at One Seaport Square
The activity in the Seaport District as
of late has been incredible. There is no doubt that this area of
the Hub has received the greatest amount of attention over the
recent past with countless developments either underway or that
will soon be breaking ground. This neighborhood,
previously a thriving shipping port, has been left as nothing more
than a vacant desert full of empty parking lots and warehouses over
recent years. Well, this is all to drastically change in the near
future and this area of Boston will soon be the most exciting
destination to live, work, and play.
Now, yet another massive announcement has just been
made. In what was one of the largest land sales throughout the
entire year in Boston, One Seaport Square has just been sold for
$72 Million. The three-acre parcel of land has been sold to a joint
venture led by the Berkshire Group from the vendors who were John
Hynes Boston Global Investors and Morgan Stanley Real Estate
Investing.
The closing of this property followed the approval by
the Boston Redevelopment Authority for the future construction of
two residential towers to be built at the site. Both towers will
consist of 22-stories and will hold 832 luxury apartment units, as
well as have 260,000 square feet of spectacular retail space. This
will not be the Berkshire Groups first project. The firm is already
in control of managing and investing in more than 100 apartment
communities encompassing over 32,000 units throughout 30 different
markets throughout the United States.
One Seaport Square is expected to break ground during the spring
of 2014 and has an expected completion date of 2016. This endeavor,
apart of the greater 23-acre Seaport Square, is officially the
largest master-planned project slated for Boston in the upcoming
years. All of the initiates in the pipeline here total 6.3 million
square feet of mixed-use properties from condominiums, apartments,
retail, restaurant, office, and hotel spaces. The development in
the area will serve as the gateway to the frequently spoken about
Innovation District as well in the Seaport District. All
in all, the redefined Boston skyline in this buzzing area is sure
to be something quite dramatic and will be a fresh location booming
with demand for individuals to live, work, visit, and play for
years to come.
More Information: Boston Business
Journal