Seaport Square Project
Article Courtesy of: Boston Cityside Realty
Development activity in South Boston’s Seaport District continues to gain momentum as two office towers on Fan Pier costing an estimated $800 million recently broke ground.
These two office buildings will house thousands of Vertex Pharmaceutical employees who will be relocating from Cambridge to Boston’s waterfront, a big coup for Boston and the Seaport District.
And recently, New England Development and its partner Houston Co. of Houston Texas, who had received approval in 2005 for a 21-story residential tower that would include 357 apartments with an underground parking garage and street level retail space, announced they would break ground next Spring on the project. They had been waiting out the recession, but now with the rental market booming in Boston, it seems developers and banks have an appetite for risk again. I would say in this case, there is pretty good evidence that the rental market in South Boston has more reward than risk.
The new $170 million apartment tower is planned for the now current and famous Anthony’s Pier 4 Restaurant site next to the Institute of Contemporary Art and just a few lots over from the future Vertex Pharmaceutical towers.
No word on whether Anthony’s Pier 4 Restaurant would remain open or re-open in the new digs.
South Boston’s Seaport District has seen a burst of activity in the last several years even during the real estate downturn.
Several new waterfront restaurants have opened this past year and appear to be having significant success. How can you not have success with the location and views the Boston Seaport District offers? This is one of the last major parcels of land to be developed in Boston and I think will be the best since it is direct waterfront. There is a buzz about the Seaport and everyone seems to want to get in now as things are picking up steam.
Another major development we are waiting to see break ground is Seaport Square, a massive new development consisting of twenty city blocks including residential apartments, retail space, a movie cinema and restaurants that was approved last year for the South Boston Waterfront. If you want to learn more about the Seaport Square development, please click here.
For any real estate advice or questions about residential living options in Southie, please call Boston Cityside Realty.
Uses: Residential, Retail, Office, Hotel
Square Feet: 6.5 million
Floors: Varying (18-stories highest)
Cost: $3 billion
Construction Start: 2009
Construction Completion: 2015
Developer: Gale International & Morgan Stanley
Description: Seaport Square, along with the Fan Pier development, will completely reshape the fabric of the South Boston waterfront area. Developer John Hynes and Morgan Stanley purchased a 23-acre tract of land that is currently covered completely by surface parking lots. Hynes has put together a massive plan to create Boston’s next mixed-use neighborhood. A blend of modern buildings, green space, cultural displays, and energetic storefronts will make up the new Seaport Square.
Specifically, 1.5 million square feet of retail space, 1.5 million square feet dedicated to lab and office space, 2.5 million square feet for residential units, eight acres of open green space, two hotels, and multiple educational and cultural complexes. Some of the highlights include a park in the middle of the development (to be called Seaport on the Hill) that will be roughly the size of Copley Square; Seaport Boulevard, a high end street that will be the heart of Seaport Square; a private school; and 350,000 square feet of ‘green roofs.’
The developers would also like to connect Seaport Square with the other major development currently under construction going on next door, Fan Pier. Developers have also pledged some $5 million towards work on the Northern Avenue bridge. When completed, there would also be 20,000 new permanent jobs.
There has been some criticism (namely from Mayor Thomas Menino), claiming that Seaport Square would be a new neighborhood exclusively for the rich.
The developers dispute that claim, saying that the development would have opportunities for everyone.