, even if we do redevelop the property."
While the parcel is tiny -- only about 18,700 square feet -- it carries enormous importance as one of the last undeveloped sites on the waterfront. The land, at the corner of Northern and Atlantic avenues, borders the Rose Fitzgerald Kennedy Greenway and sits at the junction of the Financial District and the South Boston Waterfront, where city officials want to spur several acres of mixed-use development.
"It's a pivotal location," said Vivien Li, executive director of the Boston Harbor Association, a nonprofit group focused on preserving public access to the harbor. "It will really set the tone for how the waterfront district is perceived."
Officials and real estate executives who have been monitoring discussions over the property said a number of firms have expressed interest in its potential, including the Druker Co., Lincoln Property Co., the Beal Cos., Boston Residential Group, and AvalonBay Communities Inc. That group of firms is responsible for a range of marquee projects such as the Heritage on the Garden condominiums on Boylston Street (Druker); the Clarendon, a $200 million mixed-use project under construction in the Back Bay (Beal); and the condominium lofts at 360 Newbury St. (Boston Residential).
Ultimately, the Hook family will have a difficult decision to make. The lobster business is one of the city's few reminders of the maritime commerce that once flourished along the Fort Point Channel, which is now lined with sleek hotels, condominium towers, and office buildings.
Along with the nearby Barking Crab restaurant, James Hook & Co. also offers residents and visitors a unique taste of traditional Boston in a corner of the city that is becoming host to a growing number of chic restaurants and bars.
Sandy Tierney, the real estate agent for the family, said the Hook family's intention is to protect the current identity of the site and continue to operate there. Discussions with developers are set to begin within two weeks.
"The level of interest we have received indicates the development community is very enthusiastic about the prospects for this site," said Tierney, of the firm McCall & Almy.
Real estate professionals said it is difficult to determine the value of the property because it remains unclear what can be built there. Current zoning limits the size of new buildings to 55 feet, roughly four to five stories, and the site is surrounded by heavy traffic on Atlantic Avenue and the Evelyn Moakley Bridge. It could end up with traffic on a third side if the city proceeds with a plan to reintroduce vehicles to the Northern Avenue Bridge.
Another complication is the fact that the city is in the midst of a study that will recommend new guidelines on the size of allowable development along the Greenway, which stretches from North Station to Chinatown. Still, executives agreed that despite its myriad complexities, the property is worth several times the $1.77 million assessed value in city records.
Developer Ron Druker, owner of the Druker Co., said he is intrigued
by the parcel's possibilities. "It's a terrific location, but it's unclear in these [economic] times what it can support," he said. "I have no idea if we're going to make a serious offer."
Casey Ross can be reached at cross@globe.com. 