East Boston Apartment

The 13-acre Portside at East Pier development has been a fallow slab of concrete since Roseland abruptly stopped construction in 2007, just as the real estate market was beginning to falter.

The land-side section of East Pier, a parcel of three city blocks, has large white pylons that jut skyward, including some that have settled and tilted. On rainy days, water collects into a lake-like puddle. About the only movement behind the locked fence comes from waddling ducks and geese.

Roseland now said it is in talks with two lenders about starting on a portion of the massive complex: the 176-unit apartment building on its west end. If it receives a commitment for funding by year’s end as expected, Roseland said it will break ground by late spring or early summer.

The East Pier project has been a long time coming. The land is owned by the Massachusetts Port Authority, which is leasing it to the developers. It was first proposed in 2000 and was permitted by the city in 2005.

Roseland and its development partner Lennar Corp. planned to build a $275 million, 543-unit luxury condo and apartment complex. It initially was called Portside at Pier 1. It would also have 70,000 square feet of retail space, including a day-care center, restaurant, and health club.

The developers originally planned to price the condos from $500,000 to $2 million. But when Roseland first began working on the site, it encountered problems with the existing pilings supporting the pier, requiring costly reinforcement work.

Then the real estate market began collapsing and construction of luxury condos — which made up the bulk of the East Pier complex — became particularly difficult to finance. Roseland stopped work in 2007, and the site has been quiet since.

“Ten years is a long time to be involved in anything where there are no concrete results,’’ said Bob Strelitz, a founding member of the East Boston Waterfront Development Committee, which has overseen development of the parcel since 1999.

Frustrations aside, Strelitz said Roseland has been in steady contact with the neighborhood and recently previewed plans for the apartment building, which he described as “quite attractive.’’

“Roseland is constant in their assurance that they’re trying to move forward,’’ Strelitz said.

Roseland spokeswoman Nancy Sterling said the company still intends to complete the condo and retail portions of East Pier, but she acknowledged that could take years. For now, though, the hot market for apartment properties — rents in the Boston area have held steady or even risen as home prices have fallen — has made it much easier to find financing for the rental housing component.Continued... more at boston.com via the boston globe By Steve Holt