Category: Archive

Flatley to sell Hub real estate empire

February 16, 2011

By Staff Reporter

By Jim Smith

BOSTON _- Thomas Flatley, the County Mayo native and Boston businessman, is about to sell his massive residential holdings to a Colorado-based company, according to an article in last week’s Banker and Tradesman newspaper.

Over the years, Flatley, who is 70, has developed a wide range of properties, including industrial space, office buildings and the Tara Hotels. In 1987 he sold his hotel properties for $470 million. Sources have told Banker and Tradesman that the pending sale of his residential properties may reap a profit in excess of $500 million.

Flatley still owns substantial real estate property, including the Boston Marriott Hotel in Quincy and the Village Mall in Canton.

Apartment Investment and Management Company of Denver has agreed to buy thousands of apartment units from Flatley, including properties in North Andover, Woburn, Framingham and Worcester, as well as other units in Rhode Island and New Hampshire.

Flatley, who was a prime mover behind the city’s Irish Famine memorial and is widely recognized for his contributions to civic causes and charities, was identified in documents released to the public earlier this year as having warned the late Cardinal Humberto Medeiros about Fr. Paul Shanley, the notorious ex-priest who is a central figure in the sex-abuse scandal that has rocked the Catholic church.

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In a letter to Medeiros in 1975, Flatley recommended that Shanley be removed from his street ministry.

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