The redevelopment of the South End Penny Savings Bank from a circa 1914 bank into a 2007 mixed-use building was originally well publicized and well received by the community. The ground floor bank building has been renovated, and will host the Banq restaurant and a Citibank branch, while a clean and modern glass addition has been added above, creating 23 high-end loft-style condos. The redevelopment is striking, and a great addition to the Washington Street corridor, however, it’s absorption has been slow. We’ll look at why that is, and why recent changes leave the development poised to make a positive turnaround.

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July has been a hot month for the new 23-unit boutique luxury condo development at the northeast corner of Washington Street and Union Park Street, Penny Savings Bank. The new condo development now boasts 6 of its 23 units as sold, and two residents have moved into the circa 1917 former bank and started calling it home.

The lobby is in the process of being finished off, and units are receiving their final touches, but the building is open to residents, and a good mix of floor plans are still available, with prices ranging from the mid $600’s to north of $1 million. The two commercial units on the ground floor of the development, along the Washington Street side, have been leased out to Citibank and the October 2007 planned French Asian eatery, Banq Restaurant.

Several units in the development have private terraces, and all residents will enjoy the common roof deck, offering stellar city views. Units at Penny Savings Bank are stacked with Viking appliances throughout the kitchen, contain washer and dryer hookups only, and will offer relatively low HOA fees, ranging from $300 – $500 per month – the HOA will be managed by Boston’s Urban Property Management.

Parking spaces are available for sale in the garage directly below the building. A single space will run you $65,000, and a tandem sleeve will run you $95,000. Having a parking space would offer you the possibility to build a storage unit, should it be up to city code.

If you are interested in calling one of the landmark properties of Boston home, please contact us for more information – we have access to Penny Savings Bank, as well as every single existing condo and new condo development for sale in the city of Boston.

In the exclusive picture below, notice that the former Silver Line bus kiosk has been removed from the front sidewalk.

With just under two weeks until the July 12th grand opening of the completely redeveloped Penny Savings Bank in the South End of Boston, over 15 units remain in the 23-unit boutique condo development. Lofts start at $665,000 and prices and sizes move up from there – buyers have a large inventory to choose from at this point (somewhat of a concern to developers no doubt, especially considering other luxury properties across town have shown much higher pre-sales rates, including Madarin Oriental, Battery Wharf, and the Macallen Building, all of which have had solid reservations before opening).

Penny Savings Bank is a SOWA condo development that encompasses the redevelopment of the original 1917 two-story white marble bank building along with a new three story contemporary glass addition (see below for glass addition photo). Penny Savings Bank will definitely represent one of the more iconic properties to take residence in once it opens in July – much like the D4 Police Station Condos, you’ll be moving into a landmark property of the early 20th century.

Contact us for more information on the Penny Savings Bank condos.

Just a quick update on the Penny Savings Bank condo development in the South End of Boston. The redevelopment of the early 20th century bank into 23 luxury condominiums is progressing nicely towards its July 15, 2007 occupancy date.

Currently, only 6 units have sold, leaving a wide variety of condos available for sale (large loft spaces, one-bedrooms, two-bedrooms, and two-plus bedrooms). Deeded garage parking and outdoor space is available. For more information, or to place an offer, please contact us.

We had the opportunity to stop by one of the South End’s up and coming developments, The Penny Savings Bank Condos. Construction continues at the northeast corner of Washington Street and Union Park Street – very close to the Cathedral of the Holy Cross, and directly across the street from Cathedral High School.

The South End Penny Savings Bank Condos will be a redevelopment of the former Penny Savings Bank (Penny Place Condominiums) at Washington Street and Union Park Street in the South End of Boston. The new condo development entails the restoration of the two-story 1917 white marble bank building, coupled above with a new three-story contemporary addition. The Penny Savings Bank condos will be a mixed-use development project, featuring 23 luxury loft, one, two, and two plus bedroom units, along with an underground parking garage.

The Penny Savings Bank is just south of the South End Buttery, which is a bakery and cafe, serving sandwiches, soups, salads, and coffee drinks. The Buttery has received good reviews throughout the city, and their cupcakes are quite good!

If you’re looking to sleep on a bed of money, then the Penny Savings Bank Condos (Penny Place Condominiums) in Boston’s South End may hit the spot.

Back in March 2005, the Boston Redevelopment Authority gave the go-ahead to redevelop Boston’s Penny Savings Bank in the South End into 23 condominiums, 9,000 square feet of retail space, and a 25car underground garage.

Construction on the Penny Savings Bank complex is nearing completion for the expected May 2007 completion, and Washington Street in the South End is continuing to see positive redevelopment in an area that needs it.

For more information on the this Boston condo development you can navigate to our details page: Boston Penny Savings Bank Condos.