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Tontine Crescent


Franklin Place, designed by Charles Bulfinch and built in Boston, Massachusetts in 1793-95, included a row of sixteen three-story brick townhouses that extended in a 480-foot curve, a small garden, and four double houses. Constructed early in Bulfinch’s career, Franklin Place came after he had seen the possibilities of modern architecture in Europe and had determined to reshape his native city. It was the first important urban housing scheme undertaken in the United States, and the city’s first row-house complex. However, years of decline and the push of industry into the area forced its demolition in 1858.

The name “Tontine” derives from a financial scheme originated by Neapolitan banker Lorenzo de Tonti, which he introduced in France in the 17th century. Money for the enterprise was to be raised by selling shares of stock to the members of the public, who would later share in the profits from the sale of the homes. It is essentially an annuity, the shares passing on the death of each beneficiary to the surviving partner until all are held by a single shareholder, or being divided among surviving stockholders at the end of a stated period. Although this method of financing was in rather wide use in Europe at the time, the Massachusetts General Court refused articles of incorporation and the project ultimately rested on Bulfinch’s meager business talent.

On July 6, 1793, the Columbian Centinel carried the following notice:

“The public are hereby informed that a plan is proposed for building a number of convenient, elegant HOUSES, in a central situation, and a scheme of tontine association. The proposals for subscription, and the plans of the Houses, may be seen at the office of Mr. JOHN MARSTON, State-Street.” By the end of the month a sufficient number of subscriptions had been received to warrant the letting of contracts for “the framing, and the door-cases and window-frames of the proposed Tontine Building.”

The cornerstone was laid on August 8, and the crescent was completed the following year.

Building began with less than 50% of the shares taken up and continued in a discouraging atmosphere created by the prolonged negotiations over the Jay Treaty. Bulfinch completed the project, including its complementary file of four double houses facing across the grass plot (17-24 Franklin Place), but in so doing sacrificed both his and his wife’s fortunes. As events proved, the Crescent was far too ambitious an idea for either the man or the times, and he and his family were ruined by his determination to finish it at all costs. However, he was gratified “in knowing that not one of my creditors was materially injured, many were secured the full amount, and the deduction on the balance due to workmen did not exceed 10 PC on their entire bills.”


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